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October 5, 2009updated Feb 08, 2013

Megayacht Auction at the Fort Lauderdale International Boat Show

By Pardhasaradhi Gonuguntla

The Sacks Group Yachting Professionals (TSGYP) are pleased to announce that plans are in progress for a unique event to take place on the closing day of the 2009 Fort Lauderdale International Boat Show. If the 121-foot (36.9m) custom Broward Motor Yacht JAVA has not been purchased prior to this date, she will be sold at auction at 3 pm on Monday, November 2nd. The auction will be held on board the yacht itself, located at The Sacks Group’s display at A-Dock/Dock-1 in the Las Olas Marina.

“This is a rare opportunity for a buyer looking for a reasonably priced, beautifully outfitted and meticulously maintained megayacht,” said Bruce Schattenburg, TSGYP Managing Director/Broker. “At the recent Monaco Yacht Show, we were surprised at the high prices listed for many of the European brokerage yachts on display. We feel that the best deals right now can be found in the U.S., especially with the dollar still weak versus the Euro. JAVA represents an excellent investment for the right owner.”

Auctioneer Kurt Bosshardt of Bosshardt Luxury Collection added: “JAVA is a well-established luxury charter yacht. As a bonus, she already has at least two charters reserved for the coming season, worth in excess of $150,000, which will go with her to the successful bidder, plus many repeat guests have already expressed an interest in returning this year.”

The auction will be open to pre-registered yacht brokers, whose commission will be protected by the rules of the event, Bosshardt said. “Any broker bringing a buyer to the auction, and acting clearly as a disclosed agent of the bidder, will be guaranteed at least a four percent commission.”

If there is no sale pending for JAVA prior to November 2nd, the rules of the auction will be as follows:

1. Auction participants will be required to register and place a fully refundable “participation deposit” of $150,000 in a designated escrow account prior to noon on November 2, in order to inspect the yacht and engage in the bidding.

2. Inspections, walk-throughs and viewing of JAVA will be permitted by registered brokers and buyers from 1 to 3 pm on November 2. The auction will follow immediately afterward.

3. The auction will be conducted on an “open-bid” sequential-order basis, meaning each participant’s bid will be open to review by the other bidders at the event. Each bidder will be entitled to enter his or her bid in the order in which their “participation deposit” was received by the yacht’s Central Listing agents. Bidding will occur in this order until all but one bidder has dropped out.

4. The auction will be subject to a sealed minimum bid; if no bidder reaches the minimum bid, the seller will have the option of accepting the highest bid or canceling the sale and refunding all deposits.

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5. Subject only to clear and marketable title being conveyed to the successful bidder, the auction will be final. An offshore closing can be arranged to accommodate bidders agreeing to remove the yacht, or register her under a foreign jurisdiction.

6. Up until 3 pm on Monday, November 2, the yacht may be sold at private sale, and if so, the auction will be cancelled.

Launched in 1990, JAVA features an elegant contemporary interior that has been updated and refreshed by an extensive refit. She accommodates 10 guests in five staterooms, including a full-beam master suite, two queens and two twins, each with en suite bath. A great entertainer, Java has a formal dining area and an informal Country Kitchen, as well as al fresco dining options. Her spacious sundeck with an eight-person Jacuzzi and her water-sports toys are particularly popular with guests. JAVA is available for charter in the Caribbean this winter starting at U.S. $69,000 per week, plus expenses.

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