princess yachts bought

By SuperyachtNews 14 Feb 2023

Princess Yachts sold to US investor

Britain’s largest luxury yacht builder has been bought by a us-based private equity firm  ….

Plymouth-based Princess Yachts , the UK's largest luxury boatbuilder, has been sold to KPS Capital Partners, a US-based private equity firm. L Catterton, the previous private equity owner, put Princess up for sale in 2022 and reportedly hired bankers at Macquarie to find a buyer. In February 2023, Princess confirmed that KPS had entered into a definitive agreement to acquire a controlling equity interest in the business.

KPS is a New York-based private equity giant with approximately $14.4 billion of capital under management, as of September 2022. It makes controlling equity investments in manufacturing companies in North America and Europe. In 2019, KPS acquired the fitness equipment business of Brunswick Corporation, including the Life Fitness brand, for $490 million in cash.

Existing shareholders will retain ownership in Princess, with the transaction expected to be completed in the first quarter of 2023. Princess had previously announced expansion plans in the South West region of the UK, as part of the successful bid by Plymouth city council to create a freeport. The company believes that the new investment from KPS will help support these plans and reinforce the unique national and international marine capabilities that reside in Plymouth and the wider region.

The Princess business was founded in 1965 and distributes through a 50-strong global network. It had been backed by L Catterton and its predecessor entity since 2008. KPS's investment in Princess will accelerate the company's growth trajectory and fund numerous investments for its future. Ryan Harrison, a partner of KPS Mid-Cap Investments, says, "We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in the British tradition, a remarkable and growing product range, and world-wide reputation for quality and innovation."

Antony Sheriff, Princess Yachts' chief executive, adds, "We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the company's future while continuing to further strengthen our portfolio of best-in-class motor yachts. With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position."

The partnership with KPS gives Princess Yachts access to KPS's manufacturing expertise and its experience investing in leading brands. This is expected to help Princess accelerate a range of growth and operational initiatives to build upon its long and successful history. KPS's investment in Princess Yachts is a testament to the company's strength, quality, and innovation in the luxury yacht industry. It also reflects the growing confidence in the superyacht market, as seen by the increasing number of investments in this sector.

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Princess Yachts sold to US-based KPS group

This definitive agreement will lead KPS Capital Partners to acquire a controlling equity interest in the historic company which, founded in 1965, has been owned by the private equity group L Catterto since 2002. The deal is expected to be completed in the first quarter of 2023 and will see existing shareholders retain ownership of the company.

The announcement comes after the company unveiled its expansion plans just last year, which also include the construction of a new facility in Devonport; an absolutely strategic operation then, as Princess itself confirms: “ it iwll help support these plans and reinforce the unique national and international marine capabilities that reside in Plymouth and the wider SouthWest region”.

KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future. We look forward to working with Princess’ existing stockholders, Chief Executive Officer, Antony Sheriff, the senior leadership team, and the talented employee base at Princess Yachts”.

Antony Sheriff, Chief Executive Officer of Princess Yachts, adds: “We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the Company’s future while continuing to further strengthen our portfolio of best-in-class motor yachts.

With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position. Together with KPS’ tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation. Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”

It goes without saying that, at a time in history marked by great uncertainty, this acquisition lays a solid foundation for the future of Princess Yachts, which will be able to quickly return to meeting the needs of its customers from around the world.

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Plymouth's Princess Yachts likely to be sold to US private equity giant

A deal to sell the UK's largest luxury boat maker could be struck as soon as this week

• 12:56, 13 FEB 2023

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Speculation is mounting that Plymouth-based luxury boat-builder Princess Yachts is about to be sold to a US private equity business. The company has told PlymouthLive that it is unable to comment at this point but it is understood a deal could be struck this week.

In May 2022, PlymouthLive reported that Princess Yachts’ private equity owner L Catterton had hired bankers to find a buyer . Now it seems US private equity investor KPS Capital Partners is in the frame to acquire the UK’s largest luxury boat maker.

