Commissioned by a Russian billionaire and ultimately delivered to a powerful, Middle Eastern family, the 110-meter Radiant did more than just mezmerize anyone who sees it. Its build and subsequent sale became a breakthrough public case and enlightened many as to the actual costs in building a megayacht and the processes of selling one.
In early 2004, the late Boris Berezovsky, one of Russia's most influential billionaires, set out to build a 110-meter yacht at Lurssen to be called Darius. After some negotiation, Berezovsky decided to build the yacht, which would cost him €148,540,000, which were payable by installments plus interior fitting costs.
Whereas the size and volume of the yacht is impressive, the most fascinating element of Darius' story lies in the fact that due to public litigation that followed, it became actually known, how much does it cost to build a 110 meter superyacht at Lurssen, a figure that had previously only been estimated and hypothesised. Understandably, every project of this scale is different, however, even a range was difficult to obtain at the time.
As the economic crisis hit, Berezovsky was unable to pay his seventh installment of €23,890,421 in May 2008 and decided to put the yacht on the market as a yacht that was still in construction. The Russian billionaire then contacted brokerage firm Edmiston to sell the yacht and a target of €300 million net of commission and fees was set for the sale.
Whereas in today's economy selling a yacht for nearly double its original building cost may seem to be unreasonable, at the time, it was a common occurrence. Yachts that were ready immediately were considered more valuable than those that still had to be built. This led to many speculation builds and an era of yacht flipping that was sunset by an oversupply as of the early 2010s. In the megayacht market this still exists as one would have recently seen with the sale of the 134-meter Serene to a Saudi Prince for an amount higher than building costs by Russian billionaire Yuri Scheffler.
As is common in the yachting sector, Edmiston contacted Merle Wood, another powerful yacht broker, to help them find a buyer for the 110-meter yacht still under construction. In turn, Wood contacted the captain of a yacht owned by the Al Futtaim family for him to offer this deal to his employers. The captain agreed to do this, asking for a €3 million commission should the deal go through.
Whilst such a number may appear unreasonably high for a simple introduction, it is common in the yachting industry, which works mostly on commission, to have every middlemen involved in the transaction get a percentage of the deal. In this case, €3 million would equate to less than one percent of the total, advertised sales price. For the sale of smaller yachts, brokers routinely take a 10% cut of the total amount.
In July 2008, the Al Futtaim family decided to seriously consider a purchase of the yacht, which led to Edmiston meeting with Berezovsky and agreeing on a 2.5% commission if a net price of €300 million was achieved. After visiting the yard, the Al Futtaims, however, decided that they would rather not deal with brokers and that they would rather deal directly with the owner.
In situations with such high sales prices, it is not uncommon for sellers and buyers to want to deal directly with each other as opposed to with brokers and save on fees. When the broker was the one to introduce the client, this becomes, however, more complicated as to how commissions should be given out. A case that the Darius sale set a precedent for.
At the end of August, the Al Futtaim made an offer of €210 million for the purchase of the yacht. After negotiations, the final price went up to €240 million. By October the deal was closed and the €240 million paid. As these negotiations were held directly between the buyer and seller, Berezovsky decided that Edmiston was not entitled to a commission, a point with which the brokerage firm did not agree.
As a result, Edmiston initiated proceedings in UK courts in 2010, through which the details of the construction and sale of Darius became known, shedding a light as to how such processes take place. In July 2010, UK courts ruled that Edmiston was in fact entitled to a commission of €7,2 million, ie 3% of the sales price. An amount, which Berezovsky appealed.
In trying to assess whether a 3% commission was a fair market rate, more interesting evidence from the yacht brokerage world emerged. Berezovsky had also engaged YachtZoo and Royal Oceanic to find buyers for Darius at rates of 3% and 2.5% respectively. It was also disclosed that a commission of 4% was paid for the sale of Pelorus, a sistership to Darius, which sold for $150 million in October 2003.
The proceedings helped clarify for the industry as a whole the effective broker commission on the sale of larger superyachts, as opposed to the common 10% on the sale of regular sized yachts in the sub €10 million range. On the sale of the 78m Princess Mariana, for example, a 4% commission was paid. In the end, the court agreed to a 2.5% commission for Edmiston for a total of €6 million on the sale of Darius.
