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Yellowfin Yachts Sold To Warbird Marine Holdings

• Updated: June 2, 2021

Warbird Marine Holdings, formed by EagleTree Capital to invest in category-leading boat builders and managed by industry veteran John Dorton, announced it has completed the acquisition of Yellowfin Yachts. Yellowfin will be a separately managed sister company to Invincible Boat Company, which Warbird acquired in 2019. With this acquisition, Warbird becomes the largest and best capitalized designer and builder of custom offshore fishing boats.

Founded by Wylie Nagler in 1998, Yellowfin pioneered the premium center console category. In the 23 years since, Yellowfin has established itself as the most recognized brand in its segment and synonymous with the saltwater lifestyle.

“We are delighted to add Yellowfin to our Warbird platform. Yellowfin is at the pinnacle of their segment both in product line up and brand prestige,” said John Dorton, CEO of Warbird. “The Yellowfin team will remain in place at their Sarasota headquarters with Wylie Nagler as President. Wylie will continue to focus on the products and relationships that have made Yellowfin a legendary brand.”

“At Yellowfin, we have always strived to build the best boat by using the best materials — the best hardware, the best systems,” said Wylie Nagler, Founder and President of Yellowfin Yachts. “Joining forces with Warbird and John Dorton gives us the scale and resources of the Warbird platform, without changing Yellowfin’s DNA or our relentless focus on quality.”

Warbird will invest in Yellowfin’s facilities, people, and new product development – the same playbook that has made Invincible one of the fastest growing brands in the industry. Yellowfin and Invincible will continue to be managed independently.

“Both the Yellowfin and Invincible brands have their own personalities and design philosophies, and we intend to keep it that way,” Dorton said.

Mr. Dorton stated, “the center console category is split between volume builders that can’t deliver the customization, quality and performance the premium buyer demands, and small prestige brands that build quality boats but lack the scale and investment to become truly state-of-the-art.”

“By combining the resources of these two great businesses, Warbird will be able to accelerate innovation, invest in quality and customer service, expand capacity and ensure timely deliveries to our valued customers and distributors,” Dorton said. “Our goal is to set a new bar for the premium center console segment – world-beating boats with a complete customer experience to match.”

Jones Day provided legal counsel to Warbird Marine Holdings. Barrett Evans of Montecito Capital served as financial advisor to Yellowfin Yachts and Katz Barron provided legal counsel.

About Warbird Marine Holdings

Parent company to Yellowfin Yachts and Invincible Boat Company, Warbird Marine Holdings brings together the discipline and business rigor of a larger company with the entrepreneurial brands of premium sportfishing boats. In doing so, Warbird strives to create a higher level of craftsmanship, build quality, durability and customer experience for brands in its group. For more information, please visit warbirdmarineholdings.com .

About EagleTree Capital

EagleTree Capital is a leading New York-based middle-market private equity firm that has invested approximately $2.7 billion of equity capital since inception. The Firm has completed over 35 private equity investments and over 70 add-on transactions over the past 20+ years. EagleTree primarily invests in the following sectors: media and business services, consumer, and water and specialty industrial. For more information, please visit eagletree.com .

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Warbird Marine Holdings Announces the Acquisition of Yellowfin Yachts

Warbird becomes the industry leader of premium saltwater center console boats with combination of Yellowfin Yachts and Invincible Boat Company

WEDNESDAY, JUNE 2, 2021 (SARASOTA, FL): Warbird Marine Holdings, formed by EagleTree Capital to invest in category-leading boat builders and managed by industry veteran John Dorton, announced it has completed the acquisition of Yellowfin Yachts. Yellowfin will be a separately managed sister company to Invincible Boat Company, which Warbird acquired in 2019. With this acquisition, Warbird becomes the largest and best capitalized designer and builder of custom offshore fishing boats.

Founded by Wylie Nagler in 1998, Yellowfin pioneered the premium center console category. In the 23 years since, Yellowfin has established itself as the most recognized brand in its segment and synonymous with the saltwater lifestyle.

