Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

The sale of the "Trump Princess"... Good deal or bad?

Notices

The sale of the "Trump Princess"... Good deal or bad?

Old 03-04-2016, 01:41 PM
  #1  
Senior Member
Thread Starter
 
Join Date: Jun 2014
Location: Virginia
Posts: 1,736
Default The sale of the "Trump Princess"... Good deal or bad?

I have heard many people say that if you can sell a boat for more than you paid for it, you have done well.

I have never owned, nor will I, a 282' yacht. So for those of you with more business savvy and money than I, I am curious as to what the opinion is on the deal Donald Trump made in his purchase and subsequent sale of the yacht. I know this could go south pretty quick but I would like to try and keep it purely on a boating and business level and keep it dockside by avoiding the political aspects of the man today. Lets focus on the boat and business which are very topical here.

Name:  Trump-Princess.jpg
Views: 5782
Size:  82.2 KB

From what I can gather the Yacht was originally built in 1980 by Benetti at a cost of $100M plus. Donald bout it at auction in 1987 for $30M and got an extra mil off for promising to re-name it. He supposedly bought it site unseen and without a survey. He then re-fitted it spending roughly $7M. Who knows what was spent on crew, upkeep etc.

Reportedly he took one voyage on it from the Azores to New York. He got a little freaked out by the movement of the boat as it weighed anchor according to reports and decided he didn't care for boats.

Apparently he then mortgaged the boat and tried to leverage it before falling on financial hard times and letting it go to the banks which then sold it to a Saudi Prince in 1997 for somewhere between $20- $42M depending on who's accounting ledger you trust. By his own account, he let it go for what he owed on it. At the time of sale, the yacht reportedly had a rebuild or insurable value of over $250M.

Your opinion of Trump aside, do you think this was a good business deal? Who ended up making the most from it? Was there a significant benefit to him as a tax shelter that isn't seen in the generally published public reports?
1blueheron is online now  
Old 03-04-2016, 01:49 PM
  #2  
Senior Member
 
Join Date: Sep 2012
Location: Long Island, New York
Posts: 3,052
Default

He bought it for 29, put maybe 7 tops in the cosmetics, hated the fuel bill, wasn't crazy staying aboard ( Ivanka loved it) ..... mortgaged it for 42 during the time banks were flowing the paper .... then sold the boat for the mortgage takeover ....
LongIslandFisherman is offline  
Old 03-04-2016, 01:49 PM
  #3  
Senior Member
 
DJWILLIAMS's Avatar
 
Join Date: Feb 2008
Location: Eastern, NC
Posts: 5,124
Default

It was a very very very beautiful deal!
DJWILLIAMS is offline  
Old 03-04-2016, 01:52 PM
  #4  
Senior MemberCaptains Club Member
 
Join Date: Jul 2005
Location: Westerly, RI
Posts: 4,777
Default

He said that the boat was yuuuuuge!
Rival1 is offline  
Old 03-04-2016, 01:53 PM
  #5  
Senior MemberCaptains Club Member
 
Join Date: Mar 2004
Location: Albemarle Sound, NC
Posts: 1,698
Default

What a HUUUUGE boat.

Rival beat me to it!

Last edited by appfan99; 03-04-2016 at 01:54 PM. Reason: Rival
appfan99 is offline  
Old 03-04-2016, 01:57 PM
  #6  
Senior Member
Thread Starter
 
Join Date: Jun 2014
Location: Virginia
Posts: 1,736
Default

Originally Posted by LongIslandFisherman View Post
He bought it for 29, put maybe 7 tops in the cosmetics, hated the fuel bill, wasn't crazy staying aboard ( Ivanka loved it) ..... mortgaged it for 42 during the time banks were flowing the paper .... then sold the boat for the mortgage takeover ....

Is it true he was offered $110M in 1990 (according to the NY Times) and failed to close the deal?
1blueheron is online now  
Old 03-04-2016, 02:05 PM
  #7  
Admirals Club Admiral's Club Member
 
Fish'nFool's Avatar
 
Join Date: Mar 2009
Location: Anywhere but here...
Posts: 24,584
Default

That was a complete DISASTER!
Fish'nFool is offline  
Old 03-04-2016, 02:06 PM
  #8  
Senior Member
 
Join Date: Aug 2006
Location: San Diego
Posts: 3,187
Default

Originally Posted by 1blueheron View Post
Your opinion of Trump aside, do you think this was a good business deal? Who ended up making the most from it? Was there a significant benefit to him as a tax shelter that isn't seen in the generally published public reports?
I'll let you know once he releases his income tax returns.
Pez Vela is online now  
Old 03-05-2016, 04:55 AM
  #9  
Senior Member
 
