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PROJECT X Yacht– The Enigmatic $150,000,000 Superyacht

Launched in 2022, the PROJECT X yachtmarks a seismic shift in the landscape of luxury yachting. Not just a superyacht but a floating palace, this 87.6-meter masterpiece was crafted with meticulous precision and unparalleled creativity.

Conceived by the renowned Greek shipyard Golden Yachts and designed by Ken Freivokh, this vessel fuses stunning aesthetics with world-class engineering to create a truly unique maritime experience.

Boasting an array of custom features and amenities that go beyond the imagination, from a triple-height glass atrium to a wellness suite with its own juice bar, PROJECT X isn’t just designed for travel—it’s designed for a transcendent journey across the seas.

Project X Yacht Interior

The interior of PROJECT X is a grand statement of luxury and comfort, courtesy of Massari Design Studio. As soon as you set foot inside, you are greeted by a triple-height glass atrium that encompasses an awe-striking elevator, designed to move guests effortlessly through this floating sanctuary.

The masterful use of materials—from exotic woods and sumptuous leathers to elegantly worked metals and marbles—creates a haven of unparalleled luxury. The yacht can accommodate up to 12 guests in nine extravagant suites, including a master suite with its own private pool, a VIP cabin, five double cabins, and two twin cabins.

A dedicated wellness suite caters to every conceivable need for rejuvenation and relaxation, boasting a spa, Hammam, Finnish Sauna, and an adjoining juice bar and lounging area. The interior is not just about comfort; it’s a holistic experience designed to titillate all your senses.

Project X Yacht Exterior

Excellence continues onto the exterior, designed by the acclaimed Ken Freivokh. One of the most noticeable features of PROJECT X is its set of cascading aft decks coupled with a unique triple-X paneling pattern. Fold-down balconies and floor-to-ceiling windows not only bring ample natural light into the interiors but also create an intimate connection with the surrounding seas.

A 7.5m by 3m glass-sided swimming pool leads to an expansive swim platform, an opulent touch that makes swimming not just an activity but an event in itself. To top it off, a 360-degree sundeck gymnasium ensures you can maintain your fitness routine while soaking in panoramic ocean views.

Project X Yacht Toys and Tenders

You’re never short on excitement with PROJECT X. Leading the pack is a 10m Onda Limo Tender, accompanied by an exciting range of toys that include everything from Flyboards and waterslides to SeaDoo WaveRunners, waterskis, seabobs, wakeboards, kayaks, and bikes. The yacht promises non-stop adventure, fun, and relaxation.

Chartering with a Crew of Experts

A seasoned crew of 28 specialists ensures that every moment aboard PROJECT X is as seamless as it is luxurious. Whether it’s tailored dining experiences, water adventures, or simply indulging in the yacht’s sumptuous amenities, the crew makes sure your charter vacation is one for the books.

Project X Yacht Owner

While the owner’s information remains confidential, what we do know is that PROJECT X is a labor of love, envisioned and executed by some of the most celebrated names in yachting. Built by the esteemed Greek shipyard Golden Yachts and designed by industry icons Ken Freivokh and Massari Design Studio, this yacht is a testimony to human ingenuity and craftsmanship. Every inch of her has been carefully planned and flawlessly executed to provide the ultimate luxury yachting experience.

In summary, PROJECT X is not just a yacht; it is a floating utopia that offers an unmatched blend of luxury, performance, and sustainability. With its exceptional design, unparalleled amenities, and commitment to ecological responsibility, it sets a new standard for what a luxury yacht can and should be.

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€ 160,000,000

Length: | 88m (288.6ft) | Guests: 19 in 9 cabins | Built: 2022 | Golden Yachts

• Specifications

About PROJECT X

PROJECT X is a brand-new 88m (288.6ft) yacht delivered in summer 2022 by renowned Greek shipyard Golden Yachts. Hugely experienced, PROJECT X’s owner has guided and overseen her whole design process. She showcases iconic exteriors by legendary British designer Ken Freivokh and restful, contemporary interiors – including Freivokh’s jaw-dropping triple-height atrium – by Italy’s Massari Design, with all design guided and overseen by her hugely experienced owner.