“We are delighted to add Yellowfin to our Warbird platform. Yellowfin is at the pinnacle of their segment both in product line up and brand prestige,” said John Dorton, CEO of Warbird. “The Yellowfin team will remain in place at their Sarasota headquarters with Wylie Nagler as President. Wylie will continue to focus on the products and relationships that have made Yellowfin a legendary brand.”

“At Yellowfin, we have always strived to build the best boat by using the best materials — the best hardware, the best systems,” said Wylie Nagler, Founder and President of Yellowfin Yachts. “Joining forces with Warbird and John Dorton gives us the scale and resources of the Warbird platform, without changing Yellowfin’s DNA or our relentless focus on quality.”

Warbird will invest in Yellowfin’s facilities, people, and new product development – the same playbook that has made Invincible one of the fastest growing brands in the industry. Yellowfin and Invincible will continue to be managed independently.

“Both the Yellowfin and Invincible brands have their own personalities and design philosophies, and we intend to keep it that way,” Dorton said.

Mr. Dorton stated, “the center console category is split between volume builders that can’t deliver the customization, quality and performance the premium buyer demands, and small prestige brands that build quality boats but lack the scale and investment to become truly state-of-the-art.”

“By combining the resources of these two great businesses, Warbird will be able to accelerate innovation, invest in quality and customer service, expand capacity and ensure timely deliveries to our valued customers and distributors,” Dorton said. “Our goal is to set a new bar for the premium center console segment – world-beating boats with a complete customer experience to match.”

Jones Day provided legal counsel to Warbird Marine Holdings. Barrett Evans of Montecito Capital served as financial advisor to Yellowfin Yachts and Katz Barron provided legal counsel.

About Warbird Marine Holdings: Parent company to Yellowfin Yachts and Invincible Boat Company, Warbird Marine Holdings brings together the discipline and business rigor of a larger company with the entrepreneurial brands of premium sportfishing boats. In doing so, Warbird strives to create a higher level of craftsmanship, build quality, durability and customer experience for brands in its group. For more information, please visit www.warbirdmarineholdings.com.

About EagleTree Capital: EagleTree Capital is a leading New York-based middle-market private equity firm that has invested approximately $2.7 billion of equity capital since inception. The Firm has completed over 35 private equity investments and over 70 add-on transactions over the past 20+ years. EagleTree primarily invests in the following sectors: media and business services, consumer, and water and specialty industrial. For more information, please visit www.eagletree.com.

1. Purpose.

This ESG Policy (the “Policy”), dated December 2023, reflects our current approach to considering and addressing Environmental, Social and Governance (“ESG”) factors, which has been further developed and refined since we became a PRI signatory in 2019 and adopted our initial ESG Policy in 2017. This Policy retains the same fundamental principles and our commitment to integrate ESG considerations into our investment management business and portfolio company ownership practices. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals.

2. Commitment.

EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters as necessary during our ownership.

In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. EagleTree continues to maintain policies and procedures that prohibit bribery and other illegal payments to public officials consistent with U.S. federal and state laws. We have implemented a robust cyber-security framework in order to protect our systems, networks, programs, devices and Firm and investor data from cyber-attacks.

This Policy is intended to provide a broad framework for EagleTree’s overall approach to ESG. EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit.

4. Roles and Responsibilities.

EagleTree’s ESG initiatives are overseen by its ESG Committee, which includes EagleTree’s two Co-Managing Partners and other members of senior management. The ESG Committee meets at least quarterly. An ESG Sub-Committee has also been formed to function as an ESG working group that carries out the day-to-day aspects of EagleTree’s ESG efforts and initiatives and is available as a resource for investment team members. The ESG Sub-Committee generally meets on a weekly basis and its responsibilities include: (i) engaging with EagleTree’s deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTree’s third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTree’s ESG program, as necessary, from time to time. The ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTree’s culture of social responsibility and any amendments to this Policy.

