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Ahpo: Behind the build of Lürssen's striking 115m superyacht

A seriously experienced team has built Ahpo , a Caribbean-inspired family superyacht with an eye for perfection, says Cecile Gauert.

"Details make perfection, and perfection is not a detail.” This quote, attributed to Renaissance master Leonardo da Vinci, should be a maxim in the superyacht world, where, with each new build the bar seems to rise yet again.

Only four or five shipyards globally can get close to this perfection, says Robert Moran, whose company was involved from contract to delivery in the creation of the 115-metre Lürssen Ahpo , the brokerage firm’s 61st new build project.

The details on Ahpo are the story. “We have thousands of materials, different woods, different kinds of GRP, paint, alloy, cable trays – so many cable trays – and also in the interior, so many different kinds of stones, woods, carpets, mother-of-pearl and wallpaper, it’s unbelievable, and I guess not countable,” says Tanja Peters, the project manager for Lürssen, who worked closely with the owners’ team.

Ahpo reunited owner Michael Lee-Chin, design firm Nuvolari Lenard , the Lürssen shipyard and Moran Yacht & Ship , the same team that had worked on the creation of the 86-metre Quattroelle , delivered in 2013. Moran had previously sold the Jamaican-born Canadian businessman and philanthropist the 58.5-metre Capri in 2003, which he kept for five years before embarking on the construction of Quattroelle . The owner loved it but received an offer he could not refuse shortly after taking delivery, giving him a bit of time to think about the next step.

This new build is a big step forward in terms of size (she is 5,257 gross tonnes compared to Quattroelle ’s 2,925) and complexity. “The boat is magnificent inside and outside because it is not just an improvement on Quattroelle , but it is an entirely different world inside and outside,” says interior designer Valentina Zannier of Nuvolari Lenard. “When you step up from an 86 to 115, it may sound like 29 metres is not that much, but on a boat, it is huge.”

While conventionally powered, the yacht boasts advanced systems, such as super-efficient HUG after-treatment filters complementing the now mandatory SCR system, a dynamic positioning system, controllable-pitch propellers for precise manoeuvring at low speed and four massive Quantum fins, among others. In addition, its heat-recovery system is an efficient way of redirecting heat generated by the engines and generators’ normal operation to warm the swimming pool, spa pool and other water systems. It works exceptionally well and saves thousands of kilowatts, according to one of Ahpo ’s engineers. Finally, optimal noise insulation yields impressive library-quiet sound levels in the guest areas.

“Our new construction team, led by Sean Moran, spent a lot of time writing the specifications for the insulation. Fortunately, working with Lürssen, their background is military, so they are ahead of the game,” Robert Moran says. “The decibel levels of this yacht are incredible.” At anchor, they range from a little over 31dBA in the owners’ suite to just 40dBA in the main saloon.

The yacht’s two custom 12-metre IC Yacht guest tenders, plus rescue tenders and a suite of water toys are hidden in a forward garage to save the transom area for an exceptional beach club/spa that leaves guests wanting for nothing. “It’s the most amazing spa I’ve ever seen on a yacht,” Moran says.

And, because there is no coming back from the views it offers, glass is an ever-present feature on Ahpo as well. Glass surfaces include massive doors wrapping around an aft deck winter garden where the captain says the owners spend most of their time on board.

“You literally walk in a garden that is enjoyable outside but is also covered, so you can have a formal lunch or dinner there. It is an outstanding feature that you don’t see often,” says Zannier, who worked closely with the couple to develop an interior vision that they readily embraced.  She felt at ease with them, which gave her the freedom to unleash her creativity.

“When you already know a family, you don’t really need a brief because there is already an empathy there,” she says. “Madame is a delicious person, very feminine, so you won’t see anything straight and sharp.”

A large team is on board when I catch up with Ahpo in May, although it’s not apparent as they are scattered through the yacht’s six large decks, but Captain Nathan Mischewski is keeping a  log and an eye on the tight schedule. The goal is to bring Ahpo to tip-top shape to meet with the owners at the Monaco Grand Prix, and there are a few opened panels and sections of covered flooring. A perfectionist himself, he occasionally shakes his head as he walks me through the new yacht at the MB92 shipyard in Barcelona. “It’s a shame you can’t come when it’s all set up because it has a different vibe,” he says.