For more than 30 years, KPS has been acquiring manufacturing businesses in sectors producing such as branded consumer goods, healthcare and luxury products, automotive parts, capital equipment and in general manufacturing. The New York-headquartered business has about UD$14.1bn of assets under management.

KPS’ portfolio of companies generates total annual revenues of about US$22bn, operates 232 manufacturing facilities in 27 countries and combined have about 53,000 employees. KPS said it creates value “almost exclusively through operational and performance improvement”. It bought Tiger Woods-backed TaylorMade Golf from Adidas in 2017 for US$425m and sold it four years later to South Korean private equity firm Centroid Investment Partners for US$1.7bn.

In 2008 Princess Yachts was acquired by L Capital 2 FCPR, an investment group co-sponsored by LVMH (Moët Hennessy Louis Vuitton) and Groupe Arnault. In January 2016, L Capital merged with Catterton to become L Catterton, now recognised as the largest global consumer-focused investment firm.

Last year, there was intense speculation that L Catterton had hired bankers at Macquarie to find a buyer for the Plymouth manufacturer. At the time, Princess Yachts told PlymouthLive it was looking to start discussions with potential investors. It said this was to provide financial support needed to build a huge new factory at its Devonport operation. In late 2021, PlymouthLive revealed Princess Yachts wants to build another factory in Plymouth’s freeport area in the South Yard so it can produce more vessels, employ more people and fulfil a US$1bn order book. The company was also undergoing a sales boost, now selling more than 300 boats annually.

Princess Yachts has just returned from Europe’s largest boat show Boot Düsseldorf , in Germany, It used the show to debut its new S72 vessel and also showed off seven vessels at the eight-day show, including the X80, F65, Y85, V40, F45 and S62.

In 2022 Princess Yachts said it was embarking on a three-year plan to launch lots of new models as its order book remained packed and its factory unable to take on any new work until 2024. The Stonehouse-headquartered company said it will be further investing in new products and has “bold plans” to increase capacity, having already announced it wants to build a new plant at Devonport.

In December, the company entertained potential customers in Plymouth when they showed off the new £12m Y95. Potential customers flew in from the USA, Middle East, Asia and across Europe to tour the vessel while it was moored at the Royal William Yard’s marina.

At 95 feet in length the boat is just short of superyacht status. The first Y95, known in the industry as “slot 1”, was moored at the marina prior to being collected by its new owner and transported to Asia on a cargo ship. Princess Yachts took the opportunity to show it off to invited guests - and received orders for more Y95s.

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Luxury boat builder Princess Yachts taken over by US private equity firm

Plymouth-based Princess Yachts said the deal would take the business to the ‘next level’

• 11:25, 14 FEB 2023

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A US investment firm has acquired a controlling interest in the UK’s largest luxury boat builder Princess Yachts for an undisclosed sum.

The Devon-based manufacturer has reached an agreement with KPS Capital Partners, a former backer of golf equipment maker TaylorMade.

Completion of the transaction is expected in the first quarter of this year, subject to customary closing conditions and approvals, with existing Princess Yachts stockholders to retain ownership in the company.

Princess Yachts sells yachts to a global network of independent distributors, employing around 3,200 staff and operating five manufacturing facilities in Plymouth.

Chief executive Antony Sheriff said both parties were “deeply committed” to investing in the company's future and adding to its range of yachts.

Mr Sheriff said: “With a current order book nearing a record $1bn (£820.2m) and many model lines sold into 2025, we have never been in a stronger commercial position.

“Together with KPS' tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation.”

Ryan Harrison, a partner of KPS mid-cap investments, added: "We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation.”

In its most recent full-year financial report Princess Yachts almost halved its losses during 2021 to £19.2m. During the period revenue of £312.4m sailed past the previous year’s total of £244.4m, despite “significant headwinds” for production such as the Covid-19 “pingdemic”.