As applicable, EagleTree’s Investment Committees in partnership with the ESG Sub-Committee oversees and considers ESG issues, if any, that are material to a potential portfolio company investment. With assistance from the ESG Sub-Committee and outside ESG specialists, as appropriate, EagleTree’s deal teams manage and monitor material ESG issues that have been identified during portfolio company ownership.

5. ESG Investment Process Integration

• Pre-Acquisition Process: During pre-acquisition, EagleTree will aim to:
• Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio company’s ESG profile.
• Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment.
• Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise.
• Consider whether a potential portfolio company’s business aligns with EagleTree’s core values.
• Identify any business line that would cause us to refuse to invest, including: (i) the manufacture or sale of handguns, assault weapons and/or ammunition; (ii) the distribution or sale of pornography; (iii) the direct and primary production or packaging of tobacco or alcoholic beverages; (iii) the production, sale, trade or distribution of illegal drugs; or (iv) a business that would pose a high reputational risk to EagleTree, its clients and/or other stakeholders. This list is not exhaustive and is qualified by our legal documentation and any applicable side letters governing our investments.
• Ownership Process: During ownership, EagleTree will aim to:
• Work with portfolio companies to advance EagleTree’s ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas.
• Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings.
• Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable.
• Work with portfolio companies to address ever-changing cyber-security considerations.
• Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies.
• Exit Process: In positioning a portfolio company for an exit, EagleTree will aim to do the following, as applicable:
• Highlight the portfolio company’s progress on ESG matters.
• Summarize the positive impact that our integration of ESG initiatives had on the portfolio company’s business and/or culture.

6. Diversity and Inclusion.

EagleTree continues to promote diverse perspectives. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPA’s Diversity in Action Initiative. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible.

7. Social Impact

EagleTree has a history of charitable giving and an active Philanthropic Committee that strives to support a number of charities from both a financial and volunteer perspective and carries out the Firm’s initiatives in this regard. Our Philanthropic Committee, identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities.

8. Transparency.

EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. EagleTree intends to engage with clients and stakeholders, from time to time, in dialogue regarding how we can manage ESG issues in a way that is consistent with their initiatives.

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Boat builders in particular, have had many challenges in our current economy. There has been attrition within the ranks, but some companies have emerged more efficient, stronger and even thrived despite the economy. Yellowfin Yachts is just such a company and Wylie Nagler, the owner and founder, attributes his success to the quality and design of his boats.

Yellowfin offers 11 models from a 17-foot technical poling skiff up to a 42-foot offshore center console that can top out at 70 miles per hour. Their boats have a reputation for quality of build and design, and their distinctive looks turn heads on the water and at the dock.

As Nagler commented, if a customer is shopping on price alone he or she will probably not be getting a Yellowfin , but if quality of build and performance along with an exceptional resale value is more important, a Yellowfin will be at the top of his or her list.

Nagler started modestly tinkering with designs that improved on what was currently available, knowing that he could produce a better product. With a background in offshore racing, he started Back Country Boats, building cutting-edge inshore vessels. After selling that company to Champion Boats, he decided he wanted to venture into the offshore market.

At the time there were some companies putting center consoles into their racing hulls in an attempt to capture some of the increasing market share that offshore fishing was producing. Those boats were fast, they were narrow, had poor live-well systems and were not truly designed for the job at hand. Nagler knew he could capture market share by “building a fish boat first, then make it go fast, instead of making a go fast and make it fish.”

This core principle is responsible for the huge success his company has enjoyed since it introduced its first offshore boat, a 31-foot center console.

Bradenton, Fla.-based Yellowfin has designed its boats with cutting edge technology and specific customers in mind. They are boats designed for the hard-core fishermen who want to fully enjoy their time on the water. Their boats are designed for serious live bait fishermen who want a boat that will run well in rough water, can take a beating, and has a dry and comfortable ride.

As Nagler puts it, “we are not concerned with flat water speed. It’s not how fast you go, it’s how long you go fast. We can go faster than anybody for a longer period of time. ”

All of this is accomplished while also being a practical and fishable boat. Nagler can be found in Yellowfin’s prototype shop almost every day. Each of the company’s models receives a “facelift” every five years.

