Wealth

Williams Formula One Racing Team Offered on Frankfurt Stock Exchange

by Noah Joseph (RSS feed) — Feb 13th 2011 at 4:01PM

Have you ever wanted to own an Formula One team? Usually that would cost you millions upon millions of dollars, the kind of cash that only an automaker (like Ferrari or Mercedes-Benz) or an incredibly wealthy individual (like Richard Branson or Vijay Mallya) could afford. But the Williams F1 team is offering an unprecedented opportunity to get in on the ground floor.

For the first time in F1 history, the team will offer publicly-traded shares on the open stock market – in this case the Frankfurt Stock Exchange. It's part of an effort to raise capital and ensure the team's future as its leadership – Frank Williams and Patrick Head – are growing older.

Although the team has nine world championships to its name, these days it's having trouble keeping up with the competition.

Tags: Frankfurt Stock Exchange, ipo, shares, stock, stock market, williams, williams f1, williams grand prix engineering

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Did Abramovich Just Bag a Bacon for $37 Million at Sotheby's?

by Jared Paul Stern (RSS feed) — Feb 11th 2011 at 11:01AM

Last month when we wrote about an important Francis Bacon triptych being auctioned off at Sotheby's, we predicted it would blast past its $14 million high estimate. And indeed on Thursday Three Studies for a Portrait of Lucian Freud (above) sold for a whopping $37 million, or more than two and a half times the top quote, at the auction house's Looking Closely sale of 20th century artworks in London. In our original post we also put forward Bacon-loving oligarch Roman Abramovich as the likely buyer, since he's in the midst of decorating his new $230 million mega-mansion in London; while Thursday's purchaser was anonymous, we bet the Freud triptych will be hanging on Abramovich's wall before long. The Thursday sale, from works said to have belonged to the low-profile Geneva collector George Kostalitz who died last year, also saw a new auction record for any surrealist work of art – Salvador Dali's Portrait de Paul Eluard, which sold for $21.6 million.

Tags: art, auctions, contemporary art, Francis Bacon, London, Roman Abramovich, Russian billionaires, Salvador Dali, Sothebys, wealth

How Blohm + Voss Lost $300 Million on Roman Abramovich's 'Eclipse'

by Jared Paul Stern (RSS feed) — Feb 9th 2011 at 7:01PM

When we wrote about all the delays, snafus and spiraling costs surrounding Roman Abramovich's gigayacht Eclipse, many people had a good chuckle over the hundreds of millions of dollars in overages the oligarch incurred in his quest for the world's largest yacht. Now it turns out he's having the last laugh, because the yacht's German builders Blohm + Voss got stuck with the bill. That's because six years ago they rather foolishly signed an ironclad contract to complete the project for €340 million (about $485 million) according to a new report, whereas the actual cost turned out to be closer to €570 million, or about $785 million – meaning B+V took a bath to the tune of $300 million, enough for a whole other megayacht. Now Blohm + Voss' competitors at Lürssen are indulging in a good dose of schadenfreude over the incident while building an even bigger yacht for an Arab sheik.

Tags: Blohm + Voss, Eclipse, eclipse+yacht, eclipseyacht, megayacht, Roman Abramovich, roman+abramovich+eclipse, romanabramovicheclipse, Russian billionaires, superyacht, wealth, yacht

Larry Ellison Buys Porcupine Creek

by Deidre Woollard (RSS feed) — Feb 9th 2011 at 11:04AM

One of the homes on our biggest price drops for 2010 list has found its new owner. MyDesert.com confirms that Oracle billionaire Larry Ellison has snapped up Porcupine Creek, a 249-acre golf course estate in Ranch Mirage, California, for $42.9 million. This home originally hit the market for $75 million but last fall it had a price cut to $55 million. Ellison already has ties in the area. In 2009 he bought the nearby Indian Wells Tennis Garden and BNP Paribas Open tennis tournament. Ellison also owns property in Woodside, California, on Malibu's Carbon Beach and last year he purchased the Astor's Beechwood Mansion in Newport, Rhode Island.