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British luxury yacht-builder Princess sets sail to find new owners

The appointment of bankers to find a buyer for Princess Yachts comes after some of the world's most valuable vessels were seized by authorities enforcing Russian sanctions, Sky News learns.

City editor @MarkKleinmanSky

Friday 27 May 2022 14:05, UK

Britain's biggest luxury yacht-builder is being put up for sale even as a string of the world's most valuable private vessels are being seized by governments clamping down on their sanctioned Russian owners.

Sky News has learnt that L Catterton, the private equity group, has hired bankers at Macquarie to find a buyer for Plymouth-based Princess Yachts .

A formal process is yet to get under way but is expected in the coming months, according to City sources.

Princess's valuation was unclear on Friday, although one insider indicated that it was unlikely to represent one of L Catterton's most successful exits.

The business was founded in 1965, and distributes through a 50-strong global network.

It has been backed by L Catterton and its predecessor entity since 2008, making it a lengthy period of ownership by the standards of private equity backers.

Princess's boats have become symbols of luxury among the world's super-rich, although in recent months a number of yachts have been seized by authorities around the world as they seek to prevent sanctioned Russians from retaining their most prized assets.

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During the pandemic, it negotiated a cash injection from its controlling shareholder as well as a refinancing of its debt.

L Catterton was formed in 2016 from a partnership involving LVMH - the luxury goods manufacturer which is in the process of acquiring Tiffany - and Bernard Arnault, the tycoon who heads the French conglomerate and ranks among the world's wealthiest people.

Spokespeople for L Catterton and Macquarie both declined to comment.

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Princess Yachts bought by investment group

Leading British boatbuilder to be bought out by investment group, subject to antitrust approvals

Princess Yachts International, makers of Princess motorboats, is to be acquired by an investment group called L Capital 2 FCPR for an estimated £200m.

The consortium, sponsored by Groupe Arnault, the investment vehicle of French billionaire Bernard Arnault, and LVMH, the luxury goods company he runs, signed the agreement to proceed with the sale on 30 May.

The deal is now subject to antitrust approvals, and it is thought it might be finalised by early July.

The company’s owner, South African billionaire Graham Beck, is understood to have instructed Cavendish Corporate Finance to find a buyer for the business last year. Beck has owned Princess since 1981 when his Kangra Holdings bought the publicly listed Renwick Group, which then owned Marine Projects, the former name of Princess.

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In a latter to employees, David King, current MD of Princess, said that, from 1 July, he would become executive chairman, Chris Gates would become MD, and Will Green would become sales director alongside David Pyle.

“L Capital has recognized in Princess one of the leading yacht companies in the world, with a long-standing tradition of building modern, sophisticated, high quality yachts with excellent seakeeping, under the leadership of a remarkable group of managers”, said Daniel Piette, chairman of L Capital and member of the Executive Committee of LVMH.

David King, founder of Princess, added: “This new partnership will bring lots of opportunities for Princess. We could not have found a better partner who shares our vision for growth and who will help us develop a stand alone business that benefits from the expertise of its sponsors.”

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Princess Yachts Purchased by U.S. Investor

Britain's largest yacht manufacturer has been purchased by a U.S. private equity firm.

Princess Yachts , who have been a figurehead in Plymouth, England since their launch in 1965, was made available for purchase by private equity group L Catterton in 2022, who purchased the brand in 2008, and have now been acquired by U.S. based KPS Capital Partners .

The deal will provide KPS with a controlling interest in the company once the agreement is finalized in the first quarter of 2023. Terms of the deal were not disclosed.

In a press release , Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, "We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation. KPS' investment will accelerate Princess' growth trajectory and fund numerous investments for its future."

"We look forward to working with Princess' existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts," he added.

Antony Sheriff, Chief Executive Officer of Princess Yachts, also stated, "We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the Company's future while continuing to further strengthen our portfolio of best-in-class motor yachts. With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position."

