Part of BIV’s What big money buys series: Wealthy Vancouverites are lavishing untold amounts of money on big-ticket indulgences, driving a bonanza for the region’s dealers in luxury furnishings, vehicles, yachts and other top-tier toys.
Given Vancouver’s location on the Pacific Ocean, it’s hardly surprising that one of the top-selling toys for Vancouver’s wealthiest residents is a yacht or high-end fishing boat.
While the number of Vancouverites who own superyachts, like billionaire Jim Pattison, appears to be relatively low, there is such a big demand for smaller pleasure craft in the 40-to-60-foot range in B.C. that Tim Charles, principal owner of Platinum Marine, recently launched a new line – Tactical Custom Boats – for that market.
Luxury models are driving yacht and fishing boat sales in B.C.
A new marina in Victoria highlights the growing demand for superyacht moorage in B.C. The 28-slip Victoria International Marina, which opened in May, can accommodate up to 12 superyachts in the 100-to-120-foot range, and one up to 175 feet in length. The first 40-foot yacht being built at Platinum’s shipyard on Mitchell Island will cost $1.5 million and comes with a mini submarine and drone.
“We have a 43-inch-screen television that pops down,” Charles said. “You can sit at the screen and you can explore hundreds of feet underwater. It has a grabber arm on it so you can see and touch and pick up things underwater.”
Tactical is also building a 77-foot US$6.5 million yacht.
“It is military and navy-grade aluminum hull construction,” Charles said of the Tactical series. “So it is a very heavy-duty boat, but it is completely done with yacht finishes.”
Platinum also owns Crescent Custom Yachts, which builds superyachts ranging in size from 100 to 150 feet and with prices that range from US$14 million to US$24 million. Crescent’s customers are almost exclusively international – mostly American – but Charles expects that nearly all buyers for the new Tactical yachts will be from B.C.
“It’s something the market’s been asking for,” Charles said. “I would say 95% of all of our customers are business owners. The amount of business that’s done on people’s yachts and boats is just tremendous. It’s a business sales tool for many people.”
Another growing demand in the Vancouver market is for luxury fishing boats, said Bob Pappajohn, president of M&P Mercury Sales, which sells both yachts and fishing boats.
“The luxury fishing boat segment has been just incredibly strong,” Pappajohn said. “We are seeing a trend toward higher luxury. One of the biggest trends right now that’s really fuelling this is we’re getting people buying who haven’t owned a bunch of boats before and are really new to it.”
One of the more popular models is a 42-foot Boston Whaler fishing boat that sells for $1.8 million.
Pappajohn said yacht and fishing boat sales have been very healthy in the last few years in Vancouver.
“We’ll sell a half a dozen boats a year,” he said. “Back in 2009-10, it was amazing if you sold one.”
Not only is the number of high-net-worth individuals in Vancouver rising, it’s also becoming easier to pilot a yacht or fishing boat, Pappajohn said, thanks to technology like joystick steering that makes docking a modern boat a cinch.
“The biggest reason for the increase in sales is that it’s more accessible, it’s easier to do, and, yes, there’s more wealth,” Pappajohn said. “Even people spending a lot of money for a day boat to go fishing, they want the high-end one.”
As for the bigger, more luxurious yachts – superyachts or megayachts – Vancouver sees its fair share of them, although many are owned by wealthy Americans. The most spectacular yacht to grace local waters might be the Attessa IV, which can sometimes be seen in Coal Harbour.
It’s hard to miss, and not just because of its size (332 feet). The yacht comes with a small helicopter. It also features a swimming pool, a 12-seat theatre and four guest rooms.
The Attessa IV is owned by Dennis Washingtion, the American billionaire whose Washington Companies is the largest shareholder of Seaspan Corp. (NYSE:SSW), the world’s biggest independent charter owner and manager of container ships. According to Forbes, the Attessa IV is valued at $300 million.
Pattison’s 150-foot Nova Spirit yacht is valued at $25 million, according to SuperYacht Fan. According to MSN, it costs $72,000 just to fuel the yacht, which has a nine-person crew.
Estimating how many superyachts are owned by British Columbians is difficult, partly because some of them might be registered outside of Canada. But Craig E. Norris, CEO of Victoria International Marina, estimates that anywhere from 50 to 100 yachts in the 65-foot-and-up range are owned by British Columbians.