To my eye, Ahpo seems very close to perfect, from superlative guest areas to sizeable crew spaces and a gleaming engine room visible from a glass corridor leading from the beach club to the guest lobby and lift. It is no exaggeration to say you could eat off the floor in the two-level engine space. “We are always chasing perfection. This attitude permeates our entire process, from luxury areas all the way through to the engine room,” Moran says.

Project manager and engineer Robert Miller even named the two MTU 20V 4000 engines (as he previously did on Quattroelle ). I look at “Federica” closely; despite two transatlantic crossings and several months of active duty, the engine looks brand new.

There is a personal touch on board, a good vibe, you’d say. In the crew area, an informal picture collage celebrates a few special occasions on board with the entire crew and several with “the boss”, tall, fit and a bright smile on his face.

While he values his privacy, which influenced the layout, the owner is “a vastly experienced yachtsman”, according to Carlo Nuvolari, who understands that keeping the crew happy is vital to everyone’s well-being on board. Up to 53 people can share space on Ahpo , including the pilots of two helicopters. The yacht has a crew gym and a comfortable lounge that’s separate from the spacious crew mess, which could accommodate everyone in one seating.

The team of Nuvolari Lenard – with Zannier as the creative mind behind the nature-inspired, exquisitely intricate interior created with the owners – designed the yacht built under the project name Enzo. This code name was a nod to one of Lee-Chin’s passions – Ferraris.

The owner signed the contract in 2017 with one stipulation, Moran says: the yacht had to be ready for his mother’s 89th birthday on December 15, 2021. When Covid-19 hit, the shipyard had to adjust the schedule to reduce the amount  of crew working on the boat all at once, but work never stopped. In late 2021, Ahpo left Rendsburg, Germany, for the owner’s native Jamaica and got there on December 13 in time for the planned celebration.

A lot of Ahpo , a term of endearment meaning grandmother, is about family. Although she will charter on occasion – for 2.5 million euros a week plus expenses – Ahpo was designed for family use. The family’s strong bonds are poetically represented, for example, in the chain-link motif that decorates the stairs linking the two levels of the owners’ apartment. Two identical bedrooms with different colour schemes for twin girls are close to their parents’ bedroom oasis, a supremely comfortable space in a blend of gelato colours with two private terraces and two spectacular bathrooms with handmade metal bathtubs from Catchpole & Rye, mosaics inspired by the work of Gustav Klimt and crystal chandeliers by Lasvit in the style of Baccarat. For senior members of the family, the designer created a spacious and ultra-restful lower deck cabin.

Another big part of the yacht is fitness and wellness. The owners’ private duplex includes a gym that puts to shame most luxury hotel gyms, with furniture in red lacquer, attractive synthetic flooring, TVs hidden behind mirrors, equipment by Technogym and bikes by Peloton, plus custom-made dumb-bells provided by Gym Marine. All of it is personalised for Ahpo with the Nuvolari Lenard-designed logos. Aside from input from Gym Marine, Moran says the owners had considerable say into the design as they are very active and live a healthy lifestyle. The side decks on the sky lounge deck are exceptionally wide, like a proper promenade on a cruise ship, and  100 metres all around, allowing the owners to take walks in the fresh air without returning to shore.

The owner enjoys looking up at one of the yacht’s defining features, a great mast. “That mast is huge; you can put the whole crew inside. It’s three levels, and there’s so much storage up there,” the captain says, providing a sense of scale to the yacht’s crowning feature.

About all that the owner said in terms of guidance for the exterior design was, as Nuvolari recounts, “‘You know me, you know what I like, make it more beautiful [than Quattroelle ].’ He also asked if we could make one feature that ties the two designs, and those are the semi-circular windows.” However, these are so distinctive that when the first photos appeared, it was an immediate tip-off to the small but enthusiastic group of people following the yacht industry that it had to be the “new Quattroelle ”.