Pourcupine Creek was formerly owned by Yellowstone Club founders Tim and Edra Blixseth before an acrimonious divorce got the better of them and their global collection of properties. Porcupine Creek was most recently in the hands of a holding company related to the Yellowstone Club. Blixseth sold the Yellowstone Club last year to CrossHarbor Partners. Porcupine Creek includes a golf club and golf course, a huge 18,400 square-foot main residence, eight guest houses, a pool, spa, gym and an amphitheater. It has hosted many benefits and charity events and in an email to MyDesert Edra Blixseth expressed hope that the estate might serve that function again.

[Thanks, Spec.]

Gallery: Porcupine Creek

Tags: edra blixeth, larry ellison, oracle, porcupine creek

John Paul Getty III Dies In England

by Deidre Woollard (RSS feed) — Feb 8th 2011 at 4:01PM

John Paul Getty III, the grandson of John Paul Getty, once the richest man in the world, died over the weekend in England at the age of 54. Getty is shown at right with his mother Gail Harris in 1973 after his kidnapping by a gang of criminals who held him hostage for five months in Italy when he was just a teenager. His son, actor Balthazar Getty, confirmed Tuesday Feb. 8, 2011 that his father died surrounded by his family at his English mansion in Buckinghamshire, northwest of London. The cause of death has not been released.

The 1973 kidnapping resulted in John Paul Getty III losing an ear. John Paul Getty had refused to help pay the ransom believing his other grandchildren would also be at risk. After the kidnappers sent the boy's ear to a newspaper the ransom was paid. Eight years later in 1981, John Paul Getty III suffered a drug overdose which led to a near-fatal stroke that left him a quadriplegic, virtually blind and confined to a wheelchair. He has been looked after by his mother, Gail, and caregivers.

After the death of John Paul Getty in 1976, John Paul Getty III and his mother later sued John Paul Getty Jr. over the cost of his medical bills. In 1981 a judge ruled that Getty Jr. must pay for his son's medical care. The two were estranged for many years but reportedly made peace before Getty Jr.'s death in 2003 although Getty Jr. left the bulk of his fortune to his other son Mark.

He spent many years at Gurthalougha House in County Tipperary overlooking the river Shannon in Ireland. Getty and his mother Gail had moved into the 12-bedroom Victorian shooting lodge 12 years ago and paid an estimated £1 million. That property is still on the market. Lately he had been living at Wormsley, his father's mansion in the Buckinghamshire Chilterns.

Tags: john paul getty iii, john paul getty iii passed away

Cruise Like P. Diddy in the 'RM Elegant' Superyacht

by Jared Paul Stern (RSS feed) — Feb 4th 2011 at 8:01AM

Before he coughed up for the new iPad-controlled Solemates superyacht, Sean "Diddy" Combs cruised around in style on the RM Elegant (above) a striking 236-ft. craft with fluid lines built by Greece's Lamda Shipyard in 2005. Diddy isn't the only celeb to have partied aboard the aptly-named yacht, which offers luxe accommodation for up to 30 guests in 15 cabins along with 30 crew; her vast deck space includes a 12-person Jacuzzzi surrounded by an huge sunbathing and entertaining area, which played host to producer Jerry Weintraub's party for Ocean's 13 at the Cannes Film Festival in 2007 where the likes of George Clooney, Matt Damon and Brad Pitt made the scene onboard.

Now the yacht has been listed for sale with Edmiston at an undisclosed eight-figure price. Elegant's sun deck is accessed by a lift from all the guest decks and provides a double-sided bar as well as shower rooms. The yacht's gracious saloons offer quiet unassuming elegance with a grand piano in the main entrance and home entertainment facilities in the second reception room. The Master Suite occupies the full width of the Bridge Deck with a large private saloon and spa bath. Other onboard amenities include a business center, home theatre, fully equipped gymnasium, beauty salon, sauna and massage room. The twin 2,260 hp CATs are good for a cruising speed of 15 knots and a maximum speed of 18 knots.