Her steel hull and aluminium superstructure were built to Bureau Veritas classification and MCA compliance for commercial operation. Her 2,973GT of internal volume feature the very latest in design, technology and style to deliver the highest standards in quality, service and entertainment.

The main deck onboard PROJECT X is home to a large pool, 7×3.5m (23×11.5ft), on the aft deck with vast sunbathing facilities and a large sit-up wet bar. A DJ station ‘bridges’ over the main deck pool for professional DJ sets with B&O sound system and nightclub lights for peerless yacht parties. 

A sea-level beach club features two large sea terraces, a huge swim platform, a sit-up bar with views into the glass-sided pool above, a circular lounge, other seating areas and a large TV. It’s also home to the yacht’s spa with sauna, hammam and massage/beauty room.

For fitness, head to the sun deck’s fully equipped gym with wonderful views through extensive glazing and at its centre the elevator that services all guest decks. Aft is a sit-up wet bar, café-style seating and a large area for sun loungers and forward is a 10-person jacuzzi with adjacent sunpads.

An interior flooded with natural light, redefines the connection with your surroundings. Nowhere is this better expressed than in her uniquely impressive glass elevator and triple-height atrium, inspired by Freivokh. Other impressive features include a large private owner’s deck with jacuzzi and sun lounging terrace and sensational views through full-height windows in the master suite and lounges.

In total PROJECT X accommodates up to 19 guests in nine suites across bridge, upper and main decks, including a main deck VIP suite, and each has its own colour scheme. There is an impressive full-beam office/conference room with separate PA/secretary facilities on upper deck forward with panoramic views.

PROJECT X also has an extensive collection of tenders and toys, from the 10m (32.8ft) Onda Limousine tender and the impressive 9m (29.5ft) Pedrazzini Vivalle classic tender to the two 6.3m (20.7ft) Whitmarsh RIBs. She also has a packed toy locker to keep everyone entertained on the water.

Twin 2,510hp Caterpillar diesel engines, with very minimal engine hours, give her a top speed of 16 knots and an astonishing range of 9,500nm at her passage speed of 12.5 knots. Naiad Dynamics zero speed stabilisers ensure comfort on arrival. She also has a touch-and-go helipad on the foredeck.

Key features

• 7 staterooms plus a VIP and owner suite
• Unique triple-height glass atrium and glass elevator
• Stunning interior by Massari Design Studio
• Fantastic wellness facilities including a dedicated spa and impressive gym
• Touch and go yacht helipad
• Four luxury yacht tenders including two limo tenders
• Large owner’s office including a meeting room

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Watch: This Sleek New 289-Foot Superyacht Just Launched Off the Coast of Greece

Project x combines british architecture with italian elegance., rachel cormack.

Digital Editor

Rachel Cormack's Most Recent Stories

This new 131-foot all-aluminum superyacht lets you take a dip at tip and tail, this 92-foot yacht has a deck big enough for your chopper.

• This New 131-Foot Catamaran Comes With See-Through Hulls
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Golden Yachts has a gleaming new fleet member on the high seas.

The European firm, which was founded in the late ‘90s, just launched a new superyacht from its shipyard in Greece. The 289-footer, which has been dubbed Project X, aims to blend British architecture with Italian elegance and European savoir-faire. The sleek exterior was penned by Ken Freivokh Design in the UK, while the interior was conceived by Massari Design of Italy. Construction, meanwhile, was carried out at the Golden Yachts facility in Athens.