So, when they created the exterior for Ahpo , the Nuvolari Lenard team, including designer Simone Feltrin, strived to make an elegant ship – because a yacht of 100 metres or more, Carlo Nuvolari says, is a ship. “Nowadays in yachting we see many extravagant things looking to architectural buildings  for inspiration.” However, he and his business partner, Dan Lenard, disagree with this trend. “A boat is a boat, a yacht is a yacht,” Nuvolari says. For the yacht’s finishing top hat, they studied the funnels of vessels of the 1950s and 1960s.

Another characteristic feature is the bow, which is quite defined with the yacht’s logo at the tip but is just long enough to give the yacht the right proportions. “Long flowing lines are a signature of our designs,” says Nuvolari, who adds that the bow is just part of the whole. “We never look at one single item, but we look at overall proportions. After a few proposals, we found that this offered the right balance, and it goes well with the concept of a serious ship.” It’s truly amazing to consider that the yacht appears lean and graceful with deck heights of 2.4 metres and 2.7 metres in some places and six decks stacked one on top of the other. No mean feat.

A contrast of black and white paint emphasises the swooping wraparound decks and creates a visual cascade from the top to the forward fully certified helipad (one of two on board), with a similar feature aft. This signature helps make Ahpo recognisable from anywhere.

On the inside, “the main theme of the boat is nature,” says Zannier, who incorporated plants beyond the winter garden. Most are excellent fakes because plants don’t do so well in salty air, but no matter, it works beautifully.

In the spa, created by interior outfitter List, the theme of nature is ever-present. “It is all about curves, leaves and waves, and the main feature of this area, including the massage room and the beauty salon, is bamboo,” Zannier says. The bamboo (fake leaves on natural stems) is encapsulated between two glass panes, and it is backlit, creating a beautiful backdrop for a bar and the massage room. “It is very relaxing and very Zen,” she says accurately. In the hair salon, the bamboo was hand-painted on wallpaper by the artists of the fine wallpaper and ceramics company de Gournay. On the spa’s ceiling, huge leaves made of walnut are lit with a border of LED lighting. “There are no spotlights in the leaves themselves because we prefer not to use them extensively, so we always try to find alternative light sources,” the designer says.  Teak stripes undulating behind a plunge pool guide the water that falls with a quiet gurgling sound. The wellness space also includes a Turkish-style hammam with vibrant mosaics by Sicis and a fountain in ivory onyx and mosaics. Fibre optics in the ceiling create myriad little stars. Azul macaubas and sodalite are two of the stones found here and repeated throughout the yacht, including on the mullions. The curvaceous sauna has Himalayan salt bricks inserted into its walls.

Another delectable space is the 12-seat cinema. Sicis created three portraits of the owners’ favourite actors and artists – Dorothy Dandridge, Sidney Poitier and Sammy Davis Jr – from photos they selected, in black and white fabric mosaics that add a touch of vintage Hollywood to the elegant space with a starlit ceiling.

The decor incorporates numerous personal references. For instance, the desk in the boardroom – unconventionally positioned aft on the main deck – is an oval table with a top done by Based Upon that incorporates an old map of Jamaica engraved in bronze among blue resin. On the walls, more mosaics represent Jamaica’s famous Blue Mountains.

Elsewhere, birds – cranes and flamingos – and feathers take flight. One of many stunning pieces on board, and one that the Lürssen project manager singled out as one of the great achievements in the interior is the spiral staircase. Vedder made the complex balustrade that represents an olive tree growing over several decks, piece by piece. On the wall is a bas-relief that runs over five decks, each with its own colour theme. The staircase wraps around an elliptical sculpture whose central column supports delicate feathers handmade of crystal that appear to fall to the floor. The steps themselves incorporate backlit calacatta marble, leather and Tai Ping silk carpeting.

There is much more to this beautiful yacht, including the grand dining room with a spectacular custom table made by List. Its glass top was created by DKT Artworks using the French technique of verre églomisé with a theme of water lilies, which is repeated in the chandelier and on the doors.

The design book is as thick as a phone book and, incredibly, the finished product is very close to the original renderings. For the owners, the result was love at first sight, and they spent 65 days on board after delivery. Such level of details, and perfect combination of technology and craftsmanship – nay, art – can only be seen in the superyacht world these days.

