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22 August 2017

50m Christensen ‘Silver Lining’ listed for sale

By Felix Sowerbutts

The owner of the 50m Christensen-built motoryacht, Silver Lining, has listed the boat for sale with IYC and Peter Kehoe and Associates for $34 million, despite only taking delivery earlier this year.

Christensen had been previously – and allegedly – forced into a state of receivership by the current yard owner, Henry Luken. The yard temporarily closed in February and March 2015 before the company’s remaining assets were bought by Luken at a rock-bottom price of $5.5 million, according to numerous reports, although this has not been confirmed. 

The launch of Silver Lining, a year and three months after Christensen’s employees had lost their jobs as a result of the yard’s closure, was symbolic of its return to top-quality yacht-building. “The millwork at Christensen is, and always has been, excellent and the yard is very well-known for that,” said listing broker Frank Grzeszczak, sales consultant and partner US of IYC, in an exclusive conversation with SuperyachtNews

Silver Lining is one of only a handful of 50m+ yachts in the world that is built from fibre-reinforced plastic (FRP). The mould was initially intended to sit below the regulatory 500-gross ton threshold, but the owner was adamant on having extra volume, so she is 580-gross tons. 

“You can really feel it in different areas of the boat,” continued Grzeszczak. “In the dining room, there is an extra three feet in length, so there’s not a confined seating area like you have on a lot of boats this size. You can also really feel it in the salon, sky lounge and deck space aft. It has been evenly distributed throughout the boat and I think it has also improved the profile of the boat.”

Of the many notable features on board, Grzeszczak highlights two of distinction: the elevator, accessing all decks, including the sun deck, and the touch-and-go helipad, which has a 1,000-gallon helicopter fuel tank and is class-approved.

Grzeszczak has noticed that there is a relative dearth of “late-model” boats for sale in the United States. “Silver Lining is a great listing to have because there is very little product of this age and quality available. I would like to think that this boat will be sold by the Fort Lauderdale boat show. For someone looking for a six-stateroom boat, this is the perfect option.”

Grzeszczak mentioned that the US market is “very strong” at the moment. “The strength of the stock market and our economy are having a huge effect on the industry – and other industries, from new construction homes to cars. There is a lot of money out there at the moment.

“Is it the Trump effect?” Grzeszczak asks. “Maybe. Or, perhaps it is the result of the economic policy of the Obama era coming to fruition. It might be a combination of the two. It would be difficult to say who should get the credit for the thriving markets we are enjoying right now, so I will leave that to the economists to decide.

"In addition to stock market gains, some of our clientele may be choosing to purchase or charter private luxury yachts for the added level of privacy and security. With the rise of incidents occurring worldwide, many of our clients are hesitant to travel to once popular tourist destinations and don’t feel safe at even the most luxurious five-star resorts. The robust stock market has put a lot of money into the marketplace and we’re having a lot of success as a result, in sales and charter.”

IYC is expecting to open another office in Palm Beach, imminently, to fortify its presence in the bustling US market.

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