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Project X has left the Golden Yachts shipyard in Greece.  Golden Yachts

The combination of cultures appears to have worked in Project X’s favor, too. The nearly 3,000 GT interior is centered around an exquisite atrium that connects three of the five decks. The luxe living space, which can be navigated via a number of glass elevators, has been outfitted with some 150 different materials, including leather, marble and timber.

Project X can sleep up to 14 guests across seven staterooms, a VIP and an owner’s suite. Elsewhere, seafarers will have the run of a spacious gym on the sundeck, a beach club to the aft, a large glass-enclosed swimming pool and a spa with a Turkish Hammam and Finnish Sauna. There’s also a giant 18-seat marble dining table on the upper deck for alfresco entertaining.

The new superyacht spans 289 feet from tip to tail.  Golden Yachts

As for grunt, twin Caterpillar engines give Project X a top speed of 17.5 knots and a range of 6,000 nautical miles when traveling at a cruising speed of 14 knots. The superyacht also sports a helipad forward to accommodate a chopper and a garage for all the other toys.

Golden Yachts has launched a number of luxury yachts in recent years. Most notably, the 312-foot O’Pari in 2020 and the 270-foot O’Ptasia in 2018. The yard has also carried out a number of meticulous refits. Perhaps you could say Golden Yachts has the Midas touch.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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• Jul 28, 2023

Introducing 'Project X': A Masterpiece by Golden Yachts

PROJECT X, the extraordinary 88m (288.6ft) yacht, marks a new era in luxury. Delivered in the summer of 2022 by renowned Greek shipyard Golden Yachts, every aspect of her design has been guided and overseen by her highly experienced owner. Renowned British designer Ken Freivokh lends his iconic touch to the striking exteriors, while Massari Design from Italy creates restful and contemporary interiors, including the jaw-dropping triple-height atrium.

Built with a steel hull and aluminum superstructure to Bureau Veritas classification and MCA compliance, PROJECT X offers commercial operation capabilities. With a generous internal volume of 2,973GT, she epitomizes the latest in design, technology, and style, delivering the highest standards in quality, service, and entertainment.

Click below to launch slideshow >

The main deck of PROJECT X boasts a large pool measuring 7x3.5m (23x11.5ft) on the aft deck, accompanied by extensive sunbathing facilities and a spacious sit-up wet bar. A DJ station bridges over the pool, equipped with a B&O sound system and nightclub lights for unforgettable yacht parties.

For ultimate relaxation, the sea-level beach club beckons with two expansive sea terraces, a swim platform, a glass-sided pool, a circular lounge, and a large TV. It also houses a spa complete with a sauna, hammam, and massage/beauty room.

Fitness enthusiasts will appreciate the fully equipped gym on the sun deck, offering panoramic views through extensive glazing. Adjacent to it is a sit-up wet bar, café-style seating, and ample space for sun loungers. Towards the front, a 10-person jacuzzi awaits, accompanied by sunpads.

The interior of PROJECT X welcomes natural light, forging a strong connection with the surroundings. A standout feature is the impressive glass elevator and triple-height atrium inspired by Freivokh. The yacht offers a large private owner’s deck with a jacuzzi, a sun lounging terrace, and breathtaking views through full-height windows in the master suite and lounges.

Accommodating up to 19 guests, PROJECT X boasts nine suites spread across the bridge, upper, and main decks. Each suite possesses its unique color scheme. Notably, the upper deck features an impressive full-beam office/conference room with separate PA/secretary facilities and panoramic views.

PROJECT X also comes with an extensive collection of tenders and toys, including the 10m (32.8ft) Onda Limousine tender, the remarkable 9m (29.5ft) Pedrazzini Vivalle classic tender, and two 6.3m (20.7ft) Whitmarsh RIBs. A well-stocked toy locker ensures endless enjoyment on the water.

Powered by twin 2,510hp Caterpillar diesel engines, PROJECT X achieves a top speed of 16 knots and an astonishing range of 9,500nm at a passage speed of 12.5 knots. Naiad Dynamics zero-speed stabilizers guarantee comfort, and a touch-and-go helipad graces the foredeck. To learn more visit www.goldenyachts.gr .

