I recall my father sharing some wise words with me, “Having a friend with a boat is better than owning one.” Although this advice turned out to be a borrowed quote from a Kevin Kelly book, its truthfulness remains unchanged. Even if you’re as wealthy as the Australian Dial-a-Dump billionaire Ian Malouf, the expenses of operating a watercraft are enough to get anyone’s pulse racing.
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Ian Malouf and daughter Ellie | Image: Boat International
Malouf and his clan aren’t your average sailors. They reportedly own a fleet of 11 yachts, with his most prized possession being the Coral Ocean, a whopping 238-foot (73 meters) long Superyacht. He coughed up a cool USD$50 million (AU$74 million) to buy it in 2019, but apparently, that wasn’t enough – he then splurged another USD$50 million (AU$76 million) refurbishing the thing. Yep, you read that right; he spent a whopping AU$150 million in total.
What’s so special about this yacht, you might ask? Well, it’s got all the bells and whistles you could dream of – a glass-bottom spa pool to soak in, a private treatment room with an infrared sauna for the ultimate detox, a teppanyaki grill for some fancy dining, a sky lounge with a full-service bar and sound system and even an indoor-outdoor gym so you can work off all those calories. Who needs dry land when you’ve got a yacht like this?
Coral Ocean | Image: Ahoy Club
However, you better have the cash flow to fund this little hobby. Malouf recently revealed the costs of running his megayacht to The Australian, saying, “You could be looking at a payroll of $250,000 per month. Then you’ve got extras on top of that, which could be another $300,000.”
He continued: “We can staff up to 28 and it is usually two months on and two off. Some can be one month on and one-off. The boats do get older as well, so they need maintenance. Overall, that can be millions of dollars. It definitely is a case of ‘buying them is one thing, running them is another’.”
And we thought splurging on the Manly Fast Ferry once a week was a thrill…
Coral Ocean | Image: Ahoy Club
Despite selling his company, Dial-a-Dump, to Bingo Industries for a reported sum of AU$557 million in 2021, Mr Malouf still holds his position on its board. However, his main focus is now on Ahoy Club, a company that charters his superyachts. And it seems that his business is thriving as the Coral Ocean yacht was reportedly fully booked throughout the summer, earning him AU$1.2 million per week. The boat has apparently even hosted celebrities like Drake, who rented it for a fun vacation with his friends last year.
As soon as you visit the boat’s website, it becomes clear why the rap star chose Coral Ocean for his vacation. While the bedrooms are undoubtedly luxurious, it’s the array of water sports equipment that really catches the eye. The sea pool floating off the back of the yacht, along with paddle boards, flite boards, jet skis, and sea bobs and waterslides, are just a few of the exciting options available. And let’s not forget about the crew of 22 members, where you can expect to be pampered from head to toe, with services ranging from massages to manicures.
Must be nice.
Coral Ocean | Image: Ahoy Club
