CNNMoney.com 8.16.10 Toys of the ultra rich: what they cost Mega Yacht Purchase price: $6,750,000 Yearly operating costs: $1.025 million This 127-foot used mega yacht can be picked up for $6.7 million, a relative bargain. But it could cost over $1 million a year to run, said Justin Onofrietti, the broker at Fort. Lauderdale, Fla.-based Denison Yacht Sales that's selling the ship. While actual costs will vary depending on use and location, Onofrietti said the captain on a typical yacht could make $145,000 a year, with an additional $70,000 for the first mate, $55,000 for the cook and $35,000 for the stewardess. Throw in another $180,000 a year for fuel, $240,000 in dock fees and $300,000 in insurance, and it's easy to see why this is a rich man's hobby.
Private jet Purchase price: $50.5 million Yearly operating costs: $2.5 million The Gulfstream G550 is one of the most sought-after long-range private jets. Usually used by businesses, it's also popular among very wealthy individuals. But it doesn't come cheap. If flown often, it will burn through nearly a million dollars a year in fuel alone, according to the aviation research firm Conklin & de Decker. Crew, maintenance, insurance and hanger costs add another million. Many wealthy jetsetters are opting for partial jet ownership or buying prepaid flight cards priced by the hour. But even those cost-saving options are no bargain. Steven Kaye, a New Jersey-based wealth manager, said one of his clients recently booked a round trip jet to Rome for two. The cost: $180,000.
Helicopter Purchase price: $6.5 million Annual operating costs: $1 million Can't afford the private jet? How about the much more affordable personal helicopter? You might have to fly commercial but at least you won't have to take a cab to the airport. And the operating costs are also easier on the wallet: This Bell 430, a top-of-the-line executive model, will eat up a mere $200,000 a year in fuel, $338,000 in maintenance costs, $216,000 in crew salaries and $150,000 in hanger and insurance costs, according to the aviation research firm Conklin & de Decker. Exotic car and driver Purchase price: $380,000 Yearly operating costs: $70,000 or higher Just parking an exotic automobile at a garage in midtown Manhattan will cost north of $8,000 a year
-- more than most Americans spend on actual car payments. Then there's insurance, which on this $380,000 Rolls Royce Phantom will run around $8,400 a year, according to Hagerty Insurance. Private island Purchase price: $55 million Annual operating costs: $200,000 and up This 681-acre Bahamas island boasts an airstrip, a seven-bedroom timber frame main house, and two staff houses. Maintaining an island like this requires one engineer to run the water and electrical systems and two groundskeepers, at a minimum, said George Damianos, the Sotheby's broker selling it. Operating costs can exceed a million dollars on islands with bigger homes, said Damianos, especially since everything has to be shipped in. But despite their high costs, private islands remain popular among ultra-rich clients. "After you have your jet and your yacht, what else is there to get?" asked Damianos. "Your own private island."
Personal chef Annual cost: $80,000 to $150,000 Who doesn't fantasize about having their own private cook, with tasty meals whipped up on a whim? But a personal chef is one of the most expensive of all domestic staff, commanding anywhere from $80,000 to $150,000 a year plus benefits, said Robin Kellner, who runs her own luxury staffing agency. And it's not just cooks who command big bucks. Kellner said a popular household staff hire is a personal assistant, who pulls in anywhere from $65,000 to $120,000 a year. A nanny gets $50,000 to $80,000, while a maid might earn $40,000 to $70,000 and a property manager could get $75,000 to $90,000. Kellner said that while most of her clients have four or five staffers, an ultra rich person could employ dozens of them at properties around the world.
Vacation Twelve-day European tour: $36,097, plus expenses and airfare. A single night in the Royal Suite at The Ritz London costs a whopping $5,863. And that's only the first stop on a three-city tour taking in London, Paris and Rome put together by ultra-lux agency Leading Hotels of the World. The sojourn includes a private tour of the Louvre, Colosseum and Sistine Chapel. But let's face it, better set aside more than $36,000 for vacations. If you're super-rich, you're taking more than one of these a year. Country club Initiation fee: $500,000 Yearly membership: $25,000 At Liberty National $25,000 a year and the hefty upfront fee buys members exclusive access: The
club is within a golf shot of the Statue of Liberty, the 200-member limit ensures there's never a wait to play and there's a private yacht to whisk golfers to and from Manhattan. Boat not fast enough for you? The club also has a helipad. "It gets used a couple times a day," said club manager Martel Meyer. "Mostly people going out to the Hamptons." But even at $25,000 a year, caddies and golf carts are still extra. Designer Clothing Annual costs: $100,000 Forget the outlet mall. When you're ultra rich, you'll fork out at least $50,000 a season on clothes, said celebrity stylist Amanda Sanders. Where does that money go? Sanders said a high-end men's suit -- think Tom Ford or Kiton -- will run at least $7,000. Custom, they're more like $10,000. For a top-of-the-line watch, expect to spend north of a hundred grand. Women's clothes cost even more. A couture gown can run more than $20,000. And hair? Extensions, cut and color can cost $7,000.