[via JamesList]

Gallery: RM Elegant

Tags: Brad Pitt, Cannes Film Festival, celebrity, Diddy, Edmiston, George Clooney, Matt Damon, Solemates, superyacht, yacht

Kate Moss Sells Her Money Pit Mansion for $16 Million

by Jared Paul Stern (RSS feed) — Feb 1st 2011 at 7:01PM

It turns out that far from stretching her bank account to buy a new $12 million mansion in London, savvy supermodel Kate Moss actually made a killing by selling her trouble-prone previous residence for a whopping $16 million. As we reported last week Moss and rock star boyfriend Jamie Hince just moved into an historic brick estate in Highgrove with a literary history. Prior to that she'd been living in another mansion in posh St. John's Wood which had become something of a nightmare. In recent months Moss had been plagued by both flooding and burglars, while neighbors prepared to begin noisy construction work. Now the London Telegraph reports that despite all the problems she just unloaded the old place for an impressive $16 million, pocketing a cool $4 million by moving to new digs. Of course, as we noted in our earlier report some of that will go toward luxe upgrades in her new place, including a karaoke room and private gym.

Tags: celebrity, celebrity real estate, Kate Moss, London, mansion, supermodel

Abramovich's 'Eclipse' Meets the 'A' in Anguilla

by Jared Paul Stern (RSS feed) — Feb 1st 2011 at 6:01PM

Having had their fill of St. Barth's and the supermodels and celebs who converged on its posh purlieus for New Year's, Russian billionaires Roman Abramovich and Andrei Melnichenko have now decamped with their megayachts to Anguilla. Abramovich, who stopped off in Barbados en route, dominates the seascape in the Eclipse (above), his $500 million, 550-ft. behemoth built by Blohm + Voss, while Melnichenko makes do with his measly $300 million Philippe Starck-designed destroyer 'A'. Abramovich also brought the Luna along for the ride to Anguilla, the 377 ft. explorer yacht he purchased last year as a sort of support yacht for the Eclipse and lent to Madonna last summer. All three of the enormous vessels were anchored off Meads Bay, allowing their owners easy access to Anguilla's posh resorts including the Viceroy, Frangipani Beach Resort, Carimar Beach Club and Malliouhana Hotel and Spa.

Tags: Andrei Melnichenko, Anguilla, Barbados, billionaire, Blohm + Voss, Eclipse, megayacht, Roman Abramovich, Russian billionaires, St. Barths, St. Barts, superyacht, yacht

Russian President Medvedev Buys $42 Million Megayacht

by Jared Paul Stern (RSS feed) — Feb 1st 2011 at 3:01PM

Russian President Dmitry Medvedev has spent $42 million on a secondhand superyacht complete with whirlpool baths, an artificial waterfall and a cinema. The 177 foot-long explorer-style Sirius (above), above, was built in 2009 and has accommodations for 12 guests in six staterooms along with 12 crew. The Kremlin bought the yacht from Turkey's Proteksan-Turquoise shipyard as a replacement for the current presidential yacht, which is due to be decommissioned, the London Telegraph reports. The craft's other luxury features include a deck Jacuzzi for 6, spacious sunbathing areas, a gym, a sheltered lounge area and an alfresco dining area for 14 with barbecue and bar. Ironically, Medvedev has been critical of Russians flaunting their wealth.

Sirius can reach a maximum speed of 18 knots, powered by twin Caterpillar 3512B diesel engines, each rated for 1,911 horsepower. Her range is 5000 nautical miles at a cruising speed of 15 knots, making a transatlantic trip possible. Kremlin spokesman Viktor Khrenikov was quoted in the Russian press to the effect that the yacht will be given a presidential upgrade at an unspecified cost, no doubt with some Abramovich-style security features as well. "Everything necessary for a president for work and relaxation has been thought of," Khrenikov says, noting, "The president could use her during the 2014 Olympics [in the Black Sea port of Sochi]."

Gallery: Dmitry Medvedev's Superyacht 'Sirius'

Tags: Dmitry Medvedev, Kremlin, politician, politics, Russia, superyacht, yacht, yachtspotting

Sen. John Kerry Joins the St. Barth's Superyacht Set

by Jared Paul Stern (RSS feed) — Feb 1st 2011 at 6:01AM

Forget about "a day late and a dollar short" – Sen. John Kerry was several days and several hundred million dollars short on a recent sojourn to the glitzy resort of St. Barths, still awash in all the money and celebs left over from Roman Abramovich's New Year's blowout. Kerry missed out on the action but still managed to make the scene in his sailing yacht Isabel (above). While completely dwarfed by the likes of Abramovich's 550-ft. Eclipse – the 75-ft. Isabel looked like one of Abramovich's tenders by comparison – Kerry's classic sailboat served as a timely reminder that style has nothing to do with size.