Currently the 24-foot bay boat and 36-foot offshore model are Yellowfin’s best selling models. Their popularity has created a backlog of orders that peaked at eight months. Restructuring of the production facilities with a new dedicated small boat facility in Sarasota, Fla., has reduced the backlog to a maximum of six months.

Nagler constantly has his eye on the future for Yellowfin. He is content with the size of the company, and it’s clear that his goal is not to increase gross sales and to dominate the market. His desire is instead to “be smarter at what we do” by increasing efficiency rather than expanding production.

That’s not to say that he isn’t willing to develop in new directions. As was demonstrated at the Miami Boat Show last year, Yellowfin is capable of taking one of its designs and applying it to commercial or military applications. They displayed a formidable 34-foot border patrol vessel built on of their popular fishing hull designs with Kevlar hull reinforcement and retractable protective ballistic panels. The boat was outfitted for the Texas Highway Patrol with multiple deck guns and triple 300 HP Mercury Verados capable of over 60 knots.

This year at the Fort Lauderdale Show Yellowfin took the concept one step further by introducing the Custom 40 rigid-hulled inflatable boat. The model could have military or commercial applications, but was set up as the ultimate super yacht tender. With a beam of about 13 feet, the RHIB has plenty of room for passengers to move about or lounge, while providing the ultimate comfortable ride at speed, even offshore.

Seeing an opportunity in these markets, Nagler plans on developing a four-model line of these vessels, including 24, something in the 28-30 range and an offering in the mid 30s.

With a constant eye on development, quality, customer service and market needs Naglar appears to know exactly what his customers require. He has had great success in providing it to them and as a result Yellowfin has enjoyed a great reputation for quality and service. Comfortable in their market position and by taking a good product and constantly improving and adapting it, the future of Yellowfin Yachts looks bright despite a difficult economy.

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Targeting super yachts owned by Russian oligarchs could hit a nerve in Moscow

Poor transparency around ownership of assets can cause challenges, experts say.

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With sanctions levied and financial assets seized, Russian oligarchs have been scrambling to get their super yachts out of Western ports in search of safer harbours. 

One yacht, said to belong to Russian President Vladimir Putin himself, abruptly left port in Hamburg, Germany, just weeks before the Russian invasion of Ukraine prompted wide-reaching sanctions. Others were not so quick to leave European ports. 

Authorities in La Ciotat, on France's Mediterranean coast, seized a yacht they say is linked to sanctioned Russian oligarch Igor Sechin, the CEO of state oil company Rosneft. He was Russia's deputy prime minister from 2008 to 2012.

• Canada slaps sanctions on Russian oligarch Roman Abramovich
• Analysis With Russia pressing on and Ukraine digging in, how will Putin's war actually end?

Industry watchers say oligarchs everywhere are trying to keep their yachts from being taken.

​​"There's a few yachts that we are watching at the moment in the Atlantic," said Sam Tucker, head of super yachts at the firm VesselsValue, which tracks and estimates the value of these giant luxury yachts. 

"I'm expecting some of them to start doing U-turns in the middle of the ocean," he told CBC Radio's Day 6 .

Western countries have imposed a punishing package of sanctions and export control restrictions on Russia in response to the invasion of Ukraine. Russia's biggest banks were hit, as was the country's central bank. Major state-owned companies and some of the country's wealthiest individuals have seen overseas assets frozen.

The investment bank JP Morgan Chase believes Russia's economy will shrink 35 per cent in the second quarter of 2022 and seven per cent for the entire year.

White House spokesperson Jen Psaki says the suite of sanctions is meant to make every aspect of life difficult on Putin and the oligarchs who protect him.

"What we're talking about here is seizing their assets, seizing their yachts and making it harder for them to send their children to go to colleges and universities in the West," Psaki said in a briefing this week. "These are significant steps that will impact the people who are closely around President Putin."