“Anybody can build a plane, anybody can build a house, but a yacht of such detail and such quality, I think is the pinnacle of achievement,” Moran says. And as the story goes, details make perfection.

First published in the August 2022 issue of BOAT International. Get this magazine sent straight to your door, or subscribe and never miss an issue.

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Jamaican Billionaire Michael Lee-Chin New AHPO Superyacht Docks In Portland

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• Devi Seitaram Author

The billion-dollar superyacht was spotted traveling to Portland, where it docked close to the residence of one of Jamaica’s richest men- Lee-Chin.

Chin, who owns the National Commercial bank and a range of related companies, is often given idol status by Jamaican entertainers like Vybz Kartel , who once sang, “me waan get a billion dollar like Mr. Lee Chin.”

The self-made billionaire is just one of 13 black billionaires in the world, and he’s a big deal in Jamaica because of this.

The luxury yacht is docked in Port Antonio, Portland, and is pretty impressive. A video shows the 377-foot yacht sailing while a helicopter seems to land on a helipad right on the deck of the vessel.

According to recent reports, the superyacht AHPO recently completed sea trials and was finally delivered to Chin this week. With his superyacht docked in Jamaican waters, it presented new inspiration for Jamaican people as the business magnate is one of the first black billionaires listed by Forbes’ in 2001 and often referred to as the wealthiest Jamaican.

Michael Lee-Chin’s fortune is mostly his 60% stake in National Commercial Bank Jamaica. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica.

Like every other billionaire, the tycoon has been described as a “yacht connoisseur.” The AHPO was built by the German Lurssen shipyard and was designed by the famous Nuvolari Lenard studio.

The vessel comes with six decks, including a gym and a beauty salon, as well as a spa, swimming pool, and jacuzzi.

The 70-year-old billionaire who is private about his life also seems keen to entertain as the luxury vessel has a dancefloor with a piano and comes equipped with a movie theater.

There are seven luxurious suites on board for guests to get a good night’s sleep. Other functionalities include Wi-Fi connectivity and a premium underwater lighting system.

The shipyard says the yacht has eco-friendly features, including a Dynamic Positioning capability that helps “preserve delicate marine environments” and a heat recovery system for heating the swimming pool.

Meanwhile, Jamaicans took to Twitter to comment on the news of the yacht in Jamaica.

“Lee Chin yacht a motivate me,” one person tweeted.

“For perspective, the largest private yacht in Jamaica is 92+ft. Lee Chin’s vessel is 377 ft! That’s longer than an NFL football field or a soccer field.”

The billionaire previously owned the ‘Quattroelle’ valued at $250 million prior to owning the AHPO. According to the Jamaica Observer, that vessel was 283 ft long and was one of the most impressive yachts at the annual Monaco Yacht Show.

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Lee-Chin selling yacht

Michael Lee-Chin is selling his Ahpo superyacht for US$355 million ($55.03 billion) as the Jamaican-Canadian billionaire continues to offload more of his assets.

The 377.6-foot superyacht was delivered in December 2021 after being built by German shipbuilder Lürssen. According to luxurylaunches.com , the asset has been listed for a US$55-million premium to the US$300-million purchase price. The yacht has a capacity for 16 passengers and has a crew of 36 people.

The sale of Lee-Chin’s yacht is one in a string of disposals to have taken place since the COVID-19 pandemic in March 2020. Lee-Chin, through AIC (Barbados) Limited, sold CVM Television Limited in September 2022 to Verticast Media Group at an undisclosed price. This was preceded by the sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Limited which is managed by Barita Investments Limited. That 250-acre property was reportedly valued at US$50 million ($7.75 billion).

First Rock Real Estate Investments Limited disclosed to the Jamaica Stock Exchange last July that it was part of a consortium seeking to acquire both the property and operating entity Medical Associates Hospital and Medical Centre. Portland Holdings Limited lists Medical Associates as being an acquisition/investment in July 2006. It’s unknown if Lee-Chin has sold any other assets.

