“First there were summer house shares, then fractional jet ownership. Apparently, the next step in spreading the wealth is Synchrony, which offers syndicated yacht ownership.”
Indeed, owning a yacht is far from a practical proposition, with a high buy-in cost, increasing annual costs and a depreciating asset that remains unused for much of the year.
Synchrony, which is based in Ft Lauderdale, Florida, is said to differ from other fractional yacht companies as it offers full access to yachts for up to six weeks per year — with fewer responsibilities.
The company itself manages, maintains, crews and operates the yacht.
“Our concept is completely unprecedented in the world of yacht ownership,” says company advisor Bob Saxon.
“By offering the industry’s lowest owner-to-yacht ratio, the highest calibre vessels, unparalleled service and a combination of advanced bookings and flexible short-term access, discerning yacht owners now have a smarter option to access the luxury yacht lifestyle.”
Synchrony has selected Azimut-Benetti to design and configure the Benetti Classic 120ft (37m) yacht specifically for the programme.
Yachts within the fleet can accommodate 10-12 guests in five staterooms, two salons, indoor and outdoor dining areas and a sundeck with built-in Jacuzzi and bar, and costs about $1.4 million a year to maintain.
A Synchrony ownership starts at just $4.8 million per share for a boat that costs $20 million without even considering those yearly maintenance costs.
The yacht will be fully fitted out with high-end tableware, linens, state of the art entertainment system and will also have a jet ski, two Yamaha WaveRunners and other water toys…
The syndicated ownership term is five years from the yacht launch date and the yacht will be put up for sale at the end of the term.
The company promises that each owner is protected against credit risk, default of any other owners or even the insolvency of Synchrony. Source: Forbes