Current Events > $270M Megayacht Luminosity is "Rotting Away:" Abandoned, Never Sailed

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Full Title:$270M Megayacht Luminosity Is "Rotting Away:" Abandoned, Never Sailed, and Brand New
URL: https://tinyurl.com/58p29s3y

This article is an interesting read. The full version can be accessed via the shortened URL above, as GameFAQs has size limitations on links.

Short Summary:

Basically, a gigantic megayacht was commissioned by Kuwaiti billionaire Kutayba Yusuf Ahmed Alghanim. It featured a ridiculously complex glass superstructure, which proved to be a nightmare to build and caused significant delays. Even when the megayacht was finally completed in 2020, the Kuwaiti billionaire refused to accept it. Thats a real prick move, frankly. Amazing what the rich can get away with.

Two years later, Russian oligarch Andrey Guryev purchased it. He was soon placed on a sanctions list due to Russias invasion of Ukraine. As a result, the yacht was seized in Montenegro. The management company removed the vessel from their portfolio, the crew was dismissed, and only a skeleton maintenance team of 5 to 6 people remained. This is far too small for a yacht of this scale, and the ship began to deteriorate.

In 2024, Luminosity was listed for sale at half of its reported value. However, the deal fell through due to various issues, including mounting debt and its complicated legal status as a sanctioned asset.

The debt continues to grow, and the vessel continues to decay. Footage of the megayacht at anchor reveals significant hull growth, teak decks that are completely destroyed, missing panels on the deckheads, chipped and scratched paint, and signs of rust. Fun fact: According to the unwritten law of the industry, maintaining a superyacht costs roughly 10% of its initial value per year. Luminosity is reportedly $81 million short in needed maintenance. Despite all this, it supposedly still has a much smaller carbon footprint compared to other vessels of its size. Not that that really matters when the focus is the decay of this enormously costly vessel.

Its amazing how much money can be poured into something that ends up serving no purpose, only to require huge maintenance costs, which aren't being satisfied. Honestly, I expect whoever controls it (owner or not) at some point to eventually cut their losses, sell off anything of value, and scrap the rest (or just sink it in the ocean).

https://www.youtube.com/watch?v=PJi2mLRcZs4

Charged151 posted...

Even when the megayacht was finally completed in 2020, the Kuwaiti billionaire refused to accept it.

If he doesn't want it, I'll take it.

just scrap it, why hire a skeleton crew and do below the required maintenance just to let it rot and unsold?

If only every other megayacht could suffer the same fate

Rika_Furude posted...

just scrap it, why hire a skeleton crew and do below the required maintenance just to let it rot and unsold?

you know that one game in your backlog you always insist you're just about to play next month but it's been 5 years already?

kirbymuncher posted...

you know that one game in your backlog you always insist you're just about to play next month but it's been 5 years already?

Just one?

kirbymuncher posted...

you know that one game in your backlog you always insist you're just about to play next month but it's been 5 years already?

Games in a backlog don't cost millions of dollars in maintenance fees thankfully.

Rika_Furude posted...

just scrap it, why hire a skeleton crew and do below the required maintenance just to let it rot and unsold?

The slim hope they can find someone to buy it I imagine. Granted, the fact it is a sanctioned vessel probably complicates things.

https://www.autoevolution.com/news/270m-megayacht-luminosity-is-rotting-away-abandoned-never-sailed-and-brand-new-253199.html

i posted the link just fine

ConfusedTorchic posted...

https://www.autoevolution.com/news/270m-megayacht-luminosity-is-rotting-away-abandoned-never-sailed-and-brand-new-253199.html

i posted the link just fine

Nicely done.

Kisai posted...

If he doesn't want it, I'll take it.

Did you not read the article?

Charged151 posted...

Games in a backlog don't cost millions of dollars in maintenance fees thankfully.

When you're as rich as some people are, it hardly makes any difference.

I'm sure this was a smaller purchase in terms of total worth than many backlogged games.