<a href="https://twitter.com/hashtag/Putin?src=hash&amp;ref_src=twsrc%5Etfw">#Putin</a>´s Yacht "The Gracefull" inbound Kaliningrad from Hamburg in anticipation of future sanctions due to the conflict in <a href="https://twitter.com/hashtag/Ukraine?src=hash&amp;ref_src=twsrc%5Etfw">#Ukraine</a>. <a href="https://t.co/qdhAUhCH1m">pic.twitter.com/qdhAUhCH1m</a> &mdash; @GDarkconrad

Symbolic target

The yachts themselves are worth hundreds of millions of dollars, but experts in Russian sanctions say this isn't just about the dollar value.

"They don't have much value compared to the total net worth of an oligarch," said Bill Browder, a long-time advocate for stiff sanctions against Russian oligarchs, in an email to CBC Radio. 

But they are "a highly symbolic attack on something coveted by the oligarchs."

These ultra-luxurious ships became a status symbol for the oligarchs as they amassed fortunes in the 1990s and early 2000s.

"There is a bit of oneupmanship," Tucker told Day 6 . He says the biggest and most expensive ships are cloaked in secrecy. They have extreme privacy and security features, including bulletproof glass, and some require crew to sign non-disclosure agreements.

But Tucker says the biggest security and privacy feature of all is the opaque ownership structure of the yachts. He says precious little information about who actually owns these ships is available.

"[Only] basic information is disclosed — for example, the registered owner — which is often a shell company or a 'special interest vehicle' registered in Monaco, Malta, [or the] Cayman Islands," he said.

Untying those knots is a notorious problem, but one usually confined to taxation issues.

"One thing that I think may come out of this whole situation is the increased call for transparency and transparent ownership," said Tucker.

Yachts on the move

So far, only four super yachts have been seized, including a 213-foot yacht owned by Alexei Mordashov in Imperia, Italy.

While authorities sift through the byzantine paper trail of ownership, other oligarchs have scrambled their crews to get the yachts to somewhere safe.

"One of the things I've been trying to figure out is, where do they go [next]?" asked Alex Finley, a former CIA officer living in Barcelona, in an interview with  As It Happens host Gillian Findlay .

This week, Finley tweeted photos tracking a ship said to be owned by Roman Abramovich, the Russian billionaire who owns the Chelsea Football Club.

• Anxious Russians flee by the hundreds each day into neighbouring Finland

"A lot of these yachts that we've been looking at are heading towards the Maldives or the Seychelles. A few are in Montenegro, but they look like they're probably going to be on the move," Finley said in the interview .

Here you can see the sterns of both Aurora and Valerie, and in the other pic, the empty slip where Solaris used to be (which is the size of the empty hole in my heart). 7/ <a href="https://t.co/Luvj5vyWXp">pic.twitter.com/Luvj5vyWXp</a> &mdash; @alexzfinley

Neither the Maldives nor the Seychelles signed onto the sanctions, so the ships are probably safe from seizure there. Another major hub is Dubai.

"I think we're going to see Dubai as a big hotspot for these yachts," said Tucker. "It has hot weather all year round and … Russians can fly to Dubai without going through the EU airspace."

Tucker agrees that targeting the yachts is a symbolic move.

"It's really sending the message that they aren't untouchable. We've closed the skies on both sides of the Atlantic so their private jets can't operate, and now we're going after their super yachts," he said.

"I'd be feeling quite vulnerable if I was an oligarch right now."

ABOUT THE AUTHOR

Senior Business reporter for CBC News. A former host of On the Money and World Report on CBC Radio, Peter Armstrong has been a foreign correspondent and parliamentary reporter for CBC. Subscribe to Peter's newsletter here: cbc.ca/mindyourbusiness Twitter: @armstrongcbc

Interview with Sam Tucker produced by Rachel Levy-Mclaughlin

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• U.K. imposes sanctions on Chelsea's Russian billionaire owner Roman Abramovich

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Exiled russian oligarch’s 257’ superyacht amaryllis seen towed through palm beach.

