Commissioned by a Russian billionaire and ultimately delivered to a powerful, Middle Eastern family, the 110-meter Radiant did more than just mezmerize anyone who sees it. Its build and subsequent sale became a breakthrough public case and enlightened many as to the actual costs in building a megayacht and the processes of selling one.
In early 2004, the late Boris Berezovsky, one of Russia's most influential billionaires, set out to build a 110-meter yacht at Lurssen to be called Darius. After some negotiation, Berezovsky decided to build the yacht, which would cost him €148,540,000, which were payable by installments plus interior fitting costs.
Whereas the size and volume of the yacht is impressive, the most fascinating element of Darius' story lies in the fact that due to public litigation that followed, it became actually known, how much does it cost to build a 110 meter superyacht at Lurssen, a figure that had previously only been estimated and hypothesised. Understandably, every project of this scale is different, however, even a range was difficult to obtain at the time.
As the economic crisis hit, Berezovsky was unable to pay his seventh installment of €23,890,421 in May 2008 and decided to put the yacht on the market as a yacht that was still in construction. The Russian billionaire then contacted brokerage firm Edmiston to sell the yacht and a target of €300 million net of commission and fees was set for the sale.
Whereas in today's economy selling a yacht for nearly double its original building cost may seem to be unreasonable, at the time, it was a common occurrence. Yachts that were ready immediately were considered more valuable than those that still had to be built. This led to many speculation builds and an era of yacht flipping that was sunset by an oversupply as of the early 2010s. In the megayacht market this still exists as one would have recently seen with the sale of the 134-meter Serene to a Saudi Prince for an amount higher than building costs by Russian billionaire Yuri Scheffler.
As is common in the yachting sector, Edmiston contacted Merle Wood, another powerful yacht broker, to help them find a buyer for the 110-meter yacht still under construction. In turn, Wood contacted the captain of a yacht owned by the Al Futtaim family for him to offer this deal to his employers. The captain agreed to do this, asking for a €3 million commission should the deal go through.
Whilst such a number may appear unreasonably high for a simple introduction, it is common in the yachting industry, which works mostly on commission, to have every middlemen involved in the transaction get a percentage of the deal. In this case, €3 million would equate to less than one percent of the total, advertised sales price. For the sale of smaller yachts, brokers routinely take a 10% cut of the total amount.
In July 2008, the Al Futtaim family decided to seriously consider a purchase of the yacht, which led to Edmiston meeting with Berezovsky and agreeing on a 2.5% commission if a net price of €300 million was achieved. After visiting the yard, the Al Futtaims, however, decided that they would rather not deal with brokers and that they would rather deal directly with the owner.
In situations with such high sales prices, it is not uncommon for sellers and buyers to want to deal directly with each other as opposed to with brokers and save on fees. When the broker was the one to introduce the client, this becomes, however, more complicated as to how commissions should be given out. A case that the Darius sale set a precedent for.
At the end of August, the Al Futtaim made an offer of €210 million for the purchase of the yacht. After negotiations, the final price went up to €240 million. By October the deal was closed and the €240 million paid. As these negotiations were held directly between the buyer and seller, Berezovsky decided that Edmiston was not entitled to a commission, a point with which the brokerage firm did not agree.
As a result, Edmiston initiated proceedings in UK courts in 2010, through which the details of the construction and sale of Darius became known, shedding a light as to how such processes take place. In July 2010, UK courts ruled that Edmiston was in fact entitled to a commission of €7,2 million, ie 3% of the sales price. An amount, which Berezovsky appealed.
In trying to assess whether a 3% commission was a fair market rate, more interesting evidence from the yacht brokerage world emerged. Berezovsky had also engaged YachtZoo and Royal Oceanic to find buyers for Darius at rates of 3% and 2.5% respectively. It was also disclosed that a commission of 4% was paid for the sale of Pelorus, a sistership to Darius, which sold for $150 million in October 2003.
The proceedings helped clarify for the industry as a whole the effective broker commission on the sale of larger superyachts, as opposed to the common 10% on the sale of regular sized yachts in the sub €10 million range. On the sale of the 78m Princess Mariana, for example, a 4% commission was paid. In the end, the court agreed to a 2.5% commission for Edmiston for a total of €6 million on the sale of Darius.
A close sistership to the 110-meter Pelorus, famously acquired by Roman Abramovich, Berezovsky's former business partner and the 110-meter Ona, built for Alisher Usmanov, Project Darius remains one of the most significant yachts on the water to this date. The series built on this 110 meter platform remains one of the most successful and emblematic for the German shipyard, which has since been able to build even larger yachts.