By ML staff, Images courtesy of Golden Yachts

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• + Shortlist

PROJECT X YACHT CHARTER

88.01m  /  288'9   golden yachts   2022.

• Previous Yacht

Cabin Configuration

Special Features:

• Brand new for 2022
• Outstanding triple-height glass atrium and elevator
• Chic interiors courtesy of Massari Design Studio
• 7.5m by 3m glass-sided swimming pool, leading to an expansive swim platform
• Vast wellness suite with spa, Hammam and Finnish Sauna, plus juice bar and lounging area
• 7 impressive staterooms, plus VIP and on-deck owner suite with private pool
• Huge array of toys and tenders, including two limo tenders
• 360-degree sundeck gymnasium
• Top speed of 18 knots and cruising range of 4,000 nm

At 87.6m/287'5", iconic charter yacht Project X features a compelling line-up of living areas and modern amenities and abounds in luxury and comfort

The 87.6m/287'5" motor yacht 'Project X' is an excellent new superyacht for the luxury charter market. Delivered by the Greek shipyard Golden Yachts and featuring interior styling by Massari Design this multi-award winning yacht can comfortably accommodate up to 12 guests in 9 cabins.

Built in 2022, Project X is designed for exquisite indoor/outdoor living and boasts voluminous interior and exterior spaces across several decks: ideal for bronzing, lounging or entertaining. She has sensational features such as a beauty salon, elevator, underwater lights, beach club and gym.

Exterior Design

Nominated for a slew of awards, luxury charter yacht PROJECT X boasts a head-turning exterior profile courtesy of Ken Freivokh Design. Showcasing iconic cascading aft decks and triple-X paneling amidships, the yacht is guaranteed to turn heads wherever she ventures. Designed to create a harmonious connection with the outside world, she captures the essence of innovative superyacht design through subtle interplay with her surroundings evidenced by her floor-to-ceiling windows, fold-down balconies and large open-plan beach club.

Interior Design

Her contemporary light-filled interiors are the works of Italian studio Massari Design and have been designed to a specific brief by her experienced owner. Each interior space has been meticulously crafted to create a unique feel, yet one that still maintains complete harmony with the rest of her beautiful interiors. Showcasing a warm and welcoming palette in a variety of rich materials and textures; from rare woods to exquisite marbles, worked metals to myriad types of leather, every detail has been carefully thought out.

Guest Accommodation

Project X offers guest accommodation for up to 12 guests in 9 suites comprising a master suite, one VIP cabin, five double cabins and two twin cabins. There are up to twenty-eight crew members on board to provide outstanding service on your charter.

Onboard Comfort & Entertainment

Keeping comfortable and entertained on Project X is easy thanks to the available amenities including a beauty salon featuring all of the facilities required for a number of different beauty treatments. Soothe tired limbs and reinvigorate yourself in the sauna or elsewhere, the swimming pool is perfect for exercising or admiring a romantic sunrise. Head to the beach club and take advantage of indoor-outdoor living and entertaining or a gym with all the latest equipment is available for a good work out. Soak up the bubbles in style in the deck jacuzzi.

Whatever your activities on your charter, you'll find some impressive features are seamlessly integrated to help you including an elevator, making any part of the yacht quickly and easily accessible. For those needing to take care of work at sea, conference facilities are available to make business on board that much easier or elsewhere, satellite communication systems keep you in touch wherever you voyage. At night, guests can enjoy a mesmerizing light spectacle in the water thanks to underwater lights or with Wi-Fi connectivity you don't have to lose contact with the outside world, unless you want to. You can stay comfortable on board whatever the weather, with air conditioning during your charter.

