how much is james packer's yacht worth

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James Packer's luxury superyacht listed for sale for more than $282 million

• James Packer
• Billionaire

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James Packer, the ex-fiance of Mariah Carey, has a $200 million superyacht with so many water toys that its tender garage has a 1,500-litre refueling station. The billionaire’s 340-foot-long vessel features a nightclub with a virtual aquarium, a cinema and an open-air gym.

IJE, an extraordinary explorer yacht that’s elegantly designed –

At 354 feet, the $200 million Ije Yacht is impressive and packs quite a punch. The boat comes with space for 22 guests in 11 cabins and is serviced by a crew of 28. Commissioned by seasoned yacht owner Packer, who had given a brief for an elegant yacht that could also carry three large tenders. In the past, Packer has owned several impressive boats like a 180-foot Amels superyacht purchased for $47 million and a 170-foot Amels, the Seahorse, which were both sold later. He also owned a 288-foot ice-breaker, the Arctic P, that he gifted to his sister in 2017. His fleet once included the 165-footer Mangusta named Z Ellerston, and a 150-foot Leopard called Z Sydney. Done with smaller ships, he makes the most of the boat he is left with, his gigantic 354-feet luxury vessel Ije.

Who is James Packer?

Worth $2.8 billion per Forbes, Packer owes much of his wealth to the casino business that he stepped down from in March 2018, the Crown Resorts. The 56-year-old is one of the richest persons in Australia who comes from wealth as he was the son of Kerry Packer AC, a media mogul. He inherited the family wealth and companies like the Consolidated Press Holdings Limited, as well as investments in Crown Resorts and others. More interesting than how he acquired his wealth is how he splurges it.

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James Packer Is Already Selling His 108m Benetti Superyacht For Nearly $300 Million

Billionaire casino king James Packer has listed his 108-metre (354 foot) Benetti superyacht IJE for sale after just three years of ownership. The listing popped up on the website of superyacht brokers Burgess yesterday with an asking price of €175 million (roughly AU$282 million).

IJE is the longest motor yacht ever built by the Italian shipyard and takes its name from Packer’s three children – Indigo, Jackson and Emmanuelle. It was delivered to the casino magnate in late 2019.

You’d suspect, however, for these transactions to occur in private, which isn’t what we’ve seen overnight with Burgess and the listing of IJE .

The yacht can accommodate up to 22 guests across her 3,600 GT interior and features a gym, cinema, day club, salon and spa. The owner’s quarters include a massive freestanding bathtub and an office.

Two custom 14-metre tenders are stored on her foredeck along with eight jet skis, and two fold-out terraces sit above the waterline to allow for a full-beam beach club from port to starboard. Twin MTU engines can send her to a top speed of 18.5 knots across a range of 6500 nautical miles. Interestingly, while cruising, IJE is powered by an entirely electric propulsion system.

IJE will be on display at the Monaco Yacht Show, which will run from September 22nd-25th.

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James Packer Gets the Keys to His New 108-Metre Benetti Gigayacht

With a fuel tank 344,400-litres , the Italian-built yacht should have no problem crossing oceans.

By Howard Walker 28/07/2019

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Billionaire, casino mogul and inveterate superyacht collector James Packer has just taken delivery of his latest plaything, a brand-new 108-metre Benetti gigayacht he’s named IJE .

The Italian-built floating palace—Benetti’s longest yacht ever—is estimated to have cost Mariah Carey‘s former fiancé around $290 million. It was handed over at the builder’s Livorno yard, just in time for the prime Mediterranean cruising season.

Packer, 51, who recently sold a stake in his casino company Crown Resorts for a reported $2.4 billion, named the yacht IJE after his three children: Indigo, Jackson and Emmanuelle.

Don’t confuse that, however, with EJI , the 55-metre Dutch-built Amels superyacht that Packer took delivery of in May last year and off-loaded five months later in September, after listing the yacht for US$47 million, (around $68 million).

Before EJI , Mr Packer was the proud owner of the massive 87-metre converted German ice-breaker Arctic P , which he gave to his sister Gretel in 2017, prior getting the keys to the Amel.

In recent years, Packer has owned the 51-metre Amels Seahorse , which he sold in 2015, a 50-metre go-fast Mangusta he named Z Ellerston and the go-even-faster 45-metre Leopard called Z Sydney .

Naturally, the new Benetti is the crown jewel of the Packer armada. Previously code-named FB275, it’s one of three Benetti gigayachts—so-called because of their 100-plus-metre (328-foot) length—being launched this year within 100 days of each other.

IJE has twin MTU 3800 hp diesels under the ‘hood’ to deliver a top speed of 18.5 knots. Throttle back to 14 and with its 340,000-gallon tanks, the yacht has a range of 6500 nautical miles.

The Benetti also has a 670 hp electric Schottel pump-jet system for short-distance, low-speed zero-emission cruising—perfect for sneaking out of Saint-Tropez late at night without waking the neighbours.

