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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Eastwind Yachts has been appointed as the central sales agent for the 114.2-meter expedition yacht Luna, currently available for €270 million. Built by Lloyd Werft in 2010 and refitted in 2015/16, the vessel is undergoing additional refit work before delivery to a new owner.The Newcruise-designed exterior and Donald Starkey interior accommodate 18 guests in 9 suites with a crew of 51. Luna's steel hull and aluminum superstructure provide a 9,500-nautical-mile range at 16.8 knots cruising speed, with a top speed of 22 knots. The diesel-electric propulsion system and ice-class hull enable global exploration in various conditions.Key features include twin helipads, a swimming pool, beach club, full spa with steam room and sauna, cinema, and two tender garages adjacent to a gym. The yacht's stabilization system ensures comfort at sea."Luna represents the pinnacle of expedition yachting with proven global capability," said an Eastwind Yachts representative. The vessel is currently the world's second-largest expedition yacht.Interested parties can contact Eastwind Yachts for viewings and additional specifications.Credits: Eastwind Yachts; Yacht Harbour archive
June 5, 2025
Viken Group, a global marine design firm specializing in cruise ships and superyachts, has appointed Anna Silvesjö as Chief Executive Officer. Silvesjö previously served as Partner and Group Chief Financial Officer of the company, which owns design studios TDoS (Tillberg Design of Sweden), Hot Lab, and Thalia Marine.Silvesjö outlined her strategic priorities for the group: "Viken Group will continue to expand into new market segments while deepening partnerships with clients through our on-brand design philosophy. Our design solutions align with each client's brand identity, culture, and target audience." She emphasized design excellence, commercial performance, and talent retention as key focus areas.Anna SilvesjöA central initiative under Silvesjö's leadership will be the development of Navigator, the group's integrated service platform for maritime projects. "Rooted in decades of experience across cruise ships, expedition yachts, and private yachts, Navigator simplifies the complexity of shipbuilding while ensuring rigorous cost control throughout development and construction," said Fredrik Johansson, Viken Group Co-Founder.The leadership transition occurs as the marine design industry continues to evolve, with Silvesjö representing one of few female executives in the sector. Her appointment reflects the group's emphasis on financial and operational management combined with design expertise.Viken Group's three subsidiaries maintain distinct specializations: TDoS in cruise ship design, Hot Lab in superyacht concepts, and Thalia Marine in naval architecture and engineering. The group currently operates across multiple international markets, serving both new construction and refit projects.No additional executive changes were announced alongside Silvesjö's promotion. The transition takes immediate effect, with Silvesjö assuming full operational responsibility for the group's global activities.Credits: Viken Group
June 5, 2025
Baglietto has launched the 40.9-meter superyacht Andala, marking the eighth vessel in its DOM 133 series. The ceremony took place at the company's La Spezia facility with the owner and select guests in attendance.Designed by Stefano Vafiadis with interior styling by Giorgio M. Cassetta, Andala features the series' characteristic angular profile while incorporating owner-requested modifications. The yacht includes two swimming pools, full-height windows, and side balconies among its customized elements.IBI Yachts represented the buyer throughout the construction process, with Floating Life's Andrea Pezzini overseeing technical aspects as owner's representative."Our brand's having a truly amazing spring," said Baglietto Chief Commercial Officer Fabio Ermetto. "We've launched four yachts so far, and three more – two DOM133 and a T52 – are going to hit the water by mid-June. Such outstanding results testify to our company's soundness and organisational maturity."The launch represents Baglietto's fourth yacht delivery this year, following the DOM 133 models L'Instant and Astera. Two additional hulls in the series remain under construction at the La Spezia facility, with completions expected in the third quarter of 2024.Andala will now begin sea trials before final delivery to its owner. The DOM 133 series continues to demonstrate strong market demand, with Baglietto maintaining its position in the competitive 40-meter semi-custom superyacht segment. The shipyard's current production pipeline includes three additional vessels scheduled for launch within the next two months.Baglietto Spa is an Italian boat builder based in La Spezia specializing in new aluminum light alloy yachts ranging between 35m and 50m in length and steel and light aluminum alloy displacement megayachts starting at 40m.Credits: Baglietto
June 5, 2025
In-Mind Design has revealed its latest superyacht concept, the Interstellar, showcasing innovative design solutions aimed at enhancing guest experience and sustainability. The 100-meter concept yacht features a unique layout and advanced technological solutions.The vessel’s design prioritizes guest interaction and social spaces, with a particular focus on the upper deck. The main deck features a large open space that can be converted into various configurations, including a cinema, dance floor, or dining area, thanks to modular furniture and retractable screens.The yacht’s exterior design includes a distinctive stepped profile, creating multiple outdoor living areas at different levels. The upper deck boasts a large open space with a retractable roof, providing both indoor and outdoor entertainment options. The concept also features a beach club with direct access to water toys and a swimming pool on the upper deck.“The Interstellar concept is designed to offer maximum flexibility and adaptability to the owner’s needs,” said Francesco Guida, Founder of In-Mind Design. “The modular design allows for various configurations, ensuring the yacht remains relevant and enjoyable over time.”The concept incorporates several sustainability features, including hybrid propulsion systems and energy-efficient materials. The yacht is designed to accommodate up to 24 guests across 12 staterooms, with additional space for a crew of 30.The interior design focuses on creating a seamless connection between indoor and outdoor spaces. The main saloon features large windows and sliding doors that open onto the deck, while the owner’s suite includes a private terrace with panoramic views.The yacht’s technical specifications include a beam of 18 meters and a draft of 4.5 meters. The hybrid propulsion system allows for a top speed of 18 knots and a cruising speed of 15 knots, with an estimated range of 5,000 nautical miles at 12 knots.“We aimed to create a yacht that not only meets the current demands of luxury travel but also anticipates future trends in design and technology,” added Guida. “The Interstellar concept demonstrates our commitment to innovation and sustainability in yacht design.”The Interstellar concept is currently available for potential clients interested in commissioning a custom build based on the design.Credits: In-Mind Design
June 4, 2025
Sanlorenzo has unveiled Casa Sanlorenzo, a new 1,000 square meter arts venue housed within a restored 1940s palazzo overlooking Venice's Santa Maria della Salute basilica. The project includes 700 square meters of exhibition space and a 600 square meter garden, featuring the company's contemporary art collection dating from 1965 to present.Architect Piero Lissoni led the restoration, preserving original brick facades and flooring while introducing contemporary elements. Notable features include a glass-and-steel staircase and an adaptive lighting system designed to accommodate changing exhibitions. The space connects to surrounding areas via a new bridge constructed from prefabricated metal with Istrian stone treads and oar-inspired handrails."I believe the opportunity to build a bridge in Venice for Sanlorenzo Arts is more unique than rare," stated Piero Lissoni. "This bridge is not simply a vehicle to transport people, but a cultural bridge."The venue will serve as an official location for Venice Climate Week from June 4-6, hosting the "Sanlorenzo Talks" series on ecological transition and sustainable innovation. The palazzo's restoration maintained all original load-bearing structures while updating mechanical systems and creating flexible gallery spaces.Casa Sanlorenzo's art collection reflects postwar artistic movements, with works displayed against white walls and alternating concrete and Palladian stone floors. The property combines exhibition areas with a private residential apartment, representing Sanlorenzo's integration of marine craftsmanship, design and contemporary art patronage.The bridge's design incorporates traditional Venetian elements including a humpback shape reminiscent of medieval structures and specialized anti-slip stone treatment. Its metal components feature weather-resistant finishes suitable for the lagoon environment. The project required 18 months of restoration work before opening to the public.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
June 4, 2025