Two critical questions about the economic recovery can now be put to rest: (1) is the consumer back and (2) are government policies having an impact. The answer to both questions can be found in 290 feet of opulence otherwise known as the world's largest sailing yacht, the Maltese Falcon. After months of rumor and speculation, we now have confirmation that, after parting with $120 million, one lucky individual can now sail the seven seas in style. So who has a cool $100 mil to throw down on a yacht like this in the current economic climate?
Wealth Report can now confirm an unsourced report on Yachtpals, that the buyer was Elena Ambrosiadou, founder of the hedge fund Ikos Partners.
Media reports from 2008 say the Greece-born hedge funder was the highest paid woman and wealthiest female entrepreneur in Britain. The British press estimated her net worth last year at 200 million pounds ($327.5 million), though she is probably worth far more if she could afford to plunk down $120 million for a boat.
But tales of UK-based hedge fund managers buying massive yachts are exactly what British regulators have heard enough of. They plan to send the message loud and clear that funds in the UK are going do their part to clean up the current mess through higher taxes. That way, people like Ms. Ambrosiadou will learn a valuable lesson.
She recently moved her fund to Cyprus, according to press reports, to avoid Britain's new tax increase and rules for nondomiciled residents.
Hedge Funder Buys World's Largest Sailing Yacht [WSJ]