"Together with KPS' tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation. Under KPS' ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history."

KPS is based in New York and has an extensive portfolio in manufacturing assets across North America and Europe. The firm currently holds approximately $14.4 billion of capital under their management.

This is not KPS' first foray into marine acquisitions, although their first purchase was only tangential. In 2019, KPS purchased the fitness equipment business owned by Brunswick Corporation , who are the marine industry's largest conglomerate and own such brands as Mercury Marine and Sea Ray, for $490 million. KPS also holds stakes in Briggs & Stratton , the world's largest producer of gasoline engines for outdoor equipment, and Autokiniton Global Group , a major automotive parts supplier.

Princess Yachts, meanwhile, is currently holding a flush order book of over $1.1 billion and recently unveiled a new flagship model - the Princess Y95 . The company experienced record sales over the last two years, taking over 300 orders in 2021 alone and requiring the company to expand manufacturing capability at their shipyard. They currently employ over 3200 people across five different manufacturing facilities around Plymouth, England.

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Princess Yachts Make for a Pleasurable Cruising & Ownership Experience

Aug 4, 2022 | Magazine , News , Princess Yachts | 0 comments

“I’ve never bought a new Princess,” begins Craig Kushner. Although he prefaced the discussion with these six words, we soon learned that his experiences with Princess Yachts —like the experiences of new Princess owners—is unsurpassed in every expectation. For Craig and his wife Hilary, it all started in 2003 with a photograph of a new Princess V50. “I fell in love with that boat at first glance,” Craig recalls. “The look was so sexy, and I loved it!”

The Kushner’s previous Princess, a V50

The following year, the Kushners fulfilled their dream and purchased a one year old Princess V50 (at the time, a Viking Sport Cruisers model). After a decade of enjoyment aboard their V50 and flawless support through the years, they sold it in 2014 and purchased a different motoryacht. All the while, Hilary missed owning a Princess and eventually it became clear they needed to find another to call their own. Tapping the expertise of Bluewater’s Chuck Meyers , the Kushners spent a portion of 2020 looking for their next Princess yacht.

“When searching for our next Princess, I thought sixty feet would be the largest boat I could handle as a captain,” Craig explains. Although one deal fell through, Meyers helped lead the Kushners to a late model 60’ flybridge owned by his clients who were building a new, larger Princess. “We closed on our Princess at the end of 2020 and Chuck Meyers was great throughout the whole process,” Craig explains. “He’s not a salesman, he’s an honest person who is extremely knowledgeable about the boats. He never sold to us, he let us buy.”

After taking delivery of their Princess, they had the name applied to the transom: Kush . Craig laughs, “I get a lot of funny looks and questions about the name of our boat because these days it’s slang for marijuana.” As it turns out, Kush is simply a long-running nickname that began with Craig’s father when he was a young man. “It all started with my dad, and for many years my nickname was Kush as well. Then it was passed on to the kids and I stopped answering to Kush because it became too confusing.”

As for the boat, “It was in phenomenal condition—better than advertised,” Craig recounts.

“Princess is the ‘gold standard’ and when you own one, new or used, what you get from Princess America is fantastic!”

Craig and Hilary use their Princess as a floating condo, splitting their year in half between Annapolis and Palm Beach. When in Florida, they enjoy cruising to the Keys and marina hopping, while their time in Annapolis is spent traveling the Chesapeake. Craig jokes, “Our boat has autopilot from Annapolis to St. Michaels every single week.” Their favorite restaurant is The Crab Claw, situated near the Chesapeake Bay Maritime Museum on the Miles River, which they visit more than once per week. “There’s only two slips I can fit our Princess 60 in at the dock and one is reserved for me, and one is reserved for my friend who also pilots a larger motoryacht,” Craig explains. “If they know we’re coming, they keep those slips open just for us.” The Kushners also enjoy their biannual cruise along the coast from Maryland to Florida, stopping in at all the great ports along the way, including Charleston, Hilton Head, Fernandina Beach, St. Augustine and more. “I thought my limit as an owner-operator would be 60-feet, but after a few months, I realize we can go bigger,” Craig explains. The Princess is very easy to maneuver and a joy to pilot for short and long distances. “In a year or two, we’ll be looking between 68 and 72-feet for our next Princess,” Craig says.