A close sistership to the 110-meter Pelorus, famously acquired by Roman Abramovich, Berezovsky's former business partner and the 110-meter Ona, built for Alisher Usmanov, Project Darius remains one of the most significant yachts on the water to this date. The series built on this 110 meter platform remains one of the most successful and emblematic for the German shipyard, which has since been able to build even larger yachts.
Few elements are known as to what amenities Darius, or Radiant as it is now named, has on the inside. Exterior photos show a helipad up on the aft of the yacht's fourth deck as well as an extensive lounging area aft of the yacht's third deck. A beach club and swimming platform can also be found aft of Radiant's lower deck.
Historically one of the most influential and powerful Russian oligarchs, the late Boris Berezovsky started his business career selling Soviet-made cars and foreign cars in 1989 after initially working in scientific research. He first built up an equity in Russian car producer, AvtoVAZ and later gained control of ORT Television, one of Russia's most popular television channels. Together with prolific yacht owner, Roman Abramovitch, he acquired a majority position in Sibneft, a Russian oil company, which constituted the bulk of his net worth.
Valued at $3,3 billion by Forbes, Abdulla Al Futtaim is the owner of the Al Futtaim Group, which is operated by his son, Omar. The exclusive distributor of Toyota and Honda cars in the UAE, it also owns the country's largest insurance company, Orient Insurance.
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Italian yacht builder Apreamare will make its first appearance at the Venice Boat Show from May 29 to June 2, 2025, alongside exclusive Northern Italy dealer Pedetti Yacht Sales. The event, held at Venice's historic Arsenale, will feature 270 exhibitors and 300 boats, with Apreamare showcasing its new Gozzo 38 Cabin model.The Gozzo 38 Cabin, designed by Cataldo Aprea and Marco Casali in collaboration with engineer Umberto Tagliavini, expands on the open Gozzo 35 with enhanced interior space and weather protection. The 11.45-meter yacht features a deckhouse for improved habitability, a 4-panel glass door connecting the cockpit to the dinette, and a layout with two cabins and a 2-meter headroom bathroom. The guest cabin includes a 140-centimeter-wide bed, exceeding standard dimensions for its class.Exterior amenities include a convertible cockpit table, L-shaped seating for six, and an extended beach platform. Propulsion options comprise twin Volvo Penta D4-270 DPI or D4-320 DPI sterndrives, or a traditional Volvo Penta D4-320 shaft configuration.The participation highlights Apreamare's focus on Northern Italy's market, where demand for its Sorrentine Gozzo designs continues to grow. The Venice Boat Show marks the first public exhibition of the Gozzo 38 Cabin, positioned between the Gozzo 35 and flagship Gozzo 45 in Apreamare's lineup.The history of the shipyard starts in 1849, when Giovanni Aprea started to handbuild rowing and sailing boats used for fishing in Sorrento, basing his craft on the shape and form of the traditional “gozzo sorrentino”. Now the shipyard range includes the Apreamare and Maestro yachts.Credits: Apreamar
May 12, 2025
GX Superyachts has unveiled interior details of its debut 42-meter model, the GX42 Raised Pilot House, designed for family-focused ownership with delivery scheduled for 2026. The yacht features an organic-inspired interior by Marco Casali and hybrid propulsion for efficient operation.The Raised Pilot House configuration allocates the main deck to a full-beam owner’s suite with private foredeck terrace, walk-in wardrobe, and office space. The lower deck accommodates a VIP suite with fold-down balcony and three flexible guest cabins, including a children’s cabin with Pullman berth. Social areas include a 10-person dining space on the main deck and an upper deck with hot tub, bar, and lounging areas.Owner Vladimir Zinchenko stated: "The debut GX42 shows what is possible, while remaining true to the principles of Responsible Yachting. For a boat with a slim, efficient hull, the volume is phenomenal."Casali’s design employs walnut wood paneling, white leather, and Italian fabrics, with curved edges throughout to enhance a relaxed ambiance. Lighting by Ultra Luce and artwork from the owner’s collection complete the aesthetic."This is no showboat for flexing the muscles," said Casali. "We worked closely with the owners to realise their priorities for a family friendly design that favours extended periods on board."The GX42 represents the first released details of GX Superyachts’ new line, emphasizing sustainable materials and long-range cruising capabilities.Credits: GX Superyachts
May 12, 2025