Though it cost a mere $7 million, a pittance compared to the megayachts like the iPad-controlled Solemates choking up the harbor, Kerry was not there to compete with the likes of P. Diddy and Simon Cowell; though the Isabel, built by Friendship last year, features plenty of luxe touches including a wet bar and wine storage in the pilothouse. The Edwardian-style interior is finished in glossy varnished teak, and the yacht can accommodate four guests in two VIP main staterooms with en-suite baths. Tenders and toys include a 13.5-ft. Zodiac and onboard there are all the bells and whistles a busy politico needs, from satellite communications to Wifi.

[via JamesList]

Gallery: John Kerry's Yacht 'Isabel'

Tags: John Kerry, politicians, politics, Roman Abramovich, senator, Solemates, St. Bart, St. Barths, yacht

IGA Investment Fund Plans to Invest in Classic Cars

by Noah Joseph (RSS feed) — Jan 31st 2011 at 11:02AM

When financial institutions fail and people lose their confidence, investors begin looking for other ways to capitalize on their wealth. And one of those ways has been with classic cars. While the rest of the economy tanked, collector cars continued to climb. According to Hagerty's "Cars That Matter" index, prices for collectible post-war automobiles has gone up 67% from 2006 to the end of last year, while Standard & Poor's 500 Index dropped 5.9% over the same time period. Those are some compelling numbers, which have compelled many investors to put their equity into rolling assets.

That's the basis for the formation of IGA Automobile, an upstart investment fund that aims to buy and re-sell some of the finest automobiles they can get their hands on. Among their targeted acquisitions are the Ferrari 250 GTO (like the one pictured above), Aston Martin DB4 Zagato, Ford GT40, McLaren F1, Shelby Daytona and Porsche 917. Of course they'll have to find buyers willing to part with their cars to turn them around, but the fund plans on investing some $150 million over the course of 7 years and turn a 15% profit for its investors.

Among those reportedly on board is Pink Floyd drummer Nick Mason, a noted collector and regular columnist for Octane magazine.

Tags: classic cars, iga, iga automobile, iga investments, investment fund, nick mason

EXCLUSIVE: Former Harrods Owner Mohamed al Fayed Sells Off His Rolls & Ferrari Collection

by Jared Paul Stern (RSS feed) — Jan 25th 2011 at 11:00AM

Last summer we reported that Mohamed al Fayed had sold famed London department store Harrods to Qatar's royal family for $2.2 billion. Now the ultra-rich businessman, equally well known as the father of the late Princess Diana's lover Dodi Fayed, is selling off his incredible car collection, featuring stunning custom classic Rolls-Royces, Ferraris and more. There are ten cars in all from al Fayed's collection starring in Bonhams' Paris sale of Motor Cars at the Grand Palais on Feb. 5 - chief among them being the 1965 Ferrari 330 GT 2+2 originally owned by John Lennon, expected to fetch up to $220,000, which we can now exclusively reveal comes from al Fayed's collection and was in fact owned by Dodi Fayed.

Next up are a remarkable pair of classic Rolls-Royce motorcars which al Fayed has refinished in custom Harrods Green livery, one with a royal pedigree. The 1963 Rolls-Royce Phantom V Limousine (above) was the property of H.R.H. Prince Edward, Duke of Kent until al Fayed acquired it in 1996, and is expected to fetch up to $200,000. The Duke of Kent's Rolls, which was originally painted black, still has its blue bullet lamp on the roof signifying Royal ownership. There's also a matching Harrods Green 1969 Rolls-Royce Phantom VI Limousine, estimated at up to $240,000. Read on for the full list of al Fayed's cars being offered for sale, including several other Ferraris:

Gallery: Mohamed al Fayed's Car Collection at Bonhams

Ex-Duke of Kent 1963 Rolls-Royce Phantom V

Tags: auctions, Bonhams, British royalty, classic cars, department store, Dodi Fayed, Ferrari, Harrods, London, mohamed+al+fayed, mohamedalfayed, Mohammed al Fayed, Paris, Princess Diana, Rolls-Royce, royalty, UK

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Patricia Kluge: Billionaire's Ex-Wife Faces Foreclosure

by Carrie N. Culpepper (RSS feed) — Jan 21st 2011 at 6:01PM

Patricia Kluge photos, Patricia Kluge house photos

Patricia Kluge, the 1980s society queen and ex-wife of billionaire media mogul John Kluge, has fallen on some hard times. Kluge was famously awarded the largest divorce settlement in history (a reported $1.6 million a week) but she seems to have figured out a way to spend it – and then some.