Designed by Britain’s RWD, EJI has a stunning five-deck ‘wedding cake’ aluminium superstructure with a 3367GT interior from the drawing boards of Benetti’s in-house team. According to Benetti, a staggering 500,000-plus man-hours went into creating the interior spaces.

In addition to the 11 cabins for guests and 15 for the crew of 29, the yacht comes with all the toys, like a cinema, sauna, gym and huge heated pool. The more than 930 square-metres of outdoor deck space includes a vast observation deck and over-sized fire pit along with a foredeck with space to accommodate the yacht’s two 13-metre tenders.

Embedded content: https://youtu.be/lm9PP1nVKOk

Finding time to spend aboard EJI might be Packer’s biggest challenge. Last September he bought Danny DeVito’s old Holmby Hills mansion in Los Angeles for a reported US$80 million, (around $115 million), and is said to own property in Aspen, Palm Beach, Argentina and back home in Sydney where in 2016 he splashed US$60 million, (around $86 million) for a two-floor condo.

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Will Smith, Tom Brady And More Celebs Are Team Owners in a New Electric-Boat League

Will all that star power deliver?

By J. George Forant

May 16, 2024

A journey north to one of the harshest, remotest spots on Earth couldn’t be more luxurious. 

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Federer and Nadal Team Up in New Louis Vuitton Ad

Just in time for the French Open, Louis Vuitton serves up a winning new campaign.

By 19/05/2024

They have scaled the dizzying heights of tennis, and now great rivals and friends Roger Federer and friend Rafael Nadal climb a majestic mountaintop in the new Louis Vuitton campaign.

The latest installment of the LV’s storied Core Values series of ads, once again shot by renowned portrait photographer Annie Leibovitz, reunites two tennis legends who have not faced off against each other since Wimbledon 2019. (Federer retired in 2022 and in his last match teamed up with Nadal in doubles, with the pair famously crying and holding hands afterwards.)

Three thousand metres high in the Italian Dolomites and in less familiar attire than their usual on-court drag, Federer sports a classic Monogram Christopher Backpack that is every bit as elegant as his balletic prowess, while Nadal’s is a fittingly dynamic Monogram Eclipse version.

The campaign recalls the brand’s 2010 grouping of soccer legends Diego Maradona, Pelé and Zinedine Zidane .  

“I know how many important icons have been part of this campaign,” says Nadal. “Being part of it is something I am very proud of—especially sharing it with Roger who has been my biggest rival and is now a close friend.”

Federer adds, “It’s a unique opportunity to be working on this campaign with Rafa. How we could be such great rivals and at the end of our careers be beside each other doing this campaign is very cool.” Tennis fans everywhere agree.

Watch the behind-the-scenes video shot of the new Louis Vuitton campaign.

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By J. George Forant 16/05/2024

At one point during the debut broadcast of the world’s first electric-boat racing circuit, an on-air host stands on a platform overlooking the water and pummels the camera with enthusiasm: “I hope you’re ready for a landmark moment that can change the future of water transportation. The nerves, the excitement, the energy, it’s electric!” Behind her, a few dozen people mill about, leaning on a rail, drinking coffee, staring at their phones. One turns to look at her as if he’d like to ask her to keep it down.

That singular image might best encapsulate the cognitive dissonance that permeates the new UIM E1 Series Championship.

Take the boats. They look like remnants from a Star Wars movie, with long tapered noses leading to a glass-enclosed cockpit flanked on each side by a curving wing that acts as a hydrofoil, allowing the hulls fly over the surface while sending off huge sprays of white foam—but they’re nearly silent and, while they have explosive acceleration, they reach a top speed that wouldn’t even merit a ticket on an interstate.

Then there are the team owners, a mélange of famous people who don’t necessarily bring to mind boats or racing. For that matter, they don’t really have anything to do with one another. Sorry, but it’s going to take more than a few brief hype videos and a recorded Zoom call in which the eight celebrities playfully talk trash before anyone believes the relationship between, say, NFL legend Tom Brady and pop singer Marc Anthony contains any real competitive juice.

There’s also the meeting of mission and money. The series defines itself as “committed to healing our coastal waters and ecosystems . . . through innovative clean technologies and aquatic regeneration.” But Saudi Arabia’s Public Investment Fund (PIF), which controls more than $USD700 billion in cash largely derived from oil production, holds a chunk of equity and occupies the top sponsorship space. (Disclosure: Saudi Arabia’s Research and Media Group has invested in Penske Media Corporation,  Robb Report ‘s parent company).

None of it quite seems to go together, and yet, by many measures that first race, held on an inlet of the Red Sea in Jeddah on Feb. 3, was a success. Expect a ninth team headed by a famous Hollywood actor. The series will host seven more races this year, starting on the waterways of Venice on May 12.

All of which raises the question: Can this actually work?

“Boat racing has never really caught on,” admits Powerboat P1 CEO Azam Rangoonwala, who’s been in offshore racing for more than 20 years and is also a principal on E1’s Team Aoki. “We got involved with E1 because we see an opportunity to finally make that breakthrough happen.”