The sheer waste and excess of the rich is disgusting

This is what it looks like:

https://gamefaqs.gamespot.com/a/forum/7/7a8da120.jpg

The most interesting thing I came across was when the photos leaked of the Sultan of Brunei's car collection that is valued at over 5 billion dollars and has over 7,000 cars. The part that was just wild though is some cars there would be like 20 of them and ultimately the fact that the majority of the cars were destroyed because they were not in climate controlled garages and were simply left to sit just sit and rot. The heat had melted the interior and most of them had mold and mildew damage. Many were just parked out in the grass with no protection at all.

It is an EXTENSIVE collection that is just completely wasted. 5 billion dollars worth of junk.

Wealthy people have all sorts of shady tax deals and dodges. There are so many weird loopholes that might incentivize a company to hold onto something rather than toss it or sell it.

You all know about how some streaming services remove certain shows because people don't watch them, yes? Well, one of the main reasons they do it is because they can then claim that the asset is worth less, which means that can write it off as a loss, which means that they can claim they had less profit that year, and then they can use it to lower their overall tax burden.

There are so many shady things that wealthy people do to stay wealthy that most common people have no knowledge of. It would not surprise me for a second if the company holding onto it is doing so because it can then write it off as a depreciating asset. The tax code allows you to spread the cost of purchasing an asset over the course of many years, and if there is a loss on that asset...well, seems like you could *probably* get away with using it to lower your tax burden. Do I know this for sure? Hell no. Would it surprise me if we lived in some dystopian world where you could literally get a tax break for buying a shitty yacht and somehow *earning* money because of it? Also no.

SSj4Wingzero posted...

You all know about how some streaming services remove certain shows because people don't watch them, yes? Well, one of the main reasons they do it is because they can then claim that the asset is worth less, which means that can write it off as a loss, which means that they can claim they had less profit that year, and then they can use it to lower their overall tax burden.

this only works if the streaming service is the owner of whatever they got rid of

netflix losing the office doesn't mean netflix gets to write anything off.

that's not really how that works for the companies that do do that.

Warner Discovery did it with a ton of their properties, as a result, they can't legally use it anymore unless they pay back what they would owe in taxes on it. and to be clear, it is just taxes. they do not recoup what they spent making it.

ConfusedTorchic posted...

netflix losing the office doesn't mean netflix gets to write anything off.

I know, I'm talking more about the companies that own certain shows, yet do not make them available for streaming on their platforms. HBO Max took down a bunch of shows I really enjoyed even though they were literally HBO-produced shows - I was going to watch that show "Made for Love" starring Cristin Milioti, but never got around to it, and now it's gone.

I'm betting that there is probably some creative accounting method that is used by people who buy/own this yacht to somehow still benefit from it. I don't know for sure, as I am not an accountant. It's just that the rules of finance and taxation are so clearly written in a way so as to benefit the ultra-wealthy that I'm just *expecting* there to be some fancy way they can buy a 270 million dollar yacht, do jack shit with it, and still save money somehow.

suchiuomizu posted...

Just one?

yeah I've got 3 backlogged games I haven't touched yet, Mario and Luigi brothership, REYNATUS and Sonic Superstars, I bought them all without looking at reviews or gameplay videos yet have no real passion to start them up and I don't know why

SSj4Wingzero posted...

I'm betting that there is probably some creative accounting method that is used by people who buy/own this yacht to somehow still benefit from it. I don't know for sure, as I am not an accountant. It's just that the rules of finance and taxation are so clearly written in a way so as to benefit the ultra-wealthy that I'm just *expecting* there to be some fancy way they can buy a 270 million dollar yacht, do jack shit with it, and still save money somehow.

And if not, the companies/properties/assets they own will just give them a bonus worth at least 1.5 times that amount, just for owning them.

I'll buy it for $100

Strider102 posted...

I'll buy it for $100

You joke but the owners may actually be willing to sell for even $1 just to get rid of the responsibilities surrounding owning something like this. It's more of a white elephant than anything else.

What a waste

https://youtu.be/z-q29hbEP04?si=IT_nYE5xiCnXEOkY