Sheikh Mohammed bin Rashid Al-Maktoum

UPDATE: Buyer of $308 Million Monaco Penthouse Was Dubai Royal

It seems we were not in full possession of the facts when we relayed a report the other day that the world's most expensive penthouse, the $308 million former Safra property in Monaco (above), may have been sold to Greek billionaire Constantine Alexander-Goulandris. While Alexander-Goulandris was indeed involved in the sale, an insider now tells us it was actually in an advisory capacity and that the real purchaser was a member of Dubai's royal family, the Al-Mahktoums, headed by the immensely wealthy Sheikh Mohammed bin Rashid Al-Maktoum. Though incredibly expensive the purchase is seen as a wise investment by the Al-Mahktoums, we're told. In the wake of Dubai's financial difficulties, which caused Sheikh Mohammed's personal fortune to plummet by $7.5 billion last year, the family has been advised to acquire more (and more stable) assets outside of the UAE rather than sinking it all into Dubai's volatile economy. Alexander-Goulandris, being a resident of Monaco and an intimate of the Al-Mahktoum family, strongly urged the purchase of the Safra penthouse for the sake of diversification. It's not a bad place to hang out in either.

Gallery: $308 Million in Monaco

Tags: billionaire, Constantine Alexander-Goulandris, Dubai, Lily Safra, Monaco, monaco+penthouse, monacopenthouse, penthouse, royalty, sheikh, Sheikh Mohammed bin Rashid Al-Maktoum, UAE, worlds most expensive

Dubai Ruler Refits Yacht to Beat Abramovich's Eclipse

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Just as we predicted in our latest story (dated Aug. 23) on Roman Abramovich's gigayacht Eclipse (above), it won't be the world's largest privately owned yacht for very much longer. Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum is reportedly having his own floating palace, the Dubai, refitted to literally eclipse the Eclipse. As we noted in our previous story, at 531.5 ft. the Dubai is already only 18 inches shorter than the actual length of the Eclipse, which yachting experts Camper & Nicholsons finally pegged at 533 ft. Now the London Sunday Times reports that Sheikh Mohammed is planning to have the Dubai extended by at least two feet, and possibly as much as eight feet, easily beating the Eclipse to recapture the World's Largest title. The UAE's Platinum Yachts, which built the Dubai, is considering updates that could include a black box radar to be mounted jutting forward from under the prow. [continued]

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Tags: Dubai, Eclipse, gigayacht, megayacht, Platinum Yachts, Roman Abramovich, russian billionaire, sheikh, Sheikh Mohammed Bin Rashid Al-Maktoum, superyacht, UAE, worlds largest, yacht

Continue reading “Dubai Ruler Refits Yacht to Beat Abramovich's Eclipse”

Abramovich's Gigayacht 'Eclipse' Not as Big as He Claims?

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Has Russian billionaire Roman Abramovich been exaggerating the size of his gigayacht Eclipse (above), billed as the world's largest and most expensive privately owned yacht? Judging by Camper & Nicholsons' newly-released Super Yachting Index that would seem to be the case. C&N, the leading international yacht broker established in 1782, lists the world's largest yachts among other data in its much-anticipated report. According to their rigorously fact-checked figures, Abramovich's behemoth built by Blohm + Voss is still the world's largest yacht – but only by a hair. C&N states that it measures only 533 ft., a whopping 24 ft. shorter than the figure in general circulation. That means Sheikh Mohammed Bin Rashid Al-Maktoum's Dubai at 531.5 ft., which held the World's Largest title until the Eclipse was constructed, is only 18 inches shorter. And since the Dubai ruler basically owns his own shipyard now – the U.A.E.'s Platinum Yachts, where the Dubai was finished – it wouldn't take much for him to have it refitted with an extra few feet of metal to put Abramovich firmly in his place. We expect he'll see to it straight away – meanwhile, Abramovich should consider changing his yacht's name to something a little more humble, like Obstruction.

[via JamesList]

Tags: billionaire, Blohm + Voss, Camper Nicholsons, Dubai, Eclipse, megayacht, Roman Abramovich, Russian billionaires, Sheikh Mohammed Bin Rashid Al-Maktoum, superyacht, worlds most expensive, yacht

Dubai Ruler's Fortune Plummets $7.5 Billion, Named Forbes' Biggest Royal Loser

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

Shed a tear for Dubai's ruler, Sheikh Mohammed bin Rashid Al-Maktoum, who has been named Forbes' biggest royal loser after his fortune plummeted by $7.5 billion this year – a drop of over 60% in net worth and even worse than the $6 billion he lost last year in the wake of the emirate's financial implosion. Al-Maktoum now has only $4.5 billion in the bank, down from $18 billion two years ago – a loss of $13.5 billion in total. Others on the magazine's list of the world's richest royals fared better – top of the heap is King Bhumibol Adulyadej of Thailand whose $30 billion fortune remains unchanged, followed by the Sultan of Brunei at $20 billion (also unchanged), and King Abdullah bin Abul Aziz of Saudi Arabia whose net worth rose to $18 billion thanks to shrewd financial planning. In case you're wondering about the Queen of England, she's way down on the list with a paltry $450 million. Collectively the group's fortune is down 9%, or $10 billion this year, to $99 billion – a whopping $32 billion below their 2008 total. Time to tax those subjects.