In 2020, Rodi Basso spent a fair part of the year trying to visualise life after the pandemic. Unlike many others, Basso wasn’t so much longing for the way things had been, as attempting to conjure what new world would emerge.

An aerospace engineer who’d transitioned into motorsports, he’d held jobs at Ferrari, Red Bull and McLaren Applied Technologies, but he’d recently stepped aside and moved to England in pursuit of some then-undetermined new challenge.

When the world shut down, he started running to stay fit and get out of the house, excursions on which he was often joined by Alejandro Agag, who lived nearby. Agag had founded Formula E and Extreme E, each a successful racing series featuring electric vehicles. The pair had met when Basso, through McLaren, developed an improved battery pack that allowed Formula E drivers to complete a race on a single charge.

Basso, an Italian, and Agag, from Spain, debated the next big thing as they traversed the streets of London. Agag had invested in a start-up, Seabird, that was working on a foiling electric boat, and he asked Basso to help with the engineering. That simple request quickly morphed into a new idea—an electric boat racing series.

Perhaps no two individuals were better positioned to make it happen, and that night Basso created a deck summarizing the concept. The next day, he sent it to Agag who immediately signed on. The E1 World Championship Racing series was born amid expectations that it would become the next trending motorsports entity.

Within months they’d secured exclusive rights to stage electric boat races for 25 years through UIM, the international racing organization, and landed the PIF deal. Asked about the irony of Saudi oil money underwriting a series with a mission of “promoting sustainable energy use in marine sports,” and about assertions of greenwashing and sportswashing, Basso looked away from his computer screen.

Turning back, he offered a joke and then framed his answer in terms of investing strategies: “I focus on the day-to-day job of the people working at PIF who study markets and industries and place bets on what will bring the highest return. In that sense, it’s a privilege to be noticed and have that initial funding.”

Asked a similar question via email, Brady chooses not to respond, but otherwise replies: “This is a new competition and it has great growth potential, so it was a no-brainer for me to be involved with E1.”

Basso later adds another point: “PIF’s money allowed us to get going. It paid for the development of the boat and the series. Now we have to stand on our own as a functioning business.”

What will that look like?

Location, location, location . Part of the difficulty for boat racing has been the “where.” Contests usually took place offshore or on small—often remote—lakes that offered flat calm, neither of which are particularly spectator friendly.

In recent years, the Sail GP series has solved that problem with a global race circuit featuring smaller, more maneuverable versions of full America’s Cup boats slugging it out on metropolitan waterways, such as San Francisco Bay and Sydney Harbor. In contrast to traditional America’s Cup racing yachts, the smaller SailGP boats also reduce the costs of building, maintaining, outfitting, and shipping them to races around the world.

Besides that, the boat looks sleek, part spaceship, part waterbug, as it skitters above the surface. And while 50 knots (92.5 kmph) on a boat is fast—especially an open boat low to the water—it’s not an attention-getting number to the general public. Still, the Racebirds distinguish themselves with a burst of acceleration that’s visible when they compete.

The power comes from a Mercury outboard built specifically for the purpose, with input from Seabird. It has a booster that jacks the output from 100 kilowatts to 150 for 20 seconds per minute, adding to the notable jumps in speed and putting a focus on driver skill and strategy. Each team has two pilots—as they’re called—one male and one female, who alternate turns behind the wheel through a qualifying round, the semi-finals and finals.

“We’re now packaging the propulsion system to sell to other builders,” says Horne. “What drives me is the mission to electrify boats, so we want to partner with other companies out there and help build the infrastructure with fast charging that we’ll need.”

The series’s green agenda goes beyond pushing the development of electric engines, high-output batteries and hydrofoils, which reduce drag in increase efficiency by lifting the boat’s hull out of the water. E1 intends to employ sustainable practices on-site at events—including the use of local vendors—and install and leave in place high-speed electric charging stations at each locale.

According to its website, organizers will collaborate on coastal restoration projects and education initiatives directed by chief scientist Carlos Duarte, an ocean ecology professor at King Abdullah University of Science and Technology.

“One of the barriers to ownership and sponsorship in powerboat racing has been the sustainability question,” says Rangoonwala of Powerboat P1. “E1 answers that question up front by building it into the mission.”

Whatever seeming contradictions arise from the use of PIF funds, the series has already had a real-world impact. Mercury Marine has incorporated much of the technology it developed for the Racebird engines into its Avator electric outboards. More than 12,000 Avators have been built in the last year. “Racebird was a good place for us to start,” David Foulkes, CEO of Brunswick Corp., Mercury’s parent, tells Robb Report . “It was a way to gain experience in a controlled environment, where the boats are centrally maintained.”

Basso calls Agag a “marketing genius” for the way he tapped into existing audiences for Formula E and Extreme E by luring well-known names from Formula 1 and extreme racing—and their social media followings—into the fold. It’s a proven approach, but one that would not work for E1. “Unfortunately, in powerboat racing, there are no star drivers or famous owners,” Basso says.