The Amaryllis being towed past the former mansion of Henry Flagler, built in 1902

By John Jannarone and Alan Hatfield

The 257’ superyacht Amaryllis apparently owned by exiled Russian oligarch Andrey Borodin was towed past Palm Beach, FL on Friday morning, according to a visual account by CorpGov .

The yacht, whose owner is frequently cited as Mr. Borodin by enthusiast publications, moved slowly through the Lake Worth lagoon where bridges were raised for its passage. A towboat with flashing lights about 150 feet ahead pulled the Amaryllis , built by German shipyard Abeking & Rasmussen in 2011.

While CorpGov could not officially confirm Mr. Borodin as the owner of the vessel, his wife, socialite Tatiana Korsakova, has posted dozens of Instagram photos and videos aboard the Amaryllis. A yacht broker interviewed by CorpGov confirmed that Ms. Korsakova is indeed aboard the Amaryllis in the photos and videos.

View this post on Instagram A post shared by Tatiana Korsakova (@tati_vk)

The sighting comes as billions of dollars in Russian-owned yachts have been seized around the world as a result of international sanctions. CNN has published an extensive list of seized vessels, which were taken in harbor cities including Mallorca, Spain and London.

However, it is unclear if the Amaryllis was being seized or voluntarily towed. Very large yachts often choose to be towed because bridges are required to raise for them, according to the yacht broker.

The former Bank of Moscow chief was granted political asylum in the UK in February 2013 after fleeing what he alleged to be politically-motivated fraud and embezzlement charges. Mr. Borodin would go on to be tried and convicted in abstentia in Russian Court in 2018, but not before managing to enlist a number of prominent American lawmakers to lobby Washington for a U.S. visa. Despite Russian extradition requests to the UK government, Borodin’s controversial attempts to make large donations to the NHS, and the uncovering of an assassination plot against his life, the fugitive banker remains overseas, having been granted access to his Swiss bank accounts and having made several notable London real estate purchases during his time in exile.

Mr. Borodin is widely listed as a billionaire, but his total wealth remains difficult to confirm accurately, with the governments of Switzerland and the Bahamas having been asked to help the Russian government in its legal case. In 2012, Borodin purchased the UK’s then-most expensive home, an 80-hectare 18th-century estate in Oxfordshire, for upwards of $217 million. In 2017 he was granted access to personal Swiss accounts holding a reported $378 million. The Amaryllis was purchased for a reported $120 million.

Mr. Borodin did not immediately respond to an emailed query from CorpGov , while the FBI declined to comment. An emailed query to The Department of Homeland Security was not returned.

www.CorpGov.com

[email protected]

Twitter: CorpGovernor

The largest yachts owned by tech billionaires, from Mark Zuckerberg to Jeff Bezos

• Megayachts have become a status symbol for the richest of the rich.
• In recent years, Jeff Bezos and Mark Zuckerberg have splurged on enormous boats.
• These are the biggest yachts owned by tech billionaires.

The average Joe celebrating a personal renaissance after, say, the end of a long-term relationship or when approaching a fresh decade might commemorate it with an ankle tattoo or a sports car. But if you're a billionaire, you may instead spend hundreds of millions on a yacht .

A few years after he and his wife divorced, Jeff Bezos shelled out on a megayacht. Last year, Bezos debuted the 127-meter vessel "Koru," a Māori symbol that signifies a fresh start — perhaps referring to that with his fiancée Lauren Sanchez.

Earlier this year, just before his 40th birthday, Mark Zuckerberg became the rumored owner of a yacht originally built for a Russian oligarch.

Superyachts have increasingly become ultrawealthy status symbols , providing highly secluded leisure and networking sites. They are — even more so than real estate — the single most expensive asset you can own.

"It's a bit of a celebration of your success in life, of wealth," Giovanna Vitelli, the chair of the Azimut Benetti Group, the world's biggest producer of superyachts, told Business Insider.

While many tech billionaires have bought yachts, the richest of the rich, like Bezos, Zuckerberg, and Oracle cofounder Larry Ellison, have gone bigger. Their boats are virtual palaces at sea, decked with amenities like gyms, spas, pools, nightclubs, and movie theaters.