Lee-Chin has expressed interest in promoting nuclear technology following a memorandum of understanding with the Canadian Nuclear Laboratories in November 2022. This is based on the applications in medicine and energy production.

However, Lee-Chin’s asset sales also coincide with the lack of cashflow from his most prized Jamaican jewel, NCB Financial Group Limited (NCBFG), which has only paid a $0.50 dividend or $648.07 million since March 2020. While it has continued to grow its asset base to a historic $2.11 trillion or US$13.69 billion, its stock price has not fared as well since then. The stock which peaked at $249 on July 22, 2019 has since hit a new 52-week low of $72.01. That’s the lowest NCBFG has traded for since July 2017.

This has put pressure on different AIC and Portland entities that borrow against the NCBFG stock. An example can be with the Portland (Barbados) Limited US$5-million fixed rate secured notes issued in August 2021. The security attached to the notes was pledged ordinary shares of NCBFG — that is 1.50 times the outstanding principal. The term sheet referenced the issuer agreeing to place in reserve additional NCBFG shares, with the market value equating to 0.25 times.

This was at a time when NCBFG’s share price was trading around $133.15 and closed at $78.45 on Tuesday, a 41 per cent drop.

With no dividends paid by NCBFG since May 2021 there was no dividend income going to the interest reserve account held with the trustee. Tranche A of the secured notes had a tenure of three years, and five years for tranche B, with the interest rates on both notes fixed between 6.25 to 6.75 per cent.

This means that some related entities are likely to have been impacted by the absence of dividends, which used to be paid quarterly before the pandemic. NCBFG is currently strengthening its capital base to prepare for regulatory changes facing its core Jamaican bank and Trinidadian insurance arm.

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Jamaican\Canadian Billionaire Michael Lee-Chin Mega Yacht Sold for US$362 Million 

After announcing months ago that his luxurious yacht was up for sale, Michael Lee-Chin finally got an offer he did not let pass. Based on numerous reports, the AHPO mega yacht was sold for US$362 million, which equates to a US$62 million profit for the billionaire.

The buyer of the super yacht is Pro Hockey billionaire turned businessman Patrick Dovigi. Moran Yacht & Ship represented both the seller and the buyer on the sale of AHPO, which was arranged by both sides of the deal. US$355 million was the asking price for the Lürssen superyacht measuring 378 feet.

In addition to the vessel’s massive structure, it features many breathtaking amenities, including a gigantic IMAX cinema, a duplex owner’s suite, a Turkish Hammam, two helipads, and a winter garden.

The vessel can accommodate a large group of nearly twenty people with over 20 crew members. Aside from the eight staterooms on the yacht, it also has a large gym fully equipped for full-body exercises. The stunning superyacht was renamed Lady Jorgia following the completion of the brokerage deal. 

RELATED: Lee Chin’s Ahpo Superyacht Selling for US$355 Million

According to reports, Michael Lee-Chin purchased the  A hpo mega yacht in December 2021.

Months ago, it was revealed that the Jamaican\Canadian billionaire was looking to auction off some of his prized possessions.

RELATED: Lee Chin now valued at US$1.5 Billion by Forbes

RELATED: Michael Lee-Chin Shares Message Encouraging Risk-Taking to Achieve Success – See Post

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Jamaicancanadian billionaire michael lee-chin mega yacht sold for us$362 million .

After announcing months ago that his luxurious yacht was up for sale, Michael Lee-Chin finally got an offer he did not let pass. Based on numerous reports, the AHPO mega yacht was sold for US$362 million, which equates to a US$62 million profit for the billionaire.

The buyer of the super yacht is Pro Hockey billionaire turned businessman Patrick Dovigi. Moran Yacht & Ship represented both the seller and the buyer on the sale of AHPO, which was arranged by both sides of the deal. US$355 million was the asking price for the Lürssen superyacht measuring 378 feet.

In addition to the vessel’s massive structure, it features many breathtaking amenities, including a gigantic IMAX cinema, a duplex owner’s suite, a Turkish Hammam, two helipads, and a winter garden.

The vessel can accommodate a large group of nearly twenty people with over 20 crew presenters. Aside from the eight staterooms on the yacht, it also has a large gym fully equipped for full-body exercises. The stunning superyacht was renamed Lady Jorgia following the completion of the brokerage deal. 