The alternative involved finding celebrities from other walks of life to invest in teams. “First, we approached Sergio Perez and evidently our presentation was done right because he joined, then Rafa Nadal signed up,” Basso says. “The rest came as a consequence of a sort of missing-out syndrome, which worked out nicely for us.”

The sell might have been easy, but the selections reflect the sort of calculated demographic cross-section that would make a pollster drool. Besides Brady, the white American hero of seven Super Bowls, Smith, the Black Hollywood superstar, Nadal, the internationally known Spanish tennis star, Anthony, the Grammy-winning musician with Latino roots, and Perez, a Formula 1 driver from Mexico, there’s Didier Drogba, a Black European soccer icon from Ivory Coast; Steve Aoki, a world-renown DJ of Japanese descent; Virat Kohli, a cricket star from India; and Marcelo Claure, a Bolivian tech entrepreneur.

All appear engaged at the outset, sitting for video interviews and promoting the series on social media. Four showed up for the opening race and Brady plans to be in Venice. “I’ve been involved in a few things since retiring but this racing series has been incredible,” Brady tells Robb Report . “I love competition and racing. Seeing the vision of the sport come to life has been very fun and fulfilling.”

Basso says he and Agag intentionally created a “business mechanism that would give owners skin in the game and keep them engaged.” The owners put up €2 million (about $2.15 million) to license a team. E1 owns the series and the boats and handles all the logistics, including transportation, for which they charge teams another €1 million. The buy-in, Basso says, will go up for Year 2, since three of the original eight license holders have already resold them at five times the initial investment.

To ensure those values keep rising, E1 plans to cap the series at 12 or 15 teams competing in 15 races, hopefully by Year 3, with five events in Asia, five in the Mid-East/Europe and five in the West, where potential venues include Miami, Mexico and Brazil.

To help control costs, the boats must run as they come out of the box, and though teams can hire as many engineers as they want back at headquarters, they can’t have more than seven crew members, including drivers, on the dock during races.

“They made some really smart decisions to limit costs at the outset,” says Ben King, one of of Team Brady’s co-principals. “The plan is to start modifying the boats in Year 3, which would mean greater outlays for teams, but by then, hopefully, the circuit will be well established.”

Teams can bring on sponsors outside those attached to the wider series, including everything from patches on pilot uniforms to on-the-boat decals to partnerships that showcase technology. Visibility shouldn’t be a problem. E1 has both linear and streaming deals with 120 broadcasters that range from Asia through India, MENA, Europe, and the Americas, where CBS owns the US television rights.

On the course at Jeddah , the four finalists line up for the rolling start of the final race, among them Team Brady. As the boats pass the marker buoy signaling the beginning of the first-ever E1 championship, three surge ahead while the Brady boat founders and wobbles forward, dropping to last.

In the previous heat, Brady’s Emma Kimiläinen finished third, meaning teammate Sam Coleman has to not just win the heat but make up the time deficit to claim the title. As the boats approach the first turn, Coleman mashes the booster and jolts forward, closing the gap and creating a three-boat bottleneck around the first buoy.

The scene turns chaotic as the boats speed through the curve within yards of each other and geysers of whitewater and churning wakes fill the space around them. Emerging into the straight, they jockey for the lead. “Racing these boats is super intense—insane,” says Coleman. “The trick is constantly managing the foil height. Too much power and the boat will drop and you’ll lose speed. The working window is so small, and while you don’t have engine noise, there’s feedback through cavitation and vibration that you have to learn to feel.”

Most of the drivers have come from other disciplines, motorcycles, cars, even Jet Skis and WaveRunners. Coleman started in motocross, then teamed with his sister to become a world champion and two-time U.K. champ in P1 Powerboat. Whether it’s that experience or his feel for his craft, Coleman’s boat levels and rises high on its foils as it shoots to the front.

Through the next turns, Coleman’s lead builds, creating another bit of intrigue. The course layout consists of a small oval inside a larger one, something like a paperclip. Over a five-lap race, each driver must circumnavigate the inner oval four times and the outer once. As Coleman continues to pull away, the question of when to take the long lap rises.

And while that gives the announcers something to talk about, it also highlights a shortcoming. The moments of close-quarters racing, the nuance of working the trim and booster and the strategic quirk of the long lap all make for good, engaging viewing. At the same time, the difficulty of keeping the boats running clean on the foils and the long lap spread the field, sapping most of the drama from the action. Those instances of intense, close-quarters racing are few and far between.

Ultimately, that’s what success will come down to: Will people understand the level of skill and strategy on display and will the competition hold up? A sustainability mission and a few 30-second hype videos from Tom Brady (whose team pulled through in Jeddah as the winner) provide a sense of purpose and attract eyeballs, but for people to continually show up and tune in—to pay up—the races themselves have to deliver.