A look at these megayachts — broadly defined as over 70 meters long, mostly custom-built, and often costing nine figures — offers a glimpse into how the .00001% lives. It's something few others will ever get to experience. Even chartering a yacht of this size for a week typically costs upwards of $1 million.

One major thing that hundreds of millions of dollars can buy is privacy. There are likely yachts that have not been publicly recorded or registered — for example, Evan Spiegel is rumored to own the 94-meter megayacht Bliss. In an industry ruled by discretion , deciphering who owns what is typically an exercise in stringing together many clues.

Here are the largest yachts owned by tech billionaires, listed in order of length.

Jeff Bezos: Koru and Abeona

Amazon founder Bezos' $500 million megayacht, the 127-meter Koru, made a splash last year as she crisscrossed the Mediterranean in her first summer at sea, with her 75-meter support vessel Abeona in tow.

The sailing yacht, which is hard to miss thanks to her massive size and unique design, was host to Bezos and his fiancée Lauren Sanchez's famous friends . The couple held an engagement party on board, which reportedly drew guests including Bill Gates, Ari Emanuel, and Leonardo DiCaprio. Just a week later, they were seen on the streets of Dubrovnik, Croatia, with Orlando Bloom, Katy Perry, and Usher.

Even before her completion, Koru made headlines. She drew the ire of some Dutch people, who vowed to hurl eggs after she was announced a historic bridge in Rotterdam might be taken apart to allow the Oceanco boat through. Luckily, the shipyard made alternative plans, and an egg crisis was averted.

Among yacht world insiders , Koru is widely praised for her craftsmanship.

"I heard back in 2018 or something that somebody had ordered a classic sailing yacht," one superyacht expert told BI. "You order 125 meters, that's not really going to be classic. But it is. I think it's pretty cool."

Mark Zuckerberg: Launchpad

Earlier this year, the yacht world was rife with rumors that Zuckerberg purchased Launchpad, a 118-meter superyacht originally designed for a sanctioned Russian businessman.

The ship made her maiden voyage in March, going from Gibraltar to St. Maarten and mooring in Fort Lauderdale, Florida.

Little is known about her interior, but photos show a large swimming pool and helipad. Her price, too, has been kept under wraps but is said to be nine figures.

Eric Schmidt: Whisper

Former Google CEO Eric Schmidt made waves last year when he agreed to buy the Alfa Nero , the yacht of a sanctioned Russian oligarch, for $67 million in an auction conducted by Antigua and Barbuda. But he backed out of the deal following legal issues over her true owner. He quietly purchased Kismet instead. The 95-meter-long Lürssen-built boat was formerly owned by the Jacksonville Jaguar's billionaire owner Shahid Khan . Schmidt renamed her Whisper.

The ship can fit 12 guests and a crew of 28, according to Moran Yacht & Ship, which oversaw her construction. She features a master deck with a private jacuzzi, full-service spa, lap pool, movie theater, and outdoor fireplace.

While her final sale price was not public, she was listed for 149 million euros (about $161 million at current exchange rates), and at a charity auction in January, one week aboard the ship went for $2.4 million, according to industry outlet Yacht Charter Fleet.

Barry Diller: Eos

Barry Diller , the chairman of digital media company IAC, co-owns the megayacht Eos with his wife, fashion designer Diane von Furstenberg , who is immortalized by a figurehead sculpture by Anh Duong.

One of the largest private sailing yachts in the world, the three-masted Lürssen schooner measures 93 meters long. She took three years to be built before being delivered to Diller in 2009, and since then, little has come to light about her interior and features.

The power couple has hosted many celebrities on the Eos, which spends her summers crisscrossing the Mediterranean and New Year ' s Eve in St. Barts . Over the years, guests have included Oprah Winfrey, Emma Thompson, Anderson Cooper, and Bezos, leading some to believe she provided inspiration for his Koru.

Jim Clark: Athena

Netscape founder Jim Clark purchased the 90-meter sailing yacht Athena in 2004.

