THE luxury yacht owned by Chartwell Enterprises boss Graeme Hoy is up for sale in Queensland, but burnt investors shouldn't get their hopes up for a return. Even if 87-foot One Song reaps the $8 million it is worth, Hoy's boat is so heavily financed that little of that will trickle back to investors - or even the receiver, accountancy firm PBB.
On the day that Chartwell investors met administrators at Geelong Town Hall to get the bad news, Grant Torrens International Marine was yesterday making final preparations to take delivery of One Song, which is docked in Brisbane. Grant Torrens sold One Song to Hoy last year. It will take delivery of the yacht tomorrow morning and cruise to the Gold Coast.
"It has just gone on sale with us, and we will have it by lunchtime on Wednesday," said Col McPherson of Grant Torrens. "We are selling it under instructions from the receiver."
One Song was the star of last year's Sydney Boat Show. The leather and wood trimming in its three staterooms is imported, the galley is better appointed than many suburban kitchens, and you can relax in the lounge and watch a flat-screen TV. On clear nights, the roof opens up to reveal the stars.
One Song's sister ship, another Australian-built Warren S87 called Use'n'Too, is listed for sale at $7.95 million. "I am not at liberty to say what the asking price for One Song is at this stage," McPherson said. "We haven't even taken delivery of the boat yet, and are selling under instructions for another party."
McPherson said that when One Song arrives at the company's Sovereign Islands marina, it will be the most expensive boat up for sale.
"We have a boat show here on May 19, with 40 yachts coming for that event. Even in that company, One Song will be the most expensive boat in the marina."
Asked if he would have trouble selling such an expensive boat in the current market, McPherson replied: "Not with the words 'under instructions to sell from the vendor' in the ad."
Rod Slattery, a partner of PBB in Melbourne, confirmed that Hoy's boat, his $900,000 Rolls-Royce and $1.3 million dollar apartment overlooking Corio Bay were all up for sale this month.
"We have taken submissions from parties and have arranged for the sale of each asset," Slattery said.
"I can't confirm who those parties are yet. We have entered into verbal agreements with the parties to sell those assets, but we don't have written agreements with them."
Until Chartwell collapsed late last month, Grant Torrens was chartering One Song on Sydney Harbour for Hoy.
Charters were arranged by Sydney company Australian Charter Services.
Guests paid $72,000 a week to hire One Song, which accommodated just six people in its three staterooms.
For just $12,000, One Song could be hired for 24 hours.
"Be the envy of everyone on the water in one of the finest-looking sports yachts in the world," read the charter ad.
"Picture you and your guests under the star-lit sky, roof open, cool air rushing across the floor as you are pampered (by) your crew in shameless seduction."
McPherson said most of One Song's clients were corporate. "It was used for a lot of functions, taking clients out on Sydney Harbour, that type of thing," McPherson said. "It really is a beautiful boat."
Hoy traded in his previous boat, a $2 million Riviera, for One Song last year. According to a source in the boat industry, the financing of Hoy's $900,000 Rolls-Royce was part of that previous Riviera deal, and complicated the later purchase of One Song. Continued…
