TAMPA, Fla. – Huntington James has bought one $1.7-million yacht and is in the process of purchasing a second yacht worth almost $6 million as part of a new fractional yacht ownership company he has started, Brilliant Yachting, the Tampa Tribune reported in an article yesterday.
He plans to split the first yacht into 16 shares, and though he has yet to sell a single share, at least 50 people have shown an interest in them, he told the newspaper.
Each share will involve 14 days of use per year for three years, and after the three years are up, the yacht will be sold with a portion of the proceeds being split up among the fractional owners, he explained. Shares are priced at $112,625, plus a monthly see of $1,471, according to the newspaper.
The 54-foot Hatteras he currently owns will be moved between the Bahamas, the Turks and Caicos and Key West every four months, and owners will be able to use the boat for four- to five-day cruises at a time, the newspaper reported.
While fractional yacht ownership programs have had spotty success and thus are considered risky, James is optimistic about the future of the business.
He told the newspaper he hopes to offer six yachts across the country within 18 months, targeting boat lovers who might otherwise only be able to afford a boat priced at $200,000 or less. The business will make money from the monthly management fee, not from the sale of the shares, he said.
- For more of the latest news, click here.