Performance & Range

Built with a steel hull and aluminium superstructure, she offers greater on-board space and is more stable when at anchor thanks to her full-displacement hull. Powered by twin Caterpillar engines, she comfortably cruises at 12 knots, reaches a maximum speed of 18 knots with a range of up to 5,500 nautical miles from her 296,300 litre fuel tanks at 16 knots. Project X features at-anchor stabilizers providing exceptional comfort levels.

Project X knows a thing or two about fun on the water, with an extensive selection of action packed water toys and accessories for you and your guests to enjoy whilst on charter. Principle among these is a Flyboard, experience flying in and out of the water with the latest in high adrenaline watersport. In addition there are waterslides for guests of all ages to enjoy. Guests can experience the thrill and adventure of riding one of the four SeaDoo WaveRunners. If that isn't enough Project X also features waterskis, a seabob, wakeboards, kayaks, bikes and much more. When it comes to Tenders, Project X has you covered - with three tenders, including a 10m/32'10" Onda Limo Tender.

Project X and her crew are available for charter this winter for cruising within the Indian Ocean. She is already accepting bookings this summer for cruising in the Mediterranean.

With a highly experienced and talented crew of 28, you can be sure that each and every need will be met and exceeded while on board this prestigious motor yacht.

TESTIMONIALS

There are currently no testimonials for Project X, please provide .

Project X Photos

Amenities & Entertainment

For your relaxation and entertainment Project X has the following facilities, for more details please speak to your yacht charter broker.

Project X is reported to be available to Charter with the following recreation facilities:

• 1 x 10m  /  32'10 Onda Limo Tender with 2 x Volvo Penta 220 HP engines
• 1 x 9m  /  29'6 Pedrazzini Vivalle Classic Tender
• 2 x 6.25m  /  20'6 Whitmarsh RIB

For a full list of all available amenities & entertainment facilities, or price to hire additional equipment please contact your broker.

Project X Awards & Nominations

• Boat International Design & Innovation Awards 2023 Outstanding Exterior Motor Yacht Design - 60m and above Finalist
• Boat International Design & Innovation Awards 2023 Best Interior Design Motor Yachts 500GT and Above Finalist
• Boat International Design & Innovation Awards 2023 Outstanding Lifestyle Feature Winner
• Boat International Design & Innovation Awards 2023 Innovation of the Year Finalist
• The World Superyacht Awards 2023 Displacement Motor Yachts 1500GT and above Nomination
• The International Yacht & Aviation Awards 2023 Motor Yacht over 80m Winner
• + shortlist

For a full list of all available amenities & entertainment facilities, or price to hire additional equipment please contact your broker.

APPROVED RYA WATER SPORTS CENTRE

Your family and friends could learn to use the water toys on your charter vacation onboard this luxury charter yacht. Motor Yacht Project X is a certified RYA Training Centre yacht.

'Project X' Charter Rates & Destinations

Summer Season

May - September

€1,200,000 p/week + expenses Approx $1,298,000

High Season

Cruising Regions

Mediterranean Croatia, France, Greece, Italy, Monaco, Montenegro, Turkey

HOT SPOTS:   Amalfi Coast, Corsica, French Riviera, Mykonos, Sardinia

Winter Season

October - April

€1,100,000 p/week + expenses Approx $1,190,000

Indian Ocean Maldives, Seychelles

HOT SPOTS:   Abu Dhabi, Dubai

Charter Project X

To charter this luxury yacht contact your charter broker , or we can help you.

To charter this luxury yacht contact your charter broker or

On Board Review

Blending chic interiors with superb craftsmanship, the editorial team at YachtCharterFleet were lucky enough to step on board Golden Yacht’s 88m (288ft) flagship PROJECT X as she made her star debut at the 2022 Monaco Yacht Show.

Award-winning yacht that is a masterclass in design, engineering and luxury

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Specification

SEASONAL CHARTER RATES

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Project X: The Superyacht 15 Years in the Making

For 15 years, the team behind Project X has been working tirelessly to create one of the most ambitious superyachts in the world. And now, after a decade and a half of planning and construction, the yacht is finally ready to set sail.