RELATED: Lee Chin’s Ahpo Superyacht Selling for US$355 Million

According to reports, Michael Lee-Chin purchased the  A hpo mega yacht in December 2021.

Months ago, it was revealed that the Jamaican\Canadian billionaire was looking to auction off some of his prized possessions.

RELATED: Lee Chin now valued at US$1.5 Billion by Forbes

RELATED: Michael Lee-Chin Shares Message Encouraging Risk-Taking to Achieve Success – See Post

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World’s richest celebrate end of summer at €4bn Monaco yacht show

Number of billionaires interested in superyachts said to have grown despite Russia sanctions and global economic crisis

“C hange the TV channels now,” the captain of a $95m (£85m) Albatross superyacht calls out to a deckhand. “That guy has probably lost two mil in the last two minutes and we’re trying to convince him to drop 95.”

“That guy” is a prospective buyer of the 72-metre long vessel floating in Monaco’s Port Hercules where the world’s richest people (and their entourages) have gathered this week for the annual yacht show . With more than €4bn (£3.5bn) worth of marine luxury on display, it is as brokerage firm Burgess puts it: “The chicest way for billionaires to celebrate the end of summer”.

The TVs on Albatross – there are more than a dozen onboard – are beaming out live coverage of another day of economic chaos on business channel CNBC as the US market open down 2%.

That brief glimpse, before the screens are hurriedly switched off, is the only sign in this millionaires’ playground of the economic trouble affecting the outside world. The sanctions against Russian oligarchs, whose conspicuous consumption has kept European shipyards so busy in recent years, have not spoiled the party. Veuve Clicquot champagne or Whispering Angel rosé is available at some stands for free for anyone with a ticket to the show ( tickets if you were to buy them cost €500 a pop ).

“Of course the industry is impacted [by the global economic crisis], says Francesca Webster, the editor-in-chief of the trade industry publication SuperYacht Times. “But the number of billionaires has grown over the last two years meaning that there has been a rebalance despite the loss of the Russian clientele. Some shipyards are suggesting that the number of serious future clients – aka billionaires – has grown from around 25 to 30, almost all of which are American or Asian.”

Albatross is huge. The principal suite spans the whole 13-metre beam (width) of the yacht and includes a dressing room and two large bathrooms (one with a floral design in silver mosaics, and the other depicting golden clouds). There are five further large bedroom suite cabins, several large salons, a fully equipped gym, an eight-person jacuzzi, and a “touch-and-go” helipad all connected by a glass elevator.

The broker won’t confirm who is selling Albatross, although the six-year-old yacht has previously been reported as belonging to Majid Al Futtaim , an Emirati shopping malls and hotels billionaire who died last December.

It is far from the biggest vessel on show. That title goes to Ahpo, which is 115.1 metres long and moored on the other side of the port. Unfortunately, the Guardian is not welcomed onboard that yacht as “you don’t look like likely charterers”.

It’s a fair cop. Ahpo, which has eight bedroom suites as well as a gym, swimming pool, spa, sauna – and hammam, beauty room, piano bar and dancefloor, costs a minimum of €2.5m a week to charter.

That’s before “expenses”, which include fuel, food, drinks, and docking and mooring fees that can easily run into tens of thousands a night for yachts as large as Ahpo in billionaires’ favourite spots, such as Portofino, the Amalfi coast and Cagliari in Sardinia.

The crew also expect tips in the region of €1,500-2,500 a week each, according to several captains who spoke on condition of anonymity. There are 36 crew members on Ahpo.

Despite the costs, a broker at Moran, which arranges charters, says the yacht was rented for six weeks this summer and is “fast booking up for next year”.

Tristan Hooper, the captain of Luna B, a 66-metre yacht available for charter at a more reasonable €500,000 a week, says the vessel was rented for 12 weeks last year and by a wide range of people. “We’ve had all sorts of guests, from A-listers to Middle Eastern royalty,” he says onboard the $60m craft. “We thrive with tall people, because we have a high ceiling height.” (Yes, NBA basketball players have chartered the vessel, but he refuses to name names).