Formula E and Extreme have made it work. Will E1? Ladies and gentlemen, start your very-quiet engines.

10 Fascinating Facts You Never Knew About Porsche

The automaker is a sports car standard-bearer with a long, impressive history in racing.

By Bob Sorokanich 16/05/2024

Porsche has long stood at the pinnacle of automotive achievement. The automaker has won the 24 Hours of Le Mans 19 times—more than any other competitor—and has successfully competed in everything from rally racing to Formula 1. The history of Porsche vehicle production is equally impressive, as the company rose from the rubble of World War II to become one of the most widely recognised luxury and performance brands in the world today. Let’s dive into the history of Porsche with 10 facts you might not have known about the German brand.

Porsche Was Founded by an Ex-Mercedes Engineer

Ferdinand Porsche was born in 1875 in what is now the Czech Republic. Despite the fact that he had little formal education, from an early age Porsche was recognised as a brilliant engineer. In 1901, Porsche built the world’s first gasoline-electric hybrid vehicle, a motorised carriage that used a Daimler internal-combustion engine to generate power for electric motors in the wheels. Soon, Porsche was hired as technical director of Stuttgart-based Daimler, where he worked on Mercedes race cars including the hugely successful Mercedes-Benz SSK.

Engineering Consultant

In 1931, Ferdinand Porsche launched the company that still bears his name today. It wasn’t a car-building operation: Dr. Ing h.c. F. Porsche GmbH was a consulting agency, supplying design and engineering expertise to various automakers. Soon after launching his company, Ferdinand Porsche received an assignment directly from German Chancellor Adolf Hitler: A project to build a simple, durable, affordable vehicle that could be purchased by everyday Germans, codenamed Volkswagen, or “people’s car.”

Porsche and World War II

Ferdinand Porsche unveiled the first Volkswagen prototype in 1935; in 1939, the Volkswagen factory began production, with Ferdinand Porsche appointed as an executive. As part of his work with the government of Nazi Germany, Porsche renounced his Czechoslovak citizenship, joined the Nazi Party, and became a member of the SS paramilitary group. Ferdinand Porsche contributed to the design and engineering of Nazi tanks and troop transport vehicles, and after World War II ended, he was arrested for war crimes including the use of forced labor, serving 20 months in prison in France.

Porsche Begins Building Its Own Cars

Following the end of World War II, Ferdinand Porsche’s son, Ferry, sought to build a sports car according to his father’s vision. In 1947, the first examples of the Porsche 356 were assembled in a small sawmill in Gmünd, Austria, where the Porsche family had moved operations to avoid Allied bombing. The 356 bore some resemblance to the Volkswagen, and like that vehicle, it used a rear-mounted four-cylinder engine along with some other VW components.

The 901, Or Rather, The 911

Porsche built several versions of the 356 until 1965, but by the end, the vehicle was badly out-of-date. Ferdinand Alexander Porsche, grandson of the company’s founder, designed a new rear-engine sports car, this time with an air-cooled six-cylinder engine. The company intended to call this model 901, which was the internal code-name for the project, but Peugeot owned the trademark on all three-digit model numbers with a zero in the middle, so the name was swiftly changed to 911.

The 917 Launches a Racing Dynasty

Porsche found racing success with the 356, 911, and various competition-only prototypes, but the automaker’s rise to motorsport dominance began with the 917. First shown publicly in 1969, the 917 was the brainchild of Ferdinand Piëch, a grandson of Ferdinand Porsche who would later go on to lead the entire Volkswagen Group. The race car used an air-cooled mid-mounted flat-12 engine, and it was so compact, the driver’s feet sat ahead of the front axle. After some early developmental troubles, the 917 became a dominant endurance racer, winning the 24 Hours of Daytona, the Monza 1,000km, the Spa-Francorchamps 1000 km, and the 24 Hours of Le Mans back-to-back in 1970 and 1971. The 917 was a monster, reliably cresting 230 mph at Le Mans in an era when the typical racing prototype couldn’t break 200, and it launched Porsche on a path to becoming the winningest manufacturer in Le Mans history.

911’s Near Death and Resurrection

The late 1970s were difficult for sports car companies, and in 1980 Porsche had its first year of financial losses. The 911 had gone without significant updates and was slated for cancellation, with the front-engine, V8-powered 928 intended to replace it. Newly-appointed CEO Peter Schutz, who was born in Germany but was raised in the U.S., realised that the impending death of the 911—considered the quintessential Porsche sports car—was contributing to low morale at Porsche. Schutz walked into the office of chief Porsche engineer Helmuth Bott, where a chart showed continued production of the 928 and 944, and the end of 911 production in 1981. In a scene that has become legend, Schultz took a marker from Bott’s desk, extending the 911’s line off the chart, onto the office wall, and out the door—signifying that the 911 would never be canceled. “Do we understand each other?” Schultz asked, and Bott nodded in the affirmative.