"I could easily have built a 50- or 60-meter motor yacht that would have had the same space as Athena, but I was never really interested in building a motor yacht," he told Boat International in 2016. "To my eye, she's one of the most gorgeous large sailing yachts, maybe the most gorgeous large sailing yacht in the world."

Athena has room for 10 guests and 21 crewmembers, and the only change Clark says he'd make in her design is adding more space for his kids.

"If I was forced to change something, I would convert the office on the lower deck into a children's room," he said.

The former Stanford professor tried to sell her at various points — listing her for $95 million in 2012 , $69 million in 2016, and $59 million in 2017 — but she has yet to change hands.

Larry Ellison: Musashi

Oracle founder Larry Ellison has owned several superyachts over the years, including the Katana, the Ronin, and the Rising Sun — which he sold to fellow billionaire David Geffen .

He purchased his current boat, Musashi, in 2011 for a reported $160 million from custom-yacht giant Feadship.

Named after a famous samurai warrior, the 88-meter-long yacht has both Japanese and Art Deco-inspired design elements. She also boasts amenities including an elevator, swimming pool, beauty salon, gym, and basketball court.

Ellison is known for his extravagant spending — private islands, jets, a tennis tournament — and yachting is among his favorite and most expensive hobbies. He took up racing them in the 1990s and financed the America's Cup-winning BMW Oracle Racing team .

Laurene Powell Jobs: Venus

Steve Jobs' wife, investor and philanthropist Laurene Powell Jobs, inherited a nearly finished 78-meter yacht named Venus when the Apple cofounder died in 2011.

After spending years vacationing on Ellison's yachts, Jobs wanted one for himself. He designed Venus with French starchitect and decorator Philippe Starck , and she was worth $130 million at completion.

"Venus comes from the philosophy of minimum," Starck said of her design. "The elegance of the minimum, approaching dematerialization."

Jobs and Starck began working together in 2007, the designer told Vanity Fair , and held monthly meetings over four years. Venus was delivered in 2012 to Jobs' specification: six identical cabins, a design to ensure spaces of absolute silence, and the most up-to-date technology.

"There will never again be a boat of that quality again. Because never again will two madmen come together to accomplish such a task," Starck told the magazine. "It was not a yacht that Steve and I were constructing, we were embarked on a philosophical action, implemented according to a quasi-religious process. We formed a single brain with four lobes."

Charles Simonyi: Norn

Early Microsoft employee Charles Simonyi has purchased two megayachts from the German shipyard Lürssen: the 90-meter Norn and 71-meter Skat.

Delivered in 2023, Norn is full of luxe features, including an outdoor cinema and a pool floor that lifts to become a light-up dancefloor. She shares a militaristic style with Skat , which Simonyi sold in 2021.

Skats's name is derived from the Danish word for treasure, and she had a listing price of 56.5 million euros and was launched in 2002.

"The yacht is to be home away from my home in Seattle, and its style should match the style of the house, adapted for the practicalities of the sea," Simonyi once said .

Sergey Brin: Dragonfly

Google cofounder Sergey Brin has built a flotilla of yachts, boats, and toys known as the "Fly Fleet."

Named after a once-secret Google product , the largest of Brin's armada is the sleek Dragonfly , which boasts a movie theater and a helipad. The 73-meter-long vessel was built by the Australian shipyard Silver Yachts and can fit up to 18 guests and 16 crew members, according to SuperYacht Times.

Also in his fleet is the superyacht Butterfly, a mere 38 meters long. Often moored in the Bay Area, her crewmembers spend their downtime kitesurfing and giving swimming lessons to local kids.

The rest of his marine lineup includes a smaller boat called Firefly, as well as Jet Skis, foilboards, dinghies, and kiteboards. She takes a team of 50 full-time employees to manage, steer, and maintain the entire operation.

Sindhu Sundar contributed to an earlier version of this story.

Correction: May 6, 2024 — An earlier version of this story misstated Giovanna Vitelli's title. She is the chair of the Azimut Benetti Group, not a vice president.

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