In 1959, avid boater Don Wallace recalled riding on the 1939 Wheeler 42 his father bought with two other lawyers and a doctor, sharing the boat’s use and costs with nothing more than a promise and a handshake. “Today they would form a limited liability corporation, book their weekends online and hire a management company to sweat the details,” admits Wallace, who is the editor of Yachting Magazine. “It’s a fractional world and we all live in it.” There are a number of places to find fractional yachts for sale, where individual owners enjoy luxurious living for a fraction of the price and hassle.
All fractional yachts for sale do not necessarily have the same arrangements. For instance, SeaNet is a straight fractional, which gives four owners a 53 Sunseeker Manhattan for five weeks each year at $315,000 each (plus $37,000/year in maintenance fees). On the other hand, The Yacht Share offers fractional leases, which gives owners seven weeks for $60,000 down and $2,400/month in maintenance, allowing the owner the ability to renew the lease or walk away at the end of the year. Then, of course, there is traditional fractional ownership at companies like Breeze Easy, which can transform any new or used boat into a fractional possession.
Of course, not everyone is keen on fractional. Seasoned sailors will always snatch up yachts for sale as a testament to their hard work and achievements in life. “I like possession of the boat, to tell you the truth,” admits ex-naval officer Lyman Perry. Caring for sailing yachts has been his lifelong hobby and passion. “I’ve always been hands on,” he adds, “single-handing, priming the engine if it runs dry.” Not only will owners get to know more about yachting, but they can also cut out of work to take a ride if the mood grabs them and have complete freedom over using that boat. To some, ownership is priceless.
There are a few drawbacks to fractional yachts for sale. For a time, becoming a fractional broker was the “next big moneymaking scheme,” attracting many a failed businessman, which left many bankrupt and many fractional owners left holding the bag. Like any investment, some risk is involved, although more often than not, a dead deal will refund the money with interest from a separate escrow account. In other cases, a company may not officially own the boat until they get enough owners assembled to make it a done deal, which can be aggravating for someone who just wants to buy a boat and go. But according to industry consultant William Mirguet, “It takes patience and a good lawyer to find the right program, but it’s totally worth it when you do.”
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