Wednesday, Dec 10, 2008
Oh dear. Oh dear. Oh dear. And the Duke too!
ThisIsMoney: Credit-crunched Candy Brothers slash yacht price
The Candy brothers are the latest yacht owners to vouch for the old maxim that yachting is like standing under a cold shower tearing up £20 notes. The pair are trying to sell their 146-foot boat Candyscape (below) at a massive discount. The brothers have spent millions refurbishing the vessel to their own design. One of the lavatories is lined in leather taken from antique Louis Vuitton suitcases. It is moored in Monaco, from where they chartered it at around £100,000 a week. The Candys aren't the first property magnates to suffer such problems with devaluing yachts. Earlier this year I reported that the Duke of Westminster had also put his elegant Edwardian motor yacht on the market for £2.5m - after he had spent more than £6m refurbishing it.
9 Comments
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1. montesquieu said...
The Duke of Westminster? Wasn't he Britain's Richest Man (at least for a bit). How can someone who owns half of London be short of cash? According to what I just googled he was worth £6b in 2006.
2. theboltonfury said...
pass the tissues....
3. confused76 said...
mauh hah hahah ha hahhahahhahh
4. James said...
Ah-ha!
This loathsome pair are my personal bottom indicator. When they go bankrupt, it's time to buy property. Good to know we're on the way!
5. plato said...
"One of the lavatories"?...............Vulgar ostentation.............!
6. mark wadsworth said...
What a couple of jokers. They owe the banks north of a billion quid, the couple of million they'll get from the yacht is neither here nor.
It's like Joe Public selling his second hand Ford to try and pay off the £200,000 mortgage.
7. bellwether said...
They must go bust soon. Everything they invested at top of market is financially (technical term) fcked eg Chelsea Barracks. I await the news.
8. doom&gloom said...
Would wager my savings that they will go bust very soon - as soon as they lose the backing of their Quatari billionairre. Their joint net worth is only £120m
Beverley Hills project going bad - http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3119097/Icelandic-crisis-shakes-Candy-brothers-property-dream.html
Noho Square sold at massive loss (and I think Chelsea Barracks) - http://danstewart.building.co.uk/2008/11/11/is-all-fine-and-dandy-at-candy-candy/
If only they'd known when to stop :,( - http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=427287&in_page_id=8
9. fjcruiser said...
bunch of idiots.