The World-Beating 959

In 1986, Porsche unveiled a supercar that shared the general shape of the 911, but was shockingly advanced in nearly every way: The 959. Developed to compete in Group B rally racing, the street-legal 959 had a twin-turbo engine making 326 kilowatts, Kevlar composite bodywork, wide-body fenders, and all-wheel drive. It soon became the fastest production car in the world, sprinting from zero to 96 in 3.7 seconds and reaching a 317 kmph top speed.

Amazingly, from 1963 to 1997, Porsche never undertook a full redesign of the 911. In 1998, a brand-new sports car emerged. Internally known as Type 996, the all-new 911 had a completely redesigned body shell and an all-new flat-six engine that, for the first time, was cooled by water rather than air. Early 996s shared their front bodywork and some interior panels with the more affordable mid-engine Boxster, causing some controversy among Porsche fans, but today the 996 is considered the model that saved the Porsche 911.

SUVs, Sedans, and the Future

In 2002, Porsche introduced the Cayenne, the automaker’s first sport-utility vehicle. A few years later, in 2009, the four-door Panamera luxury sedan was launched. Today, Porsche’s best-selling model is the Macan, a small SUV, with the Cayenne not far behind. The automaker also sells an all-electric sport sedan, the Taycan, and is moving toward the future with plans for hybrid and all-electric sports cars.

Sitting on the Dock of Balmain

Is The Dry Dock Sydney’s Hottest New Pub Renovation?

By Belinda Aucott-christie 15/05/2024

At its peak, in the late 1890s, Balmain had 55 pubs. They were noisy watering holes that serviced thirsty hordes after a day’s labour at the suburb’s harbourside coal mine and shipyards.  Today, Balmain is dotted with charming workers’ cottages set behind picket fences and stolid corner pubs, which have been converted into restaurants and homes.

One such establishment, the Dry Dock on Cameron Street, has undergone a multi-million dollar renovation. As an original public house built in 1857, it remains fixed in a local backstreet and offers a porthole to the suburb’s blue-collar roots.

Locals can still bring their dogs into the front bar, or retreat to the lounge to sit next to a crackling log fire. 

The renovation carried out by Studio Isgro and H&E Architects combines rustic touches—like the acid-etched sandstone exterior, exposed brickwork and beams  —with elegant light fittings, an incredible sound system and tasteful art. “It has a transportive, escapist quality, where you could be anywhere, or right at home,” says interior designer Bianca Isgro of Studio Isgro, who spent two years on the overhaul. Her team designed a modern gastropub on the site after gutting and stripping the building, which had been neglected for years. 

Founder and managing director James Ingram (ex-Solotel and Merivale) has assembled a warm, friendly service team that matches the pub’s character. He says his team has fought hard to preserve the pub’s long-standing connection to residents and to get the mix of old and new right.

“Balmain is home to so many devoted residents who are rightly proud of the suburb’s working-class roots,” says Ingram over a frothy beer in the warm-toned front bar.

“The Dry Dock has been designed to have that timeless feel that stands the test of time.” 

The large open kitchen features an oyster bar and serves French-style fare, delicious sides, and hot desserts. The wine list is on point, with something in every price range and a friendly sommelier doing the rounds. 

The back of the room overlooks a walled garden, with a giant ghost gum at its centre and views of neighbouring residential fences. 

Chef Sitton says his team relishes the opportunity to cook from an expansive modern European repertoire with quality produce. The robust flavours and textures are centred around the smoky quality that comes from Josper charcoal grills, wood-fired ovens, and the rotisserie.  

You can order steak frites with charred baby carrots, or baked market fish with a cheesy, potato gratin.

The Peninsula Hospitality Group, the team behind Dry Dock, is now looking to expand its foothold in Balmain by opening at least one other venue.

Visit for the food, stay for the vibe.

The Dry Dock, Public House & Dining Room, 22 Cameron Street, Balmain, NSW 2041. P: 02 9555 1306 ; drydock.com.au

Animal Kingdom

A veritable menagerie of high-jewellery sparklers awaits this season.

By Robb Report Team 16/05/2024

Crocodiles, lions, snakes and flamingos have all found their way into magnificent high jewellery.  

At Chaumet master craftsmen draw inspiration from the balletic flight of swallows. At Cartier a mischievous crocodile makes a cunning circle around the throat and at Paspaley 137 sapphires and gem bejewels fascinators attached to a pair of Keshi pearl studs.  

Read on for ideas of how to spoil yourself or someone you love with something from the animal kingdom.

