World's biggest yacht up for sale

Ellison and his wife Melanie Craft, in Auckland. He refused to name the Rising Sun after her. Picture / Derek Flynn

A new topic of conversation is being traded across the dinner tables and sun loungers of the international super-rich: Who is going to buy the world's largest and most luxurious yacht?

Owned by Larry Ellison, the alpha-male chief executive of Californian computer giant Oracle, the 138m mega-yacht Rising Sun is for sale with a price tag exceeding $277 million.

One name that is being touted as a possible buyer is Lakshmi Mittal, the Indian steel magnate, who also happens to be Britain's richest man, with an estimated personal fortune of 15 billion ($40 billion).

The sale of such boats is shrouded in secrecy. All parties enter into strict confidentiality agreements once the deal is in progress. But rumours can be rife - especially when the sale concerns a yacht that emerged from the builder's shed amid huge excitement only last summer.

It will never be formally advertised because the potential number of buyers is too small. World of mouth is all it takes. The sale is being handled by a brokerage in Fort Lauderdale, Florida - the capital of the super-yacht world. The reason for the sale is that it is simply too big to berth at non-commercial marinas and is costing hundreds of thousands of dollars in port fees. Potential buyers are warned that yachts cost 10 per cent of the original price each year to keep afloat once maintenance, crew salaries, docking fees and fuel are paid for.

Not that Ellison, now 61, is short of money. He has regularly played nip and tuck for No 1 spot with Bill Gates in the Forbes Magazine rich list. He has owned three private jets and seven boats and challenged for the America's Cup in 2003. He also owns a $207 million Japanese-themed home outside San Francisco.

One yachting insider says: "The reason he is selling it is that he cannot berth it. He can't go close to the shore to anchor it. This means the guests can't play around on their toys or go ashore."

This can represent difficulties during high-profile wealth-fests such as the Monaco Grand Prix, when being seen is all.

Ellison, a man who insists life is about the pursuit of happiness rather than money, lavished $373 million building his 138m dream-boat Rising Sun, a considerable portion spent extending it 18m to make it the world's largest yacht. The extra length forced a fellow computing tycoon, Microsoft co-founder Paul Allen - and yacht Octopus - into second position in a nautical game of "my one's bigger than your's".

It is not unusual for new yachts to change owners quickly. The very rich can find greater pleasure in putting projects into production than in actually owning the end result.

Rising Sun, while on one level the ultimate in conspicuous consumption, has also been the subject of extreme secrecy and no one associated with its production has been willing to discuss the finer details of its opulence. Its maker, the German shipbuilder Lurssen, would give only the boat's length and working name, LE 120, the initials of its owner.

One detail that has emerged is that Ellison's fourth wife, novelist Melanie Craft, tried to convince her Bronx-born husband to name it after her. She was unsuccessful. "That got shot down pretty fast," she said.

It has been left to an army of international yacht-spotters to fill in the gaps. They do so by travelling around the world's ports and playgrounds of the rich, photographing and logging details of the floating palaces. The picture that has emerged of Rising Sun is of a private boat, which, but for its lack of armour, is closer to a warship than a pleasure craft.

Despite the reputation of its cutting-edge designer, Jon Bannenberg, it has not been universally lauded for its beauty but even its critics have to admit it has presence. "Whether you admire the exterior styling or not, you have to admit that the profile he created for Rising Sun is extraordinary," concedes Power and Motoryacht, the industry bible.

Hulking yet sleek, the yacht seeks to combine extraordinary power with light beauty.

It is a difficult compromise. On a Christmas cruise to the Caribbean, Allen had a crew of 50 sailors and staff. Rising Sun's frigate-like power plant pumps out 36,000kW of energy - the equivalent of an entire small town switching on kettles at the same time. Its four propellers give it a cruising speed of 28 knots. Its size is awe-inspiring. It offers 82 rooms on five storeys, with a total living space said to be in excess of 8000sq m.

Each main stateroom - which measure 5m from ceiling to floor - has a balcony and huge windows offering panoramic views.

The Pauline Nunns interiors are said to be minimalist. But when spending money on yachts in this price range, certain features and accessories are tantamount to compulsory.

So there's the inside swimming pool, the vast crystal chandeliers and the onyx countertops. Jacuzzi bathrooms are fitted out in alabaster, while panels of walnut in the bar and staterooms add a hint of old-money gentility.

A gymnasium helps you work off the excesses of meals made by leading chefs. Fine wines are served from the extensive cellar. Guests can also relax in a private cinema, watching the latest movies on a giant plasma screen.

With 3300sq m of teak-layered deck space there is ample room for running about. The main deck boasts a basketball court, which can double as a helicopter pad.

Eyebrows were also raised when it was decided not to imitate another tycoon's dream-boat. Rival Paul Allen's super-yacht Octopus houses a personal submarine that is launched through an underwater hatch to allow for a spot of underwater exploration between meals. As for other toys, there are plenty of things to keep the guests from getting bored.

Rising Sun carries a 4WD, which can also be carried on the 12m twin-hull landing craft - just the thing for touring the rugged mountain terrain of the Caribbean islands.

Three 12m tenders built in New Zealand carry guests ashore. Most yachts have small sailing dinghies for messing about in the inshore waters, while jetskis and waterskiing equipment are mandatory.

To cap it all, the whole thing is lit up at night with fibre-optic cables in Ellison's favourite colour - dollar green.

One potential use for the Rising Sun is as the floating headquarters of a global company. New technology and potential tax breaks have brought such a proposition within the realms of reality.

At this year's Yacht and Brokerage Show in Miami the latest must-have accessory was a $50,000 satellite system that gives high-speed internet access and voice-over internet phone service from any point on the globe.

Worldwide, yacht sales are booming, fuelled by the rapid growth in the number of super-rich. At a count last year there were 587 billionaires, 64 more than the previous year. It is estimated that 592 super-yachts of 25m or more are being built, 150 more than last year. German yacht-builder Lurssen is making 10 of them, averaging 75m.

The American yacht market took a dive after September 11, 2001, when foreign travel was viewed as risky and flaunting excessive luxury in the wake of tragedy was frowned on. But the liberalisation of Russia's markets and the emergence of rouble billionaires has provided a new source of owners.

Roman Abramovich, the owner of Chelsea football club, is reported to own three of the world's top 10 luxury yachts. And to meet the demand from the former Soviet Union, Yachts International magazine has launched a Russian language version.

Whoever buys Rising Sun could soon be the owner of only the second or even third-biggest yacht in the world. It is reported that Platinum, being built in the Middle East for Sheikh Mohammed bin Rashid al Maktoum, the Crown Prince of Dubai, measures in at 160m. But those who know Larry Ellison say it's only a matter of time before he builds an even bigger boat.

- INDEPENDENT