At 183 meters in length, Project X is one of the largest superyachts ever built. It was designed by naval architect Espen Oeino, who is known for his work on some of the world’s most iconic yachts. The interior was designed by Italian designer Laura Sessa, who worked closely with the yacht’s owner to create a space that is both luxurious and functional.

One of the standout features of Project X is its expansive beach club, which spans three levels and includes a swimming pool, a gym, a spa, and a cinema. The beach club is accessed via a grand staircase that leads down from the main deck, and offers stunning views of the sea.

The yacht also boasts a helipad, a touch-and-go helicopter platform, and an onboard garage that can accommodate a fleet of tenders and water toys. There is even a dedicated submarine bay, which can hold up to two submarines.

But it’s not just the amenities that make Project X so impressive. The yacht is also equipped with cutting-edge technology that ensures a smooth and comfortable ride. It has a dynamic positioning system that allows it to stay in one spot without dropping anchor, as well as a hybrid propulsion system that reduces fuel consumption and emissions.

The yacht’s interior is just as impressive as its exterior. The main saloon is a grand space that features floor-to-ceiling windows, a fireplace, and a piano. The owner’s suite spans two levels and includes a private lounge, a study, and a balcony with a Jacuzzi.

With its size, luxury, and advanced technology, Project X is a true masterpiece of modern yacht design. It’s a testament to what can be achieved when a team of experts comes together to create something truly extraordinary.

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PROJECT X for charter

Project X is a 88m full custom superyacht of superlative standing. Project X offers the most indulgent and luxurious charter experience imaginable. Built by Golden Yachts and launched in 2022, Project X was immediately acknowledged for her unique design and high number of lifestyle amenities, including an award-winning design beach club with spa facilities, a lounge and fold-down balconies at the water’s edge. This innovative superyacht delights at every turn – the attention to detail and consideration given to maximising onboard enjoyment truly embodies what superyacht charter is all about. This yacht’s head-turning exterior profile is by Ken Freivokh Design and features cascading aft decks with a triple-X strip amidships. The artistic interior by Massari Design Studio can be described as contemporary with an art deco twist. Leather and marble are used throughout, and Project X has an impressive collection of Greek art onboard. Another notable aspect of her design is her triple-height glass atrium and lift, which runs from the bottom deck to the top and is the largest cylinder lift ever installed on a yacht. Project X has nine cabins and can accommodate up to 12 guests. The forward-facing master suite enjoys direct access to a private deck with a Jacuzzi, there’s a full beam VIP suite, and seven further cabins comprising five doubles and two twins. The cabins on the upper deck can be adjoined to form larger suites. The main saloon offers multiple seating options, a self-playing piano to set the ambience, and floor-to-ceiling glass panels that can be retracted to give access to the side decks. This area leads through to the formal interior dining room with adjoining library and a smaller intimate dining room. The upper deck offers an expansive second lounge in a circular arrangement, served by a statement bar counter. Deck spaces include the sun deck which, as well as a Jacuzzi and bar counter, boasts a spacious fully equipped gym with 360-degree views. To aft on the main deck, Project X has an outdoor cinema setup, and a glass-edged swimming pool surrounded by sun loungers and exterior lounge furniture. Spa facilities include a wellness suite with Hammam, sauna, beauty salon and massage room, and there’s also a dedicated medical suite. Project X has an incredible array of water toys, including two Sea Doo GTX limited 300 jet skis, two Sea Doo Wake Pro 230 jet skis, three SeaBobs, a Fliteboard, kayaks, stand-up paddleboards, wakeboards and water skis, and various towable inflatables. The yacht is served by four tenders – a 10m limousine, two 6.25m sports RIBs, and a 9m classic chase boat, so you can be sure of transfers to and from shore in style. Well suited to families with children as well as mixed adult groups, Project X is a popular charter option and her crew of 28 look forward to welcoming you.