Craig and Hilary are looking forward to their next Princess as they continue enjoying their current, knowing that no matter what may come, Bluewater Yacht Sales , Chuck Meyers , and Princess Yachts America are all there and ready to ensure the best ownership experience possible, now and into the future.

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Princess Yachts

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality, and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering, and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.   www.princessyachts.com

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Mar 15, 2023 KPS Capital Partners Completes Acquisition of the Controlling Ownership of Princess Yachts

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Trump Princess: Inside Donald Trump’s lavish 86m superyacht

BOAT dives into the archives to tell the full story of how Donald Trump bought the 86 metre Benetti superyacht Nabila and transformed her into Trump Princess .

“A certain level of quality.” That is the phrase that Donald Trump returns to again and again to explain just why he bought Adnan Khashoggi’s 86 metre yacht Nabila . And an explanation is needed.

After all, Trump doesn’t water-ski or go in for swimming in a big way, and he’s always tried to avoid the sun. As a matter of fact, he has never owned a big boat before. He doesn’t even particularly like boats. “I’m not into them,” he says with a shrug, “I’ve been on friends’ boats before and couldn’t get off fast enough.”

So why spend close to $30million on a yacht? Trump will admit that she is an “incredible toy”, even “the ultimate toy”. But words like that make the whole venture seem frivolous, so he prefers to refer to the boat which he has re-named Trump Princess , as “a work of art.” And what makes her a work of art is, of course, the “level of quality”.

To really appreciate the level of quality, Trump says you have to see the interior. That is where Khashoggi lavished money with utter abandon. Trump points out, for example, the walls of the cabins covered in chamois leather and bird’s eye maple.

Bathrooms are done not in marble but in onyx — and not just any onyx either, but onyx hand-carved by the finest craftsmen in Italy. Donald Trump bought Trump Princess , he says, “because I was buying a great piece of art at a ridiculously low price”.

Unlike Trump, Adnan Khashoggi has always had a thing about boats. The arms dealer, who took advantage of connections with the Saudi royal family to amass a fortune worth around $3billion at its peak, acquired his first yacht when he was 18 and traded up as his wealth increased.

In the 1970s Khashoggi owned two yachts and while these were impressive, neither made quite the naked assertion of fantastic wealth he required, so he commissioned the British designer Jon Bannenberg to design the most sumptuous, the most incredible yacht the world has seen.

“He wanted the best yacht in the world,” says Bannenberg, “and we achieved that at the time.” The vessel Bannenberg created cost $35million to build, but Khashoggi also commissioned Italian designer Luigi Sturchio to produce the interior and that is believed to have cost more than the yacht itself.

“No-one really knows what she originally cost,” says Jonathan Beckett , CEO of Burgess , the broker that arranged the sale to Trump. Named Nabila , after Khashoggi’s only daughter, the vessel was launched in 1980. Insisting that she be totally self-contained, Khashoggi had included in the specification everything from a patisserie and three-chair hair salon to a screening room with an 800-film library and a hospital with an operating theatre.

There is accommodation for a crew of 52 people. To get to and from shore, there is a helicopter landing pad and a pair of nine metre tenders. Fuel tanks holding 618,256 litres of diesel give a maximum range of 8,500 nautical miles at the cruising speed of 17.5 knots. Three water-makers produce 45,000 litres of fresh water a day from the ocean and six mammoth refrigerators carry a three-month supply of food for 100 people.

Many of Khashoggi’s most lavish parties took place aboard Nabila , but the yacht was also an invaluable business instrument. Not only movie stars but also political leaders and diplomats were invited aboard. On one occasion five heads of state — including three kings — were entertained simultaneously.