She's allegedly in default of nearly $23 million on her gilded mansion in Virginia, which made headlines for its outlandish $100 million price tag when it first hit the market in October 2009. Sotheby's didn't get that asking price, nor the drastically reduced $24 million it was eventually priced at. Instead, on Feb. 16, the 23,538-square-foot home will be auctioned on the Albemarle County courthouse steps.

Kluge's house isn't the only possession she's losing: Her antiques and jewelry have already been auctioned through Sotheby's. Her winery was foreclosed on and its inventory also sold off at auction. On top of that, several lots in the Vineyard Estates subdivision she devised for her property were also auctioned.

The Hook reported that according to court records, Kluge borrowed a whopping $66 million for the house, winery and subdivision.

How could Kluge have blown through her fortune and now lost it all?

Tags: albemarle house, AlbemarleVirginia, Charlottesville, charlottesville virginia, kluge, kluge estates, kluge vineyards, kluge winery, KlugeEstates, patricia kluge, Patricia Kluge broke, vineyard estates, vineyard for sale, virginia real estate, William Moses

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Simon Cowell Plays Second Fiddle to Sean "Diddy" Combs in St. Barths

by Jared Paul Stern (RSS feed) — Jan 13th 2011 at 7:01PM

American Idol bigwig Simon Cowell got one-upped by Sean "P. Diddy" Combs in St. Barths over the New Year's holiday where his superyacht played second fiddle to the rap mogul's state-of-the-art iPad-controlled craft. Cowell chartered his favorite yacht, the 196-ft. Slipstream (above) built by France's CMN Shipyard, for $450,000 plus expenses. With luxe accommodation for 12 guests plus a crew of 14, Slipstream features mirrors above a giant waterbed, a Jacuzzi, an observation lounge with panoramic views, gym and a sky lounge with a retractable roof. Diddy's yacht Solemates runs to $600,000 per week plus expenses and is a critical 12 inches longer than Cowell's. In addition to the iPad concierge Solemates accommodates 12 guests in six luxurious cabins and features a sun lounge wrapped around a Jacuzzi forward; a discotheque sound and lighting system turns it into an al fresco nightclub. Cowell's cruise was also somewhat hampered by the fact that he had several warring females aboard. While Diddy's yacht is blandly luxurious, Cowell's yacht has a bit more style; take a look at the images of both below and tell us what you think.

Gallery: 'Solemates' iPad Superyacht Charter

Gallery: Simon Cowell Superyacht 'Slipstream'

[via JamesList]

Tags: American Idol, celebrity, Diddy, iPad, P. Diddy, Sean Combs, Simon Cowell, simon+cowell+yacht, simoncowellyacht, Solemates, St. Barths, superyacht, yacht

Google Founder Larry Page Splashes Out on a New Superyacht

by Jared Paul Stern (RSS feed) — Jan 11th 2011 at 4:02PM

Google founder Larry Page has splashed out $45 million on a new superyacht with interiors by design genius Philippe Starck. The internet billionaire's new toy is the 194-ft. expedition superyacht Senses, purchased from New Zealand tycoon Sir Douglas Myers. The steel-hulled yacht was designed by Kusch Yachts and built back in 1999 at Germany's Schweers yard with a refit in 2010, and features accommodation for 10 guests and 14 crew over six decks. Split-level decks provide open and shaded sun lounging areas, secluded side pods, sheltered outdoor dining and informal seating areas. There's an airy and light gymnasium and a private beach club, complete with a Jacuzzi pool and vast sun beds, all with Starck's signature flair. The centerpiece of the vessel is a spacious owners' suite with dressing room which spans the full beam of the yacht. Senses also has a helipad and is equipped to carry a variety of toys and tenders. With twin 1,600 hp Deutz diesels she has a maximum speed of 15 knots, a cruising speed of 11 knots, and a range of 6,500 nautical miles at cruising speed.

Gallery: Larry Page's Superyacht 'Senses'