Few elements are known as to what amenities Darius, or Radiant as it is now named, has on the inside. Exterior photos show a helipad up on the aft of the yacht's fourth deck as well as an extensive lounging area aft of the yacht's third deck. A beach club and swimming platform can also be found aft of Radiant's lower deck.
Historically one of the most influential and powerful Russian oligarchs, the late Boris Berezovsky started his business career selling Soviet-made cars and foreign cars in 1989 after initially working in scientific research. He first built up an equity in Russian car producer, AvtoVAZ and later gained control of ORT Television, one of Russia's most popular television channels. Together with prolific yacht owner, Roman Abramovitch, he acquired a majority position in Sibneft, a Russian oil company, which constituted the bulk of his net worth.
Valued at $3,3 billion by Forbes, Abdulla Al Futtaim is the owner of the Al Futtaim Group, which is operated by his son, Omar. The exclusive distributor of Toyota and Honda cars in the UAE, it also owns the country's largest insurance company, Orient Insurance.
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Spanish studio Daroca Design has introduced Real, an 80-metre yacht concept developed as part of Oceanco’s Simply Custom collection. This approach allows clients to begin with a proven platform by Lateral Naval Architects, then customise both the exterior and interior.According to designer Alejandro Crespo, Real is a “true reflection of a desire for sleek minimalism and perfect proportions,” with an exterior intended to “integrate into the natural landscape.” The design features flowing lines, curved superstructure details, and glass bulwarks. A beach club includes two pools and direct water access via a swim platform. The concept also shows generous lounging areas, a helipad at the bow, and white furnishings for a contemporary look.Crespo describes Real as “a symbol of sincerity and distinction,” designed for both calm coastlines and open waters, with the goal of reconnecting with nature, family, friends, and “the beauty of life.”The Simply Custom designs incorporate advanced technical elements such as optimised stabilisation, pod drives, electric propulsion, and onboard battery storage. Oceanco states that the platform supports renewable diesel fuels like HVO, which can reduce carbon emissions by 80 to 90 per cent compared to standard marine diesel.Real’s unveiling follows the introduction of other Simply Custom concepts, including North West Boatworks’ Aurora earlier in the month.Credit: Daroca Design
December 20, 2024
Aiata, a brand entering the boating market under the Turkish conglomerate Anadolu Group, will make its global debut at Boot Düsseldorf 2025. The show, held from January 18 to January 26, 2025, attracts over 250,000 visitors and more than 1,900 exhibitors worldwide. Aiata will present the Wayfinder 38 in three variations: Cabin, Open, and a specialized Fishing configuration derived from the other two models.The Wayfinder 38 is a 25-foot outboard walkaround designed by Finnish designer Jarkko Jämsén. Aiata states that this model “stands for flexibility, comfort and craftsmanship.” The Cabin version includes a wheelhouse layout with an L-shaped salon, integrated galley, Webasto sunroof, and air conditioning system. It offers teak furniture, a queen-size bed, an enclosed bathroom, and 2-meter ceilings. Its wheelhouse incorporates a lift-up mechanism connecting the interior and cockpit. The bow area features a U-shaped sofa with a hi-low table.The Open model is designed for a more outdoor experience, featuring a suntop and a continuous salon layout intended to create a seamless connection between interior and exterior spaces. Oak furniture complements the open deck.A Fishing configuration is also available, applicable to both Cabin and Open models. It includes a spacious foredeck sunbed and is described as ergonomic and intuitive, making it suitable for day cruises, watersports, or fishing activities. The Wayfinder 38 offers outboard engine options ranging from 300 to 425 horsepower.Yutkun TokYutkun Tok, General Manager of Aiata, said: “We are honored to participate in Boot Düsseldorf, a prestigious platform that celebrates the pinnacle of the boating world. The Wayfinder 38 embodies Aiata’s mission to deliver versatile, high-performance boats backed by the Anadolu Group’s legacy of innovation and excellence. For Aiata, this is a defining moment – not only because we are showcasing the Wayfinder 38, but because it reflects the expertise and unwavering commitment to quality that define the Anadolu Group. Aiata benefits from the financial strength and engineering excellence of Anadolu Group, ensuring every vessel we produce is a symbol of reliability, innovation, and craftsmanship. We look forward to sharing our passion for boating with enthusiasts from around the globe.”Credits: Aiata
December 20, 2024
