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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The Italian Sea Group will participate in the Cannes Yachting Festival from September 9-14, 2025, exhibiting vessels at both Vieux Port and Port Canto locations. The company's display will include the Picchiotti Gentleman 24 and Tecnomar for Lamborghini 63 models at the Super Yachts Extension 146 area.Gianmaria Costantino, Chief Commercial Officer of The Italian Sea Group, stated: "The Cannes Yachting Festival is a key strategic event for us – a unique opportunity to strengthen our presence in international markets and engage with owners, partners, and leading industry players."The 24-meter Picchiotti Gentleman features design by Luca Dini Design & Architecture, combining wooden superstructure elements with steel details. The model presents a contemporary interpretation of traditional yacht design elements.The Tecnomar for Lamborghini 63 represents a collaboration with Automobili Lamborghini, incorporating carbon fiber components and automotive-inspired design features. The yacht's design includes signature lighting elements and a cockpit configuration derived from automotive influences.The exhibition demonstrates The Italian Sea Group's continued focus on the luxury yacht market through its multiple brand portfolio. The company's participation aligns with its strategy of presenting distinct design philosophies across its product ranges.The Cannes Yachting Festival expects approximately 50,000 visitors and 500 exhibitors for its 2025 edition. The Italian Sea Group will maintain its exhibition space in the superyacht section of the event, which features vessels exceeding 24 meters in length.The company's presentation emphasizes its dual approach to yacht design, balancing traditional nautical aesthetics with automotive-inspired performance concepts. Both exhibited models represent current production offerings from the group's shipyards in Italy.The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters. Credit: The Italian Sea Group
September 2, 2025
Aiata, part of Turkey's Anadolu Group, will participate in the 65th Genoa International Boat Show from September 18-23, 2025. The shipyard will display its 11.57-meter Wayfinder 38 Cabin model at the Levante Waterfront exhibition area.The Wayfinder 38 Cabin version features a 3.49-meter beam and accommodates outboard engines up to 850 horsepower. The design emphasizes modular reconfiguration capabilities, including convertible seating arrangements, removable sunbeds, and interchangeable enclosed/open structural elements.The model targets coastal cruising, weekend excursions, and fishing activities with interior spaces designed for extended onboard stays. Storage solutions and layout flexibility allow owners to modify configurations after purchase to accommodate changing usage requirements.Aiata's participation represents the Turkish yacht industry's continued expansion into European markets. The Genoa exhibition provides a platform for the builder to demonstrate its production capabilities and design approach to Mediterranean boating audiences.The Wayfinder series forms part of Aiata's strategy to combine performance characteristics with adaptable interior layouts. The company emphasizes post-purchase configuration options as a value proposition for owners seeking long-term vessel versatility.The Genoa International Boat Show expects approximately 100,000 visitors during its six-day run, featuring over 1,000 vessels from international manufacturers. Aiata's exhibition will focus on the practical applications of its modular design philosophy in mid-size motor yachts.Credits: Aiata
September 2, 2025
Sanlorenzo has inaugurated its new Venice cultural venue, Casa Sanlorenzo, with Fabrizio Ferri's "Breathtaking" installation. The exhibition addresses ocean plastic pollution through thirteen portraits of public figures including musician Sting and actor Willem Dafoe, who attended the opening event.The exhibition runs from September 2 to November 23, 2025, at the restored 1940s villa redesigned by Sanlorenzo's artistic director Piero Lissoni. The space features an oval-shaped installation with large-scale photographs mounted on black walls, centered around a glass coffin filled with seawater. Visitors experience the exhibition using noise-cancelling headphones to simulate oceanic silence.Fabrizio Ferri stated the work was inspired by photographs of marine animals suffocated by plastic debris, noting: "The deadly force of the contamination of the seas and oceans that we cause with plastic and microplastics is not only killing the oceans, we are also killing ourselves."Sanlorenzo Executive Chairman Massimo Perotti described Casa