Specifications

• Name: PROJECT X
• Yacht Type: Motor Yacht
• Builder: Golden Yachts
• Length Overall: 88 metres
• Beam: 14.8 metres
• Max Draught: 4.5 metres
• Gross Tonnage: 2973

Construction

• Year of Build: 2022
• Hull Number: 230
• Hull Type: Full Displacement
• Number of Decks: 4
• Classification: LR
• MCA Compliant: MCA Compliant:

Performance & Capacities

• Max Speed: 18 kn
• Cruising Speed: 12.5 kn
• Fuel Capacity: 296300 litres
• Water Capacity: 138490 litres
• Range: 5500 nm
• Make: CATERPILLAR
• Total power: 5000 hp
• Hull: Steel
• Superstructure: Aluminium

Accommodation

• Passenger Rooms: 9
• Double Rooms: 7
• Twin Rooms: 2

Cruising areas

• Summer: West-Med
• Winter: Caribbean

More yachts for charter from this broker

Yachts like this, sponsored listings.

Not Italian or German but a Greek shipyard has unveiled this 289 feet long superyacht. Project X by Golden Yachts has one of the largest glass elevators ever installed on a vessel, it comes with a Hammam and Finnish sauna, a massive gym, and a glass-walled pool.

In the aft area, there’s a garage, which hosts the yacht’s Pedrazzini boat, according to Boat International . What good is a boat if it doesn’t perform? Golden Yacht’s Project X is a winner on every front as she navigates across the water at a top speed of 17.5 knots. She cruises at 14 knots with twin Caterpillar engines.

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Business | South Florida yacht brokers hit with lawsuits…

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Business | south florida yacht brokers hit with lawsuits that claim 10% commissions violate antitrust laws.

Two newly filed federal lawsuits claim that 10% sales commissions required by South Florida’s yacht broker industry are anticompetitive and violate antitrust laws.

The claims follow an October finding by a federal jury in Kansas City, Missouri, that the National Association of Realtors conspired with brokers to artificially inflate commissions paid to real estate brokers. The ruling, and a March 15 settlement by the Realtors, is expected to radically change how homes are sold in the United States.

Both lawsuits involving yacht brokers name as defendants the International Yacht Brokers Association, based in Fort Lauderdale, the Yacht Brokers Association of America, Boats Group LLC and YATCO LLC.

Also listed as defendants in both suits are a who’s who of South Florida-based yacht brokers, including Denison Yacht Sales, MarineMax Inc., Galati Yacht Sales Inc., Allied Marine Inc., Tournament Yacht Sales LLC and Northrop & Johnson Yacht Ships, among others.

Nearly all of the defendants are headquartered in South Florida.

The most recent suit, filed on March 22, proposes a class of plaintiffs that includes anyone who listed vessels on certain Multiple Listing Services using a listing agent or broker affiliated with one of the defendants and paid a buyer’s broker commission since March 22, 2020.

The lead plaintiff in the lawsuit is Kip Lamar Snell, identified as an Alabama resident. Snell entered into an agreement with Galati to sell a 41-foot Express Cruiser Sea Ray in July 2020 and ended up paying a $12,000 commission on the $120,000 sale price, the suit states. The lawsuit lists as defendants 15 brokers and six organizations that promote the yacht trade or operate Multiple Listing Services.

That lawsuit follows one filed on Feb. 29 that proposes a class of plaintiffs that includes anyone who paid a commission to a listing broker affiliated with the defendants since Feb. 19, 2020. It lists as defendants 11 brokers and five organizations that promote the yacht trade or operate Multiple Listing Services.

The lead plaintiff in that suit is Ya Mon Expeditions, a Wyoming company that paid a “substantial broker commission” when it sold a vessel in January 2023 while represented by Tournament Yacht Sales of Tequesta.

