30 October 2009 - The Wall Street Journal

Hedge Funder Buys World’s Largest Sailing Yacht

At least someone is buying megayachts.

Wealth Report readers will recall the August sale of Maltese Falcon, the 290-foot square-rig–and the largest private sailing yacht in the world–that was built by venture-capitalist Tom Perkins. At the time the rumored sale price was around $90 million to $100 million.

Since then, there have been all kinds of rumors about the buyer. Initial reports said the buyer was Russian. Other reports said it was a British hedge funder.

Wealth Report can now confirm an unsourced report on Yachtpals, that the buyer was Elena Ambrosiadou, founder of the hedge fund Ikos Partners.

The sale price: $120 million.

Through the yacht broker on the deal, Ms. Ambrosiadou confirmed the sale and the purchase price. She shies away from the term “owner” (even though she bought it) preferring to call herself the “caretaker” of Mr. Perkins’ unique creation. The yacht is still available for charter through Burgess, the broker on the deal, for 378,000 euros a week, or roughly $550,000.

So who is Ms. Ambrosiadou? Media reports from 2008 say the Greece-born hedge funder was the highest paid woman and wealthiest female entrepreneur in Britain. The British press estimated her net worth last year at 200 million pounds ($327.5 million), though she is probably worth far more if she could afford to plunk down $120 million for a boat.

She recently moved her fund to Cyprus, according to press reports, to avoid Britain’s new tax increase and rules for nondomiciled residents. Her fund strategy is reportedly based on computer trading models.

Beyond that little is known. Yacht industry insiders say they don’t recall Ms. Ambrosiadou ever owning a yacht before–or even a small vessel. But since she was born and raised in Thessalonika, I would guess she knows her way around a sail boat.

Besides, Maltese can be sailed by computer, which should be a breeze for its new owner.

Posted by Robert Frank

Tags: Maltese Falcon , Robert Frank

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