Antonini Navi, established in 2020 by the Antonini Group in collaboration with engineer Aldo Manna, has announced the successful joining of the hull and superstructure for its Seamore 34 superyacht. According to the shipyard, “The steel hull was connected to the aluminum superstructure using bimetal,” and with this phase completed, the focus will now shift to the vessel’s internal compartmentalization.Seamore 34, featuring design and development by Hot Lab, is the first model in a “semi-custom” series scheduled for launch in the second half of 2025. The yacht’s profile is described as having “a high, dominant bow” that gives it a “sleek and sporty feel,” combined with superstructure volumes that result in “an elegant, maritime look.” The concept prioritizes versatility and flexibility, as well as open spaces that “create unique settings for sharing and conviviality among guests.”The shipyard states: “One of the most interesting features of Seamore 34 is the more than 150-square-meter open-air living space on the main deck, much of which can be closed off if needed by sliding pocket windows fitted flush with the deck.”At the current stage of construction, potential buyers, captains, and brokers can arrange onboard visits. These inspections, guided by engineers from the shipyard’s technical office, provide industry professionals the opportunity to examine the yacht’s construction quality and design firsthand.The Pertusola shipyard in the Gulf of La Spezia was bought by Walter Antonini in 1977. Since then, Antonini Navi has been a family-held leader in superyacht custom build and refitting.Credits: Antonini Navi
December 20, 2024
Turkish shipyard Sarp Yachts has released the first interior renderings of the XSR 85 RPH, a 25.9-metre raised-pilothouse model set to debut in late 2025. Developed in collaboration with Red Yacht Design and Van Oossanen Naval Architects, the yacht is described as having “more expansive interior and exterior spaces” compared to previous models in the XSR series.According to the shipyard, the interior design takes cues from “the captivating beauty of ocean life,” using light tones and airy spaces to promote a connection to the seascape. The yacht accommodates five cabins, including a main deck master cabin with a private bow terrace. Al fresco dining options are available on the sundeck, and lounge areas are located on the main deck aft and swim platform.Design director of Red Yacht Design, Cana Gokhan, stated: “The XSR 85 RPH represents our commitment to pushing boundaries in yacht design. By integrating an ocean-inspired theme with modern luxury and optimising both interior and exterior spaces, we’ve created a yacht that sets a new benchmark in its category."Elkin Yildirim, general manager of Sarp Yachts, added: “The XSR 85 RPH represents a leap forward in yacht design and functionality. In this project, we push boundaries and craft a vessel that merges elegance, comfort and practicality. We are thrilled to share these remarkable interiors, which perfectly reflect our dedication to innovation and excellence."Credit: Sarp Yachts
December 19, 2024
The 2025 RORC Transatlantic Race’s multihull lineup presents a departure from recent years, as a range of different vessels seek Line Honours in the MOCRA Class. Previous editions were dominated by MOD70s, but this year’s field promises greater diversity.Among the competitors is Oren Nataf’s Pulsar 50 Rayon Vert (FRA). In 2021, Rayon Vert secured overall line honours in the RORC Transatlantic Race, finishing in 9 days 2 hours 33 minutes and 19 seconds, and later took second place in MOCRA for the 2021 Rolex Fastnet Race. For the 2025 edition, Rayon Vert will race double-handed with François Seruzier.Miami-based Jacopo Bracco enters with the custom 53-foot trimaran Finn (USA), designed by Renaud Banuls. Bracco has raced multihulls since childhood, and Finn’s crew includes individuals with MOD70 experience, such as project manager Sam Mabey, 5.80 Transat winner Etienne Messikommer, and record-setter Jeff Mearing. Bracco stated: “In the right conditions, Finn can easily hit 20 knots and surf at 30!” He also noted one concession: “I have found a real Italian restaurant in Lanzarote which will be preparing some great meals. I am originally Italian, so there is no way we are going to race without good food!”Clarin Mustad’s Alibi 54 trimaran Dakota returns after failing to start in 2024 due to rudder issues. Now prepared in Lanzarote, Dakota could finish in about 12 days under ideal conditions. Mustad, new to ocean racing, said: “I prefer to compete rather than cruise because it makes the journey so much more exciting.” Dakota, bearing a Grenadian sail number, will be crewed by experienced sailors including co-skipper Carles Boned Roig and Christina Menabó, plus other friends.Thierry Roger’s Newick 39 trimaran Perros-Guirec, a sistership to the 1978 Route du Rhum winner Olympus Photos, will also compete. Roger will race double-handed with longtime colleague Renan Le Penven and aims to maintain an average speed of 10 knots. Roger, who has waited years to attempt a transatlantic crossing, said: “This will be my first transatlantic, but I have looked out over that ocean all my life… Now, at 64, I work less, so I have raced the boat in many regattas, but my ultimate goal is the 2026 Route du Rhum.”These entries join others in the Multihull Class at the RORC Transatlantic Race, supported by Calero Marinas, the International Maxi Association, and the Yacht Club de France. The race is scheduled to start on January 12, 2025, from Marina Lanzarote, covering 3,000 miles to Camper & Nicholsons Port Louis Marina in Grenada.Credit: RORС
December 19, 2024