Often, Nabila ’s guests were Arab princes as well as European and American businessmen of all descriptions. Ensconced in the various suites, they used the 150 telephones and the satellite communications system to arrange arms sales and commodities trades. When contracts were ready to be signed, the yacht could quickly slip into international waters, where sovereign restrictions on business transactions do not apply. On many occasions, several deals were conducted simultaneously, in different suites.

A tour of the entire yacht, which has five decks and some 100 separate areas, would take too long, but a description just of the owner’s suite  should be sufficient to give an idea of the exquisite luxury on board Trump Princess .

The bedroom occupies the full beam of the hull. It has a tortoiseshell ceiling, a three metre wide bed, and bedside remote controls for the entertainment centre, for room service, even for the curtains. It also has a secret exit.

From the bedroom, we head down a corridor past a mirrored dressing room and into Trump's bathroom, where the onyx floor tiles are carved in a sunburst pattern. To one side is a room with the owner’s barber chair. Next to that is the shower and sauna. The shower has 13 nozzles and is carved in the shape of a scallop shell from a single piece of onyx — a task that took a team of workers a year to complete.

From the bathroom we proceed into Trump’s television area, then into his large sitting area, panelled in the inevitable chamois leather. From there we take the owner’s private elevator (there is another one for guests and a third for crew) to his private sundeck .

An enclosed section houses the bar, pantry, video games, and another sauna and shower. Outside, behind bullet-proof glass, sits a circular swimming pool that measures 2.4 metres in diameter.

That may seem a bit small, but there is a water jet so you can swim all day against the current and never reach the other side. A hydraulic lift raises the sunbed high above anyone else on the boat, enabling the sunbather to bask in total privacy.

When Khashoggi’s empire began to crumble during the mid-1980s, he procured a loan for $50million, putting up Nabila as collateral. When Khashoggi defaulted on his loan in 1987, a Swiss holding company took possession of the yacht. She was therefore placed in the hands of Burgess with instructions to dispose of the yacht quickly at an asking price of $50million.

In September 1987, almost as soon as he learned that Nabila was for sale, Donald Trump made a cash bid for the yacht. Burgess had already received two other offers, one of which was equal to that made by Trump, but subject to several conditions. Jonathan Beckett flew to New York and countered Trump’s offer with a proposal of $32million. Trump responded with $28million, and half an hour later he had agreed to pay $30million — for a yacht he had never boarded.

As soon as the news was broken, Beckett was suddenly deluged with higher offers from potential buyers who had been sitting on the fence. Meanwhile, Trump was arranging to pay less. He was contacted on behalf of Khashoggi, who was said to be upset that his daughter’s name would now be on a yacht belonging to someone else. Negotiations ensued and Trump agreed to rename the boat Trump Princess if the cost were reduced by about $1million. “He got an unbelievable deal, in retrospect,” says Beckett.

Trump then spent $8.5million having the yacht refitted in the Netherlands by Amels who repainted the hull, rebuilt the main engines and replaced 320 metres of chamois leather. One of the more garish cabins became the children’s room and the hair salon a cloakroom.

Renamed Trump Princess , the yacht, which Trump says will cost about $2.5million a year to operate, set sail from the Azores in June 1988 and arrived in New York on July 4 in time for the huge party the Trumps threw on it that night.

In addition to private cruising with his family, Trump, like Khashoggi, uses Trump Princess as a business instrument — though in a somewhat different fashion. Trump Princess spends the summer months cruising the East Coast from her base in Atlantic City, where she docks at the marina in full view of Trump’s Castle Hotel. Trump makes the boat available for selected charities and “very high rollers who spend millions of dollars a year in the casinos”.

“There is a whole market there,” Trump explains. “While I was building Farley Marina, I was trying to get the boat, because I knew that she would blow everybody’s mind. She would become a spectacle.”