Feadship has unveiled Project 824, a 100-meter fully custom superyacht that represents the latest advancement in technical refinement and architectural design. The vessel, designed by Jamsen with naval architecture by Feadship De Voogt Naval Architects, features a diesel-electric propulsion system with ABB pod drives for efficient and low-vibration operation.As the second-largest yacht constructed at Feadship's Kaag facility – following the 101.50-meter Symphony delivered in 2015 – Project 824 combines scale with innovative engineering. The yacht's steel hull and aluminum superstructure measure 100.00 meters in length, with a 13.60-meter beam and a loaded draught of 4.10 meters.Liagre is responsible for the interior design, though specific details remain undisclosed. The project underscores Feadship's continued focus on large-scale, custom superyacht construction. No delivery date or owner details have been released."Project 824 stands out through a combination of scale, innovation, and detail," Feadship stated in the announcement. The yacht is currently undergoing final outfitting at the Kaag shipyard.Based in the Netherlands and with roots dating back to 1849, Feadship was formed as a group in 1949 as a marketing partnership between six Dutch shipyards, de Vries Lentch, Van de Stadt, Witsen & Vis, Akerboom, De Vries Scheepsbouw and Van Lent Shipyard, and De Voogt Naval Architects. Feadship is well-known as one of the Netherlands’ most elite yacht builders and delivers superyachts from 50–100+ meters in length.Credits: Feadship
May 12, 2025
The Italian Sea Group has launched the 72-meter Admiral Armani megayacht, marking the first vessel designed in collaboration with Giorgio Armani. The ceremony took place at the company's Marina di Carrara facility, attended by representatives from the Armani Group, local authorities, and project team members.This yacht represents the first of two projects fully designed by Giorgio Armani, featuring distinctive exterior styling and interior design by Armani/Casa. The collaboration with The Italian Sea Group's Centro Stile combines minimalist aesthetics with advanced naval engineering.Key design elements include geometric volumes with curved surfaces, satin aluminum and steel detailing, and expansive floor-to-ceiling windows. The upper decks incorporate open-air lounges and a helicopter landing area. Interior materials feature Black Marquinia marble, golden Calacatta, and Canaletto walnut, complemented by custom lighting and fabrics."This yacht represents the confluence of Giorgio Armani's poetic elegance and The Italian Sea Group's technical excellence," said Giovanni Costantino, Founder & CEO of The Italian Sea Group.The Admiral Armani 72m will make its official debut at the Monaco Yacht Show in September 2025. The vessel measures 72 meters in length and represents a new direction in luxury yacht design through the Armani collaboration. Technical specifications and performance details were not disclosed in the announcement.The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters. Credit: Giuliano Sargentini/The Italian Sea Group
May 7, 2025
Silent Yachts has announced its 24-meter flagship solar-electric catamaran, the SY80, is approaching completion. The Italian builder recently launched two SY62 3-Deck Open models and one SY62 3-Deck Closed variant from its Fano shipyard as part of its plan to deliver 10 yachts in 2025.The SY80 will be available in three customizable configurations: 2-Deck, 3-Deck Open, and 3-Deck Closed. The model retains the sustainable features of Silent Yachts' smaller vessels while offering increased volume, accommodating up to 12 guests. Key features include an open layout, spacious staterooms, and ample storage for water toys."We can accommodate a very high number of different configurations, making the yacht of your dreams into a lived reality," said Silent Yachts CEO Fabrizio Iarrera. Owners can opt for an on-deck master suite or an open-plan salon with the master cabin below deck.Performance specifications include a top speed of 12 knots, cruising speeds of 7-8 knots, and battery capacities of 522 kWh or 696 kWh. The solar array peaks at 22.4 kWp, supporting near-zero-emission operation.The SY80 2-Deck variant will debut at the 2025 Cannes Yachting Festival (September 9-14), with sea trials expected in the coming weeks.Silent-Yachts is producing the world’s first fully solar-sustainable oceangoing production catamaran yachts. They are powered exclusively by solar energy and capable of cruising up to 100 miles per day. In 2009, founders Heike and Michael Köhler, who have spent 6,000 days cruising more than 75,000 miles all around the world, launched the Solarwave 46, the first fully self-sufficient blue-water catamaran after years of testing solar-powered propulsion, and they have been building boats ever since. Credits: Silent-Yachts
May 7, 2025