Would you pay $4 million to buy a lifetime cruise cabin?

[sanger727]

On 4/19/2023 at 10:26 AM, SmoothFlying said:

BUT..Hopefully, you've put the spare 6 mil back for the preverbal 'rainy' day because 20-30 years down the toad your 'sea condo' runs aground to an asian or south asian breaker because your condo's engines and hull have wore out and been sold for scrape 😞 A fate that land locked L Ron Hubbard.

 

Mac

 

Yes, without a question; This condo won't appreciate or have the security a normal home would. I'm not sure why the ship won't be maintained or insured like a normal condo would be. Are you suggesting that cruise ships don't have insurance? 

[SmoothFlying]

4 hours ago, sanger727 said:

I'm not sure why the ship won't be maintained or insured like a normal condo would be. Are you suggesting that cruise ships don't have insurance? 

Oh no no, I'm quite sure the ship (in the early stages at sea) will have full coverage until later in itslater stages as the years hammer the engines and hull until it reaches the 'age' as ships do that insurance is not financially feasible and becomes cost prohibitive.

 

Mac

[shorne]

10 hours ago, sanger727 said:

Are you suggesting that cruise ships don't have insurance? 

 

Of course they have insurance—for their own purposes, not for yours. You cannot get insurance for a cabin on a ship unless you own the ship. And no insurer, or owner, is going to keep the ship afloat in perpetuity. It's easy to think of a ship as a set of rooms with a swimming pool, while forgetting that it's a vessel sitting in salty water and running heavy machinery that burns a hell of a lot of fuel. In other words, it's going to wear out, probably a lot sooner than many people would expect.

 

Anyone who wanted to buy the use of a cabin on a ship for life would do well to get legal advice before plunking any cash down. As a lawyer, I would certainly consider what would happen if the ship ceased to operate—for whatever reason—during the period of the contract. Because it is just not feasible to insist on specific performance («I DEMAND that you keep running this ship until I shuffle off this mortal coil!»), I would want to include terms to protect the buyer's interest, such as partial reimbursement (backed up by insurance or security of some kind) in the event that it ceases to be operated for more than the brief periods required for ordinary maintenance. I would also seek to negotiate partial reimbursement if death, ill health, or certain other eventualities kept the buyer from using the cabin for a minimum period. (You might not deem the money well spent if you kicked the bucket on your first day in the cabin.) And there's a lot more that I would want to incorporate into this sort of deal. (I'd bet that you hadn't even considered the choice of forum, the choice of laws, the application of admiralty law, and potential jurisdictional issues.)

 

But I think that the idea of dropping $4M on a cabin is foolish, so don't expect me to write up a contract for you, unless you'd like to retain me at standard rates.

 

[fruitmachine]

On a slight aside, I ran a hospitality desk for a couple of days last year on The World.  Same principle, though not as expensive when initially marketed.

It was full of ordinary people with extraordinary amounts of wealth.

 

The most frequent question was about the local HoHo bus...!

[Aquahound]

7 hours ago, fruitmachine said:

On a slight aside, I ran a hospitality desk for a couple of days last year on The World.  Same principle, though not as expensive when initially marketed.

It was full of ordinary people with extraordinary amounts of wealth.

 

The most frequent question was about the local HoHo bus...!

 

I'm not at all surprised to read that because the wealthiest people I know are also the cheapest people I know.  😁

[luckyinpa]

spending 132 K a year for the HOA fee is crazy. i know i dont eat that much nor use that much wifi at home

[Lois R]

On 4/15/2023 at 4:44 PM, SPacificbound said:

Certainly not in that financial position, but if I was I wouldn't spend it in this manner.

 

I kept wondering so what do the kids do when they are in college and mom and dad are out to sea?

Some of don't have any kids.......

[Lois R]

1 hour ago, Lois R said:

Some of don't have any kids.......

I meant to say some us us don't have any kids.

[ontheweb]

3 hours ago, Lois R said:

I meant to say some us us don't have any kids.

I do believe the couple from the original article did have kids, which is probably why the question of what to do when they are in college was asked.