But that is what Trump Princess has been all along — a spectacular statement of astronomic wealth, a massive piece of equipment designed to arouse envy in those who behold it. Khashoggi had stipulated that the boat be huge enough to intimidate even the owners of the big yachts — and it does.

A few years ago, a friend of Trump’s was at the helm of his own very large yacht in the Mediterranean — and feeling quite proud — when Nabila roared by, practically swamping him. “He said it gave him a total inferiority complex,” Trump says. And that, no doubt, is another reason Trump bought her.

First published in 1989 as part of The Superyachts Vol. 2

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The story of Donald Trump’s superyacht: The Trump Princess

Donald Trump loves a good deal

In 1988, the successful businessman Donald Trump bought the 86m Benetti build superyacht Nabila . He renamed her Trump Princess and used it until 1991.

For a superyacht built in 1980, Nabila was an impressive vessel. She was built for Saudi billionaire Adnan Khashoggi that paid $100 million for it and named after his daughter. Khashoggi is known for his involvement in arms dealing. His net worth was around $4 billion in the early 1980's.

When Khashoggi ran into financial trouble in the mid-1980's he took a loan of $50 million and put Nabila as collateral. He defaulted on the loan in 1987 and a Swiss holding company took possession of the yacht. It was placed with yacht specialist Burgess for a quick sale at an asking price of $50 million.

Learning that Nabila is for sale, Trump made a bid. Burgess had already two other offers, but Trump's bid was more appealing. A Burgess agent flew to New York and made Trump a proposal for $32 million. The sale was settled at $30 million. A bargain, for a yacht he never set foot on.

Trump refitted the vessel and named it Trump Princess .

Why did Trump buy the yacht? He does not like water sports, he's not keen on swimming and always tried to avoid the sun. He never owned a big boat before. He doesn't even like boats.

He was charmed by a "certain level of quality" and admitted that it's an incredible toy and a work of art. "I was buying a great piece of art at a ridiculously low price."

Unlike Trump, Khashoggi loved boats. He acquired his first yacht when his was 18 and traded up as his wealth increased.

In the 70's he owned two yachts but wanted something out of this world. So, he commissioned British designer Jon Bannenberg to draw the most impressive and sumptuous yacht.

Khashoggi didn't stop here he employed Italian designer Luigi Sturchio to produce an interior that is believed to have cost more than the yacht itself.

Also, he wanted the ship to be completely self-contained and included everything in the specifications: from a patisserie and a hair salon to a cinema room with an 800-film library and a hospital with an operating room.

Nabila had crew quarters for a staff of 52 people. It had a helicopter landing pad and two nine meter tenders. The fuel tanks were big enough for 8,500 nautical miles when cruising at 17.5 knots. It had three water-makers capable to produce 45.000 liters of fresh water from the ocean. Also, it had six huge refrigerators that could store a three-month supply of food for 100 people.

For Khashoggi and later for Trump, this vessel was an invaluable business instrument. Movie stars, political leaders and diplomats were invited on board. It is believed the yacht had 150 telephones and satellite communications in order for business sales to be arranged.

The yacht has five decks and more than 100 separate areas. The owner's suite is a full-beam area with a three meter wide bed. It has a dressing room and an impressive bathroom with onyx tiles. Next to the bedroom, there is a television room, a large sitting area and a private elevator that takes the owner to his private sundeck. The yacht has another two elevators on board, one for guests, one for crew.

Trump spent another $8.5 million for refitting the yacht at Amels in the Netherlands. Renamed Trump Princess , she set sail from the Azores to arrive in New York on July 4, 1988, in time for a huge party Trump threw on the yacht.

Like the previous owner, Trump used the yacht mostly for business. But not for long. In 1991, Trump sold the ship to Saudi Prince Al-Waleed bin Talal for $20 million. The Prince renamed the yacht Kingdom 5KR , the name under she still sails today.

For more about Donald Trump's Joy Rides click here .