CARTIER Crocodile necklace White gold set with emeralds and brilliant-cut diamonds. POA; cartier.com.au

CHANEL  Lion solaire earrings 18k white gold and diamonds. $140,200; chanel.com

DAVID WEBB Bird of paradise brooch Cabochon star sapphire, carved emerald and ruby leaves, brilliant-cut diamonds, 18k gold and platinum. POA; davidwebb.com

A LA VIEILLE RUSSIE Mississippi River pearl flamingo brooch set Baguette diamond legs and brilliant-cut diamond head, tail and neck, and ruby eye. Circa 1930. $24,000; alvr.com

JEAN SCHLUMBERGER by Tiffany & Co. Bird on a rock pendant
Platinum and 18k yellow gold, pink sapphires and diamonds (one of which is more than 15 carats). POA; tiffany.com

A LA VIEILLE RUSSIE Antique green garnet frog brooch Demantoid garnet with old mine diamond eyes, set in gold
and platinum. $71,000; alvr.com

PASPALEY Wild feather earring enhancer Featuring 43 white diamonds, 137 sapphires and 26 tsavorites set in 18k yellow gold. Keshi pearl studs sold separately. $11,800; paspaley.com

Mediterranean Sapphire Serpenti necklace, nine sapphires from Sri Lanka for a total of 40,81carats evoking snake’s scales are set in a precise and sinuous platinum and pavé diamond body construction culminating in a dramatic pendant tassel including 80 oval-shaped sapphire beads totaling 116 carats. POA’ Bulgari.com

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IJE Yacht – Sophisticated $200M Superyacht

IJE yacht was built by the well-known Italian ship and boat building company Benetti and delivered in 2019.

With her 108 metres (354 ft) length, she currently ranks 34th on the list of largest yachts in the world. She is also the longest yacht ever built by Benetti.

IJE yacht interior

Benetti not only built the IJE yacht, but they also worked on designing the yacht interior. The layout is reminiscent of a cozy beach house with luxurious elements that take the design to the next level.

There is a private owner’s deck onboard IJE with access to a separate side deck.

Twenty guests can stay on board IJE yacht in ten luxurious and spacious suites. The yacht has a dedicated movie theatre, nightclub, and an elevator between the four decks.

The gym is not only equipped with the latest equipment, but it is also a real eye-catcher and is located on the lower deck of the IJE yacht.

One side wall folds down completely to double the size of the gym, and a ladder into the water invites you to cool off after your workout.

A well-trained crew of up to 28 people takes care of everything in and around the vessel.

Specifications

Two MTU twin engines power IJE with 2,880 kW each. She achieves top speeds of 21 knots and can reach distances of over 6,500 nautical miles at a cruising speed of 16 knots.

The 108-meter yacht is also equipped with an additional system from Schottel, which allows low-noise and low-vibration auxiliary propulsion that guarantees better maneuverability.

IJE has a fuel tank of up to 365,000 liters and a freshwater tank of 85,000 liters, which is an advantage for longer distances.

The exterior of IJE was designed by world-renowned ship designer RWD, whose goal is to create each yacht with “exceptional beauty and elegance.”

There is space for two tenders up to 12 meters long that can be launched by crane on the foredeck.

A fireplace was installed as a focal point on the bridge deck, and on the main deck, a pool surrounded by spacious open-air dining with an additional lounge and bar welcomes guests. A side garage opens up and becomes a berth for four jet skis.

The IJE yacht also carries water toys such as seabobs, water skis, kayaks, and snorkeling equipment. The designated observation deck offers stunning views of the surrounding ocean and landscape.

IJE was transferred from Benetti to the owner for a price of approximately US $200 million in 2019. The superyacht is currently listed for sale at a price of US $175 million. 

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James Packer’s net worth to soar as he will pocket premium on Crown shares on June 24

James Packer’s net worth is set to soar to even more eye-watering levels when he receives a tasty premium on his Crown shares.

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James Packer’s net worth is set to soar to even more eye-watering levels next Friday when he will receive a tasty premium on top the current astronomical value of his Crown shares.

Shareholders in the casino company unanimously voted on May 20 in favour of a takeover by US private equity giant Blackstone, which offered them $13.10 a share.

That offered Crown shareholders a huge 32 per cent premium on the closing price of Crown shares on November 18, 2021 of $9.90 a share. That was the last trading day prior to Crown receiving an acquisition proposal from Blackstone at a price of $12.50 a share.

Crown has now been taken off the market and closed its last session on Wednesday at $13.09 a share.

It means that shareholders in the company will get a healthy premium when they are paid out for the $8.9 billion takeover on June 24.

The biggest beneficiary is naturally Crown’s biggest shareholder – Mr Packer who is already one of Australia’s richest people and has an estimated net worth of $5.72 billion.

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For his massive 37 per cent stake in the company he will get a $3.36 billion payday which, like for all Crown shareholders, is more than what his shares are worth now.

The $13.10 Blackstone offer is also above the $13 a share valuation placed on the company by Mr Packer himself in 2019 when he agreed to sell 19.99 per cent of the company to Lawrence Ho’s Melco Resorts and Entertainment.

The two step deal would have seen Mr Ho receive 9.9 per cent upfront and another 10 per cent to follow, but it was quashed after probity issues raised about Ho’s father Stanley.

This opened the door for Blackstone, which paid $550 million or $8.15 a share, for Melco’s 9.9 per cent stake in Crown.

When he sold his shares to Melco, Mr Packer said: “Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today – my continuing Crown shareholding represents my single largest investment.