Asked about tips, Hooper says a €2,000 tip is “pretty standard”. “You hear stories of way more than that,” he says. “But on other charters you can be working really hard all week and walk away with nothing.”

The billionaire Jamaican-Canadian investor Michael Lee Chin upgraded to the Ahpo – the phonetic pronunciation of the Chinese pictogram meaning Grand Lady – after selling his $130m Quattroelle to the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed al-Maktoum.

Both were built by Germany’s Lürssen Yachts, which also created Dilbar, the world’s largest superyacht by volume. It is one of more than a dozen superyachts seized from oligarchs subjected to sanctions following Russia’s invasion of Ukraine.

Dilbar, which cost a reported $600m and is allegedly owned by the family of the sanctioned metals magnate Alisher Usmanov , was seized by authorities in Hamburg in April.

Germany said it had detained the yacht, apparently named after Usmanov’s mother, because it was ultimately owned by his sister, Gulbakhor Ismailova. Usmanov has denied this.

This week, German police investigating money-laundering accusations searched the yacht. Prosecutors, who did not name Usmanov, said they were investigating money laundering and tax evasion allegations concerning a 69-year-old Russian business man. A spokesperson for Usmanov, who is 69, said the police and prosecutor investigations were “examples of blatant lawlessness under the guise of the sanctions law”.

The boat builders and brokers in Monaco are reluctant to talk about the impact of Russian sanctions on the superyacht industry despite oligarchs making up a fairly large chunk of the market, particularly at the priciest end.

The former Chelsea football club owner Roman Abramovich has bought seven, and still owns three including the 162.5-metre Eclipse, which was the world’s largest when he bought it in 1998. He has avoided having his yachts seized by taking them to Turkey, while other sanctioned oligarchs have sheltered their boats in Dubai.

It’s all too much for Pauline, one of thousands of people hired to work at the show as stewards, security guards or to pilot small rigid inflatable boats to transport people around the harbour.

“I work at a lot of events, but this is the only one that drives me crazy, it is just so wrong,” Pauline, 27, says as she helps guest to board one of the RIBs. “It’s wrong to be spending all this money on these things, and it’s just terrible for the planet – think how much pollution they make. These are really big buildings on the water. Sometimes I just want to do something to stop it all.”

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British billionaire Joe Lewis has hung a rare $75 million painting on the lower decks of his $250 million superyacht. The Aviva, which is the Tottenham foot club owner’s floating office, is built around a padel tennis court. It has a Chanel-inspired wardrobe, swimming pool, and a spa.

Michael Lee-Chin, one of the world’s Black billionaires, sells megayacht for $362 million

Michael Lee-Chin, a Jamaican-Canadian billionaire and philanthropist , has reportedly sold his megayacht, AHPO, to professional hockey player turned billionaire businessman Patrick Dovigi for a whopping $362 million.

The sale of the 378-feet Lurssen superyacht, built as a replacement for the Quattroelle, has brought the Jamaican-Canadian businessman a gross profit of $62 million from the latest transaction, excluding the costs that were incurred during the time that he owned the yacht.

Michael Lee-Chin has been on a selling spree since March 2020

Lee-Chin purchased the six-deck luxury vessel for $300 million in 2021 but has been on a selling spree since March 2020. In September 2022, he sold CVM Television Limited to Verticast Media Group for an unspecified amount.

He also sold his 250-acre Reggae Beach property in St. Mary to MJR Real Estate Holdings Limited for around $50 million.

The Jamaican-Canadian billionaire has also put his luxurious mansion, Coconut Walk Private Estate, up for sale for $35 million . The estate boasts a stunning beachfront location and sits on almost 75,000 square feet of prime real estate. 

Lee-Chin purchased the estate for $12.5 million in 2018, and if sold at the present asking price, he will pocket a profit of almost $22.5 million. 

Michael Lee-Chin’s net worth has decreased by $600 million since 2020

Despite the pandemic’s adverse effects on the global economy, Lee-Chin still ranks among the wealthiest black billionaires worldwide.

According to Forbes , with a fortune of $1.4 billion, he holds the 2,054th position on the list of the world’s wealthiest individuals.

