Multi-millionaires who have lost big in the credit crunch are probably on the lookout for purchases that will rebuild their self-esteem. On that front, it seems difficult to do better than buying Saddam Hussein’s yacht, which is being auctioned off by the Iraqi government.
Assets include swimming pools, a surgical theatre, a helipad, and an escape tunnel and submarine. Problems include the lack of a gym and a decor that “may not suit all tastes.” Like the baby shoes in the extremely short story by Ernest Hemmingway, the yacht was never used – apparently because Saddam was fearful that leaving Iraq would cause political instability.
Are there people who “lost big in the credit crunch” but still have $35m?
The ones who only need an ego-boost do.
“an escape tunnel and submarine?”
Both practical and impressive.
Iraq fails to sell Saddam’s yacht
The Iraqi government’s attempts to sell a luxury yacht that once belonged to Saddam Hussein have foundered.
Despite features including a missile launcher and operating theatre, no-one was willing to pay $30m for the 82m (270ft) Basrah Breeze.
This is an o.k. example of “illiquid assets” – assets that are not sold at the current market price because of the perception of increased market price in the future, and because the seller has the good fortune of not being in a situation of needing to sell. In these cases the market price is set by those who must sell because of extenuation circumstances.
Or, maybe it’s just too ugly.
It would be useful to know how much compatable non-Saddam yachts are selling for. That would indicate whether people who actually buy yachts consider the Saddam-factor an advantage of a disadvantage.