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“I am still vitally interested in Crown’s success as a world-class resort and gaming business. “The sale allows me to continue my long-term involvement with Crown and at the same time to better diversify my investment portfolio.”

The upcoming payout comes on the day that money between Blackstone and Crown will change hands – after the deal was finalised on Wednesday following an approval from the Federal Court.

The court’s decision was the final hurdle in the approval of the deal. Blackstone had previously been given the green light from state governments in Western Australia, New South Wales and Victoria.

The takeover means Crown Resorts will become a private company and no longer be required to report to the ASX.

It marks the end of an era for Mr Packer who first became involved in Crown in 1999, and is understood to have wanted an escape route for many years .

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It is understood he will walk away from Crown once the takeover is complete.

Crown shareholders also backed the Blackstone deal after the board told investors it would be in their best interest.

It also comes after years of scandals at Crown, including staff getting jailed in China, and several inquiries which found the casino operator enabled money laundering and links to criminal gangs.

A man who won one of the biggest lottery jackpots in history has been accused of stiffing his family out of their promised share of the loot.

Powerball’s $100m jackpot has topped a surprising landmark in Australian history after no Division 1 winners were announced in Thursday’s draw.

Aussie Home Loans founder John Symond has listed his mansion Wingadal for a price that would absolutely smash the Australian record.

Billionaires like Jeff Bezos and Mark Zuckerberg spend six figures a year maintaining their superyachts. Here's how.

• Superyachts  are one of the most expensive assets money can buy.
• The true cost of ownership is even more, adding up to millions a year.
• Here's how much it costs to own a superyacht — and what that money is going toward.

Financial advisors are quick to warn prospective owners that a boat is nothing more than a hole in the water in which to throw money. When it comes to superyachts , you'd better have bags and bags of cash.

As one luxury agent told Business Insider at the Palm Beach International Boat Show: "Buying a boat, it's a huge purchase — and nobody needs a yacht."

A superyacht, generally over 30 meters long, is one of the most expensive assets money can buy, with the largest costing more than a lot of real estate or a private jet. Billionaires like Jeff Bezos, Mark Zuckerberg, and Steve Jobs each spent nine figures on their megayachts.

That doesn't include operating costs. Owners should expect to pay about 10% of a yacht's new-build price each year, experts told Business Insider. That's tens of millions of dollars annually for the most luxurious boats.

"It's a small-to-medium-sized business in its own right," said Jeffrey Beneville, a senior vice president at insurance company NFP, where he specializes in consulting clients about yachts.

Unlike many smaller boats, superyachts need staff, not just a captain. Some superyachts have space for dozens of crewmembers , including a chef, engineer, and masseuse for the guests onboard. Each gets an annual salary — the highest-ranking members earn six figures — and benefits. Eric Schmidt's yacht fits a crew of 28 for a ratio of about two crewmembers per guest.

Then there's fuel, dockage fees, routine maintenance, and insurance. The latter hinges on everything from the reputation of a yacht's shipyard to where an owner wants to take it (if a vessel is taking frequent trips to the South China Sea, for example, expect to pay a higher premium). If a superyacht has a support yacht — or a support superyacht, in Bezos ' case — expect to pay another 10% of that boat's price annually.

"The cost to maintain a yacht is so high that they just think that money's getting lit on fire," Matthew Fleissig, the CEO of wealth management firm Pathstone, told BI of his clients who choose to charter rather than own.

One of his firm's clients who does own has a 23-meter yacht valued at $5.2 million. The annual cost to staff, maintain, dock, and insure the boat is $346,297, according to documentation provided to BI. The lion's share is spent on marina fees ($95,970) and maintenance work ($88,408.) While not exactly a Sunfish, that boat is too small to count as a superyacht.

At 106 meters, the Amadea, owned by a sanctioned Russian oligarch , definitely does. The $300 million yacht, which was seized in 2022 and is docked in San Diego, cost $922,000 a month to maintain, a court filing showed: $360,000 for crew salaries, $75,000 for fuel, $144,000 for insurance, $178,000 in dry-docking fees, and $165,000 for maintenance, waste removal, food for the crew, and miscellaneous expenses.

"And that's an inactive yacht that's in the water," NFP's Beneville said.

If it were operational and carrying guests, the costs would be about twice that, or between $20 million and $30 million a year, he added.

Of course, it makes more financial sense for the non-obsessives to charter, and many of Fleissig's clients do. And some owners choose to offer their yachts for charter — the most luxurious cost as much as $1 million a week — to offset the costs.

"If you charter the boat for 50 days a year, it's going to help a lot," Anders Kurtén, the CEO of brokerage firm Fraser Yachts, told BI.

Then again, the running costs don't matter as much at a certain point. "If you're worth $30 billion, it's nothing. And if you're worth $117 billion — and these are the guys we're talking about — they're in it as long as it's still enjoyable for them," Beneville said. "It's not a money thing."

Watch: Why South Sea pearls are so expensive

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