Own a 1/12th share (with 4 weeks use p.a.) of a 2008 Sunseeker Manhattan based in Puerto Portals, Mallorca for just £45,000.
This is a friendly and diverse group of people who have enjoyed sharing their yachts for the past decade.
Fractional ownership is a commercial proposition that has been around for many decades but has become ever more popular in recent years. It is a method of ownership where several people can own a share in an expensive asset.
Traditionally, luxury yachts have been owned by the privileged few at huge expense. Along with the high purchase price comes a significant ongoing cost associated with the yacht’s upkeep, including mooring fees, maintenance, insurance and guardinage.
Yacht fractions not only substantially reduces the initial financial outlay; it also offers equivalent savings in the ongoing operational expenses. Yet it doesn’t compromise the owner’s use, size or calibre of the yacht or expose them to all of the risks or hassles that accompany ownership of the entire yacht.
One simply pays for the time one is on board and somebody else pays when somebody else is on board. This is a very modern approach to better asset management, commonly referred to as the sharing society.
Because an independent professional generally handles the management of the yacht, the fractional owners are free to enjoy themselves and are removed from the detailed management issues. Each owner is free to use his/her share of the asset according to the terms of each actual syndicate agreement.
A very common misconception about fractional ownership is that it is a form of timeshare by a different name. This is not the case. With timeshare one does not own a share in an asset, simply the right to use that asset for a set period of time. When that time expires, one is left with nothing. With fractional ownership, one owns the asset and receives title papers reflecting that ownership. If one subsequently desires to sell, one can do so.
No more waiting for that elusive dream. Through fractional syndication one can capture the moment sooner and enjoy yacht ownership without having to meet the full financial outlay attributed to the outright purchase of a yacht.
They have owned this yacht since July 2014, and are very satisfied the way the syndicate & vessel works for them, however one of their owners has decided to sell some or all of his 8 weeks per annum 1/6th share, as he has purchased a share in a larger yacht, and now doubts he’ll need all of 8 weeks use on his smaller yacht.
This syndicate chose the Manhattan 60 as it provides both pace and space in a craft that family and friends can operate comfortably on their own. The 3 cabins are all roomy enough to feel really sumptuous. Each cabin has its own en-suite and the 3rd (twin) cabin isn’t the usual small bunk compact version found on so many other 60ft 3 cabin 3 heads boats. If taking a captain or crew to make life easier, it also boasts a neat aft cabin with full facilities for two. Alternatively this space can be used as a private cabin to enhance guest sleeping accommodation if some guests don’t want to share.
The annual maintenance contribution per share is £15k p.a. to cover mooring fees in on the best quay in Puerto Portals, weekly change-over cleaning and laundry costs and other general maintenance. (For a half share of 4 weeks, that would of course only be £7.5k)
This syndicate have become familiar and comfortable in handling the extra complexities that co-ownership brings, and are all truly pleased by how well it works for them. They have all learned that this is a very cost effective way of enjoying their yachting, without the heavy financial burden or the time consuming management issues normally associated with outright yacht ownership.
They believe that a syndicate-owned yacht must have an extensive and well thought out shore support system, to enable all owners to receive the high standard of seamless service they expect. By appointing a Boat Manager in Mallorca they have created just such a support system, with many features that have now become well proven over their many years of co-ownership. They utilise the Fractional Association’s owners’ tools such as their weekly section process and their owners’ website communication and accounting tools.