Sanlorenzo as "a natural extension of our philosophy, where beauty and responsibility go hand in hand," adding that the exhibition represents "a statement of intent" regarding ocean conservation.The installation previously appeared at Milan's Natural History Museum, attracting 40,000 visitors over four days. The Venice presentation adds a new portrait of Sting to the collection, which also includes Helena Christensen, Julianne Moore, and Isabella Rossellini among others.Casa Sanlorenzo operates under the Sanlorenzo Arts program, representing the company's initiative to connect yacht manufacturing with environmental awareness and cultural discourse. The venue opens during both the Venice Film Festival and Architecture Biennale, positioning the brand within Venice's cultural calendar.Access to the facility is provided via Venice's first new pedestrian bridge constructed since 2008. Exhibition hours are 11:00 to 19:00 Thursday through Sunday until November 23.Sanlorenzo was founded in 1958 in Viareggio by yacht builder Gionvanni Jannetti. In 2005, Massimo Perrotti became the majority shareholder in the shipyard. Sanlorenzo builds yachts ranging from 28.60 to 73 meters in length. Credits: Sanlorenzo
September 2, 2025
Finnish boat manufacturer Saxdor Yachts has reorganized its Adriatic distribution network, appointing Newera Yachting as regional dealer for Slovenia, Austria, Croatia, and Montenegro. The arrangement rebrands existing partner Vrtinc Navtika under the Newera Yachting identity with expanded territorial coverage.Montenegrin dealer BEN-KOV, representing Saxdor since 2022, will transition to sub-dealer status under Newera Yachting's regional management. The consolidation aims to standardize customer service and support operations across Adriatic markets.Jon Hautamäki, Sales Director at Saxdor Yachts, stated: "Newera Yachting has been instrumental in developing our presence in Central and Southeastern Europe. This consolidation reflects our trust in their team and their deep understanding of our brand and product philosophy."Newera Yachting Managing Director Boštjan Granda added: "We're proud to strengthen our partnership with Saxdor and take on a broader role in the Adriatic region. It's a brand we truly believe in: innovative, dynamic, and aligned with what our customers are looking for."The dealer restructuring forms part of Saxdor's global network optimization strategy, which now encompasses 150 locations across five continents. The Adriatic region represents a significant market for the builder due to established boating culture and expanding marina infrastructure.Newera Yachting will provide sales and service support for Saxdor's model range, which includes outboard and inboard powerboats from 6 to 12 meters length. The company's experience with Saxdor products positions it to implement standardized customer service protocols across the newly consolidated territory.Credits: Saxdor Yachts
September 1, 2025
Florence-based designer Luca Dini presented at TEDxForteDeiMarmi on August 30, 2025, discussing intersections between yacht design and architecture. The founder of Luca Dini Design & Architecture delivered a speech titled "Beyond the waves: where yachting and architecture meet" during the event's third edition.Dini addressed connections between marine and terrestrial design, emphasizing sustainable approaches and hybrid spaces. His presentation referenced thirty years of professional experience integrating nautical design principles with architectural projects.The talk examined Sindalah Island in the Red Sea, a luxury destination master-planned by Dini's studio, as an example of convergence between marine and architectural design. Additional case studies included the Sydney Opera House and Denmark's Wave complex as structures demonstrating harmony between built environments and marine contexts.Dini stated: "Design is an act of cross-disciplinary sharing: between aesthetics and function, between nature and the built environment, between different cultures. It is also the expression of a quiet, conscious form of luxury, revealed through authentic materials, essential lines, and the attention to details."The presentation argued that yachts increasingly resemble floating architectures while urban projects incorporate design elements from marine environments. Dini emphasized material authenticity, craftsmanship, and functional aesthetics over ostentatious display in luxury design.TEDxForteDeiMarmi featured multiple speakers discussing innovation across various creative and technical fields. Dini's participation marked continued engagement between yacht design professionals and broader architectural discourse. Credits: Luca Dini Design & Architecture
September 1, 2025