Tags: billionaire, Dubai, Forbes, Queen of England, royal family, royalty, Saudi Arabia, Sheikh Mohammed bin Rashid Al-Maktoum, Sultan of Brunei, Thailand, UAE, wealth

Desert Palm Wins Cartier Int'l Dubai Polo Challenge

by Jared Paul Stern (RSS feed) —

Filed under: Events, Sports, Wealth

The home team captured the trophy at the Desert Palm Polo Club the other day during the Cartier International Dubai Polo Challenge. The Desert Palm team, manned by the best polo players money can buy, beat out Swiss bank Julius Baer's team 7 – 4.5. The patron of the event, which got underway with a ball being thrown from the back of a Porsche 911, was HRH Princess Haya Bint Al Hussein, wife of Dubai's ruler Sheikh Mohammed Bin Rashid Al-Maktoum. A secondary prize, the Desert Palm Trophy, was given to the Qatar Airways team after they defeated Cartier's own team 9.5 – 3. Matias Machado of the Bank Julius Baer team was named Most Valuable Player and received prizes from both Cartier and La Martina, the Official Team Kit Supplier.

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Tags: Cartier, Desert Palm Polo Club, Dubai, equestrian, polo, Sheikh Mohammed Bin Rashid Al-Maktoum

Dubai Ruler Debuts World's Largest Superyacht

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai, has finally unveiled the largest yacht in the world. Formerly known as Project Panhandle / Golden Star, the 531-ft. Dubai (above) was originally commissioned by Prince Jefri of Brunei. Al-Maktoum purchased the partly-constructed behemoth in 2006, and had it transported from Blohm & Voss in Hamburg to the the newly formed Platinum Yachts shipyard in Dubai for completion (renamed then Project Platinum), at a total cost of about $350 million. With eight decks, the Dubai can accommodate 115 people including a crew of 88. In addition to the swimming pool, Jacuzzis, helipad and multiple dining areas, saloons, guest and VIP suites, the yacht features two owner's suites on the sixth and seventh decks and two heli-observations rooms on the seventh and eighth decks, Superyacht Times reports.

The interior is garish in the extreme, a floating Las Vegas casino by way of the UAE. She has a maximum speed of 26 knots and a cruising speed of 25 knots with a range of 8,500 nautical miles. The Dubai may not hold its world's largest yacht title for long, however; as we reported back in October, Russian oligarch Roman Abramovich commissioned an even larger yacht, the $355 million, 555-ft. Eclipse. It remains to be seen whether the economic downturn, in which Abramovich lost several billion dollars, will hamper completion of the yacht which includes a military-grade missile defense system. The Eclipse is also being equipped with armor plating surrounding the bridge and Abramovich's master suite, as well as bullet-proof windows.

Tags: Blohm Voss, BlohmVoss, Brunei, Dubai, megayacht, Roman Abramovich, RomanAbramovich, Sheikh Mohammed bin Rashid Al-Maktoum, SheikhMohammedBinRashidAl-maktoum, superyacht, UAE, yacht

Dubai Royal Wins Battle to Expand Scottish Castle

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

The other day we wrote about the Emir of Qatar's fight with the mayor of Paris over his plans to expand a historic mansion. Now another megarich Middle Eastern potentate is having similar problems - but in this case it looks as if he'll get his way. Sheikh Mohammed Bin Rashid al-Maktoum, the crown prince and ruler of Dubai, bought the Inverinate Estate, a 14-bedroom mansion on 63,000 acres in the Scottish Highlands near the Kyle of Lochalsh, 25 years ago for about $3 million. However, the Sheikh (above, at the Royal Ascot races), who was ranked at No. 5 on Forbes' list of the world's richest royals in 2008 with a fortune of $18 billion, recently decided the place is too small, the the Scotsman reports.

The Sheikh planned to build a new modern two-story lodge featuring a penthouse suite, dining room, kitchen and 16 bedrooms, all with en-suite baths and some with living-room areas. Made from a mix of natural stone, timber paneling and glass, it consists of three main blocks linked by glassed-in walkways. Though the present mansion was built in 1929 to replace an earlier 1880 building, critics initially opposed the Sheikh's plan for the incongruous addition, noting the building is a fine example of Scottish vernacular architecture of its period. After having been brought to a vote by the planning council however, the Sheikh will now be allowed to construct what one critic described as "something you would find in the Arabian desert."

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Tags: Dubai, Middle East, MiddleEast, Qatar, Scotland, sheikh mohammed bin rashid, Sheikh Mohammed Bin Rashid al-Maktoum, SheikhMohammedBinRashid, SheikhMohammedBinRashidAl-maktoum