The most recent complaint accuses the trade associations of colluding with brokers to “enforce an anticompetitive restraint that requires (sellers of pre-owned yachts and boats) to pay a brokerage fee to the buyer’s broker and a total aggregate commission fee that is inflated as a condition for selling their yachts.”

The complaint states the typical commission is 10% and is shared between the seller’s broker and the buyer’s broker under terms spelled out in Central Listing Agreements provided by the brokers associations, including the International Yacht Brokers Association and the Yacht Brokers Association of America.

Only boat brokers are able to list boats and yachts on such Multiple Listing Services as YachtWorld.com, BoatTrader.com and Boats.com, and the Multiple Listing Services will not accept listings from owners who want to sell their vessels themselves, the lawsuit states.

Yacht owners are “severely disadvantaged” if they do not list their boats for sale on the listing services, while buyers suffer because their brokers are “financially incentivized” to show boats that will earn them standard “and inflated” commission rates of 4% to 5% through co-brokerage transactions, the complaint states.

None of the defendants contacted for this story responded to a request for comment, and no response has been filed yet in either case.

Robert Allen Jr., whose Miami-based law firm Robert Allen Law represents the International Yacht Brokers Association, did not respond to emails or return a phone call.

A woman who answered the phone at the International Yacht Brokers Association said, “We have no comment on that,” and hung up after a reporter asked for her name.

Of six brokers contacted for comment about the lawsuits, only Tournament Yacht Sales responded to emails. “No comment,” the company’s response stated.

Overall commissions have increased faster than the rate of inflation in recent years as the price of larger boats and yachts have increased, according to the lawsuit that lists Snell as lead plaintiff.

The result is that boat owners pay “hundreds of millions of dollars” in inflated commissions each year, the suit alleges.

Both lawsuits allege violations of the Sherman Antitrust Act that are upheld by “brokers who should be competing with one another but, instead, cooperate with each other to the detriment of pre-owned boat sellers.”

Some brokerages represent both buyers and sellers and retain the entire 10% commissions, the suits state.

The trade associations enforce rules requiring brokers to offer their boats through a listing service and to share commissions, the suits state, adding that they can impose significant penalties on members who do not comply with their rules.

Yacht purchasers are disadvantaged by the current system, the lawsuit alleges, because their agents would otherwise negotiate for their business by decreasing their commission rates.

But buyer brokers’ commissions have remained constant despite their diminishing role, the suits state. Many buyers today find boats they are interested in purchasing through online searches and enlist the services of a buyer’s broker only after identifying the yacht they want to buy, the suits claim.

The lawsuits seek an order declaring the commission structure to be illegal, a permanent injunction outlawing what they describe as anticompetitive conduct, plus damages and/or restitution, pre- and post-judgment interest, and attorneys’ fees.

Paul Geller, an attorney for one of two law firms representing the class that includes Snell, acknowledged “parallels between the allegations relating to commissions in the real estate and yacht markets.”

In the real estate matter, the National Association of Realtors on March 15 agreed to a $418 million proposed settlement that would free home sellers from paying commissions to brokers for both sellers and buyers.

After a jury ruled for the plaintiffs in the case against the National Association of Realtors in October, numerous lawsuits were filed across the country with similar allegations, including one in December against the Florida Association of Realtors and 16 brokerages.

“At bottom, the goals of (the suit against the yacht brokers) are similar: protecting consumers by challenging what we allege to be anti-competitive conduct,” Geller said by email. “We believe in the universal truth that consumers benefit by increased transparency and the competitive pricing that results from negotiated terms, including commissions.”

Geller is a partner at Robbins Geller Rudman & Dowd LLP, which specializes in securities litigation on behalf of investors. The firm has offices in 10 cities, including Boca Raton.

Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. He can be reached by phone at 954-356-4071, on Twitter @ronhurtibise or by email at [email protected].

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