Join Date: Feb 2007
Location: North Palm Beach, FL
Posts: 8,460
Default

I bet about $5 million of the $7 million refurb was spent on mirrors and gold plating.
OReely is offline  
Old 03-05-2016, 05:12 AM
  #10  
cjd
Senior MemberCaptains Club Member
 
Join Date: Oct 2001
Location: Severna Park Md
Posts: 4,234
Default

A lot of very smart people, and I know these people.. a lot of very smart people will tell you that this is was a great deal. There are papers out there that talk about this deal, a deal that I did, a deal that no one else could have done. There are no other papers or articles about any other deals like this because this is the best deal that was ever done. I mean why would anyone write any there papers about a deal that was not as good as this one. Frankly are you asking a very stupid question.
cjd is offline  
Old 03-05-2016, 05:12 AM
  #11  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Ocean City, MD.
Posts: 1,302
Default

Trump's boat was sold to Andar Khashoggi, the arms dealer. It supposedly had all gold bathroom fixtures. I saw it on the Chesapeake Bay cruising and it was IMPRESSIVE!!
mdman352 is offline  
Old 03-05-2016, 05:48 AM
  #12  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Nov 2003
Location: Dartmouth MA
Posts: 5,776
Default

Link to the interesting history of the yacht and Trump's purchase:
https://books.google.com/books?id=tO...0yacht&f=false
mymojo is online now  
Old 03-05-2016, 05:55 AM
  #13  
Senior Member
 
Join Date: Dec 2012
Location: Brookline, Ma.
Posts: 1,692
Default

Originally Posted by cjd View Post
A lot of very smart people, and I know these people.. a lot of very smart people will tell you that this is was a great deal. There are papers out there that talk about this deal, a deal that I did, a deal that no one else could have done. There are no other papers or articles about any other deals like this because this is the best deal that was ever done. I mean why would anyone write any there papers about a deal that was not as good as this one. Frankly are you asking a very stupid question.
LOL......Very, Very, Good..........Can see him saying this...You nailed him...
D.M.D. is online now  
Old 03-05-2016, 08:58 AM
  #14  
Senior Member
 
Stand By's Avatar
 
Join Date: Aug 2015
Location: Left Hand First knuckle Middle finger
Posts: 1,757
Default

So who's gonna rip the cabin off and convert it to a CC? Bracket and a transom full of E-tecs? Come on... fess up.
Stand By is offline  
Old 03-05-2016, 10:09 AM
  #15  
Senior Member
 
Join Date: Aug 2006
Location: San Diego
Posts: 3,187
Default

cjd ... you nailed it. So far you're winning, so much so that I'm tired of you winning.
Pez Vela is online now  
Old 03-05-2016, 11:03 AM
  #16  
Admirals Club Admiral's Club Member
 
Join Date: Oct 2007
Location: WPB, Fl.
Posts: 10,228
Default

Originally Posted by OReely View Post
I bet about $5 million of the $7 million refurb was spent on mirrors and gold plating.
Been to Mar A Lago eh?

He set the bar for over golded.
gofastsandman is offline  
Old 03-05-2016, 01:28 PM
  #17  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2014
Location: South Florida escapee
Posts: 893
Default

Mar A Lago was the home of Marjorie Merriweather Post. The founder of General Foods and at one time one of the wealthiest women in the US. It's now a private club in Palm Beach. Much of the opulence was there when he bought it. I can only hope he'll maintain it and not knock it down for condo's.
TSeck930 is offline  
Old 03-05-2016, 02:15 PM
  #18  
Senior Member
 
Join Date: Dec 2010
Posts: 5,158
Default

Originally Posted by cjd View Post
A lot of very smart people, and I know these people.. a lot of very smart people will tell you that this is was a great deal. There are papers out there that talk about this deal, a deal that I did, a deal that no one else could have done. There are no other papers or articles about any other deals like this because this is the best deal that was ever done. I mean why would anyone write any there papers about a deal that was not as good as this one. Frankly are you asking a very stupid question.
Classic. Absolutely Classic. Well done Sir.
Design59 is offline  
Old 03-05-2016, 03:03 PM
  #19  
Senior Member
 
Join Date: Aug 2004
Location: NC/GA
Posts: 5,914
Default

A lot of very smart people, and I know these people.. a lot of very smart people will tell you that this is was a great deal. There are papers out there that talk about this deal, a deal that I did, a deal that no one else could have done. There are no other papers or articles about any other deals like this because this is the best deal that was ever done. I mean why would anyone write ant there papers about a deal that was nota s good as this one. Frankly you asking a very stupid question.


But the very smart people didn't love him?
Curmudgeon is offline  
Old 03-05-2016, 03:13 PM
  #20  
Senior MemberCaptains Club Member
 
Join Date: Jan 2002
Posts: 4,730
Default

You need HUGE hands to handle that!!
slipkid is offline  

Thread Tools
Search this Thread