The Jamaican-Canadian billionaire accumulated his $1.4 billion fortune through investments in financial companies such as National Commercial Bank Jamaica and AIC Limited.

The sale of the AHPO superyacht to Dovigi demonstrates Lee-Chin’s business acumen in the luxury scene as he continues to dispose of some of his assets.

Given the uncertainties surrounding the global economy, his decision to sell off his assets could be a strategic move. However, his net worth has decreased by $600 million since 2020, going from $2 billion to $1.4 billion.

Omokolade Ajayi

Omokolade Ajayi is a financial reporter at Billionaires.Africa. Previously, he worked as a journalist at Nairametrics. Omokolade is a seasoned financial analyst and reporter with in-depth knowledge of and expertise in equity markets, and financial and economic analysis. He has a degree in economics and is a certificate holder of the CFA Institute’s Investment Foundation Program.

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Canadian billionaires lead the way as superyachts arrive in Monaco for F1 grand prix

The absence of Russian superyachts means Michael Lee-Chin's and Lawrence Stroll 's vessels are the largest this year

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Canadian billionaires Michael Lee-Chin, who is also Jamaican, and Lawrence Stroll are leading the way with their massive superyachts arriving in Monaco ahead of the Formula One Grand Prix.

Topping the list of largest superyachts is the 377-foot Ahpo, reportedly owned by Lee-Chin. The investor’s net worth is around $1.8 billion, Forbes reported .

The yacht, designed by Nuvolari Lenard studio, is said to have six decks, a full gym, beauty salon, spa, swimming pool, jacuzzi, dance floor and movie theatre, according to the publication autoevolution .

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Coming in second place at 317 feet long is the Faith, owned by Canadian fashion entrepreneur Lawrence Stroll, whose son Lance drives for the Aston Martin F1 team. Lawrence Stroll’s net worth is $2.9 billion, Forbes reported .

Feadship superyacht FAITH in the South of France!🇫🇷 Anchored here last Friday in the South of France and spotted recently in Villefranche-sur-Mer is one of the largest Feadships delivered to date, the 97m Faith, launched as Project Vertigo in 2016. pic.twitter.com/QZBAcP2EcY — Yacht Informer (@yachtinformer) May 23, 2022

The yacht came with a US$200 million price tag. It can host up to 18 guests and has nine staterooms, according to Yacht Bible . It has indoor and outdoor fireplaces in the private owner’s deck, a movie theatre, gym, a wine cellar and a wellness area.

The nearly 100-year-old annual race is expected to see some showers over the next couple of days, though it’s not expected to deter the floating party scene. More than 80 super yachts, at a combined length of 4.5 kilometers (2.8 miles), are already clustered off the tiny city-state in the French Riviera, with more likely en route.

The Yachts have arrived in Monaco… 🇲🇨🛥 #MonacoGP #F1 #yachtlife pic.twitter.com/1RDD048ZCF — Corinthian Sports (@CorSportsLtd) May 27, 2022

The superyacht world was thrown into turmoil following Russia’s invasion of Ukraine and the sanctions placed on billionaire Russian oligarchs.

More than a dozen yachts worth over US$2.25 billion have already been seized. The seizures have sent the luxury vessels racing across oceans to locales that aren’t as likely to impose or enforce sanctions. Some have logged more than 5,000 nautical miles since the start of the invasion in February.

One of the biggest superyachts, Eclipse, owned by Russian billionaire Roman Abromavich, is 533 feet and would have towered over Lee-Chin’s vessel; however, it was notably absent in Monaco.

One of the first yachts seized, Dilbar , owned by another Russian billionaire Alisher Usmanov, would have also towered over the other vessels in Monaco, at 512 feet. It was impounded by German authorities while it was undergoing repairs, Page Six reported in March. Since then, other yachts and even private jets owned by Russians with connections to President Vladimir Putin have been seized.

The absence of Russian superyachts pushed the two Canadians into the lead for largest yacht — although the country with the most was Greece, closely followed by the United States and France. Russia did not make Bloomberg’s superyacht leaderboard .

With additional reporting by Bloomberg

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