Italy And The Mediterranean Are Awash In Yachts

By Kevin Varley

(Bloomberg) –There are more superyachts off the coast of Italy than anywhere else in the world right now, and from recent headlines about Jeff Bezos and Leonardo DiCaprio, it’s safe to say the summer season is well underway for the world’s wealthy.

The 123-meter (404-feet) Golden Odyssey, which was auctioned in 2022 after being owned by Saudi Prince Khaled bin Sultan al Saud, was the largest of the fleet visiting Italian waters, with Canadian billionaire Patrick Dovigi’s former 378-foot Lady Jorgia coming in second.

Under normal circumstances, the 473-foot Sailing Yacht A formerly linked to Andrey Igorevich Melnichenko would take top prize, but the yacht is now owned by a discretionary trust managed by an independent trustee, according to a spokesperson for the Russian billionaire. The boat is now costing a reported $900,000 a month in maintenance as it sits in anchor, cared for by a crew of 20.

The 259 yachts pinging off Italy on Friday were more than double the number counted at this time three months ago, after many vessels completed the annual migration across the Atlantic from the US and Caribbean in April to start the Mediterranean yachting season.

The Monaco Grand Prix and Cannes Film festival drew in the wealthy last month, and the boats haven’t left.

Yacht numbers are up in almost every Mediterranean country, with Greece hosting 235 yachts, compared to 217 in France, 150 in Spain and 94 in Turkey, while US counts are down to 159. That’s according to data collected by Bloomberg, IHS Markit and Genscape. 

Earlier this week Amazon.com founder Bezos was spotted in Portofino aboard his newly minted yacht Koru, while the ubiquitous DiCaprio took in some family time on a yacht along the Amalfi coast.

© 2023 Bloomberg L.P.

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