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The $80-million Vive la Vie (foreground) and $7.9-million Homecoming (rearground) yachts, docked in Halifax Harbour on Monday, July 3, 2023.

About those billionaire megayachts in Halifax Harbour this week...

Container ships, cruise ships, cargo carriers and more vessels bound for halifax the week of july 3-9, 2023..

By Martin Bauman

larry silverstein yacht cost

E ver wondered how much it costs to keep a superyacht seaworthy? For each year that New York multibillionaire and real estate developer Larry Silverstein keeps his US $40-million megayacht Silver Shalis running, complete with its lap pool, elevator and gym, it’s estimated to cost the former World Trade Center owner somewhere between US $2-4 million. That’s about five to 10 times as much as Halifax spends on arts every year .

Council’s proposed 55% cut to the arts is dead—but the sector still needs more

Council’s proposed 55% cut to the arts is dead—but the sector still needs more : Arts orgs say they’ve been working with council “for the past decade” to make funding increases happen.

Silverstein’s 175-foot yacht was secured near the base of Salter Street on Halifax’s waterfront from Wednesday, June 28 until late Tuesday morning. Prior to that, the 90-year-old’s luxury vessel spent three days berthed in Lunenburg after an earlier four-day Halifax stint. And he’s not the only deep-pocketed visitor who came to see Halifax Harbour ensconced in fog—across the pier, the 135-foot Homecoming (worth an estimated US $7.9 million, according to United Yacht ) has been berthed since last Wednesday, too, and the $80-million Vive la Vie (owned by Swiss pharma multibillionaire Willy Michel) was docked outside of the Nova Scotia Power building from Saturday until early Tuesday. Respectively, the ships clock in as the 775th-largest, 1,979th-largest and 480th-largest yachts in the world.

The Homecoming (foreground) and Silver Shalis (background) yachts, docked in Halifax Harbour on July 3, 2023.

The most mind-blowing part? Not one of the three is close to the largest motored yacht to have berthed in Halifax. Per Halifax Shipping News’ Peter Ziobrowski , that claim belongs to the 255-foot Sea Ranger , which was converted from a tug for oil platforms into a yacht with its own basketball court, helicopter pad and swimming pool that was once owned by Google executive chairman Eric Schmidt. That’s not to be outdone, either, by the 247-foot Bella Vita , formerly owned by Nova Scotia tuna tycoon John Risley. (As yachts owned by billionaires do, the ship has since changed hands—and switched names—to the Huntress, owned by a US diplomat who also once owned Major League Baseball’s Seattle Mariners .) Last week, Halifax also saw the world’s largest ketch-rigged sailboat, the 282-foot Aquijo , pay a two-day visit to the harbour. (Estimated value? $100 million.) That ship is owned by German billionaire Juergen Grossmann. 

Must be nice to have things, I guess. A pity all that wealth couldn’t be shared or used to save the planet . Anyway, on to other things—here’s what else is coming in and out of port the week of July 3-9, 2023:

Monday, July 3

Bon voyage to Canadian naval ships HMCS Summerside and Shawinigan . The two Kingston-class coastal defense vessels left Halifax Harbour on Monday as part of the ongoing Operation Reassurance NATO mission in central Europe, Canada’s largest current deployment of military assets across the globe. More than 1,100 Canadian Armed Forces members are currently deployed around the Baltic region between land, air and naval efforts. The roughly 90 members aboard the Summerside and Shawinigan will be taking part in “mine countermeasures” over the next four months, rear admiral Josee Kurtz tells CBC News . Both ships are equipped with mine detection and disposal tools.

The Atlantic Star container ship arrived at Fairview Cove Terminal just after 5:30am Monday morning. It wrapped an eight-day crossing from Liverpool, UK, and left later that evening for New York City. Meanwhile, the Eimskip-owned Lagarfoss container ship arrived around 7:30am from Reykjavik, Iceland. It sails next to Portland, Maine.

About those billionaire megayachts in Halifax Harbour this week...

Two more ships rounded out a busy Monday on the harbour: The NYK Remus container ship and CSL Tacoma self-discharging bulk carrier arrived at around 4:30pm and 7:30pm, respectively, inbound from Saint John, NB, and Wilmington, North Carolina. The 293-metre-long Remus left Halifax early Tuesday morning for Southampton, UK. The Tacoma, meanwhile, was anchored in the Bedford Basin as of Tuesday morning. It’s scheduled to leave again for Wilmington on Friday.

Tuesday, July 4

One of Halifax’s biggest ship arrivals of the week chugged into port at the South End Container Terminal early Tuesday morning: The 364-metre ONE Swan finished a whopping 22-day crossing from Colombo, Sri Lanka, via Egypt’s Suez Canal. With a summer deadweight of 138,907 tonnes, the ship ranks among the heaviest haulers for the first week of July. It’s scheduled to leave Halifax for New York City on Tuesday evening.

A crane lifts a steel container from the ONE Swan container ship in Halifax on Tuesday, July 4, 2023.

At about half the size, the 65,867-tonne NYK Daedalus arrived early Tuesday morning from Cartagena, Colombia. It’s berthed at the Fairview Cove Terminal and sails onward to Southampton, UK early Tuesday afternoon.

Finally, the Morning Capo vehicle carrier arrived at Eastern Passage’s Autoport around 7:30am. It finished a nine-day crossing from Zeebrugge, Belgium. The ship is set to leave for New York City later Tuesday afternoon.

Wednesday, July 5

New York never sleeps, and neither does the Energy Artemis . The 182-metre-long oil/chemical tanker is set to arrive in Halifax around 4am after leaving the Big Apple early Monday morning. The 182-metre ship was built in Korea in 2022 by K. Shipbuilding Co. It’s set to dock at the Imperial Oil Terminal.

Konnichi wa to the ZIM Yokohama container ship, set to arrive early Wednesday morning from Spain. It left the coastal city of Valencia on June 28 after earlier stops in Barcelona; Genova, Italy; and Piraeus, Greece. After Halifax, it’s bound for New York City. (Not a bad summer vacation itinerary.)

About those billionaire megayachts in Halifax Harbour this week...

At about the same hour the Yokohama is slated to arrive, the Oceanex Sanderling ro-ro/cargo carrier is scheduled for its weekly trip from St. John’s, NL. It’s projected to berth at the South End Container Terminal.

Thursday, July 6

The first week of every summer when I was a kid, my Oma and Opa would rent our family a small cottage on a lake. It was part of a bigger camp/resort complex, which meant there were certain amenities that mattered a lot if you were a kid: A wooden playground, an outdoor basketball court, shuffleboard courts that seemed to always be in direct sunlight and a swim-out dock where you could cannonball and dream about backflipping like the bigger kids, if only you had the guts to try it. The main attraction, though, was the tuck shop. It was loaded with penny candies and other sweets you could buy for a nickel. I must’ve gone every day. Sometimes, twice a day.

That’s a little how it feels, now, with the 1,430-passenger Zaandam cruise ship making its 11th Halifax stop of the season this Thursday. I like to imagine the captain at the helm, turning hard for Halifax Harbour week after week—even if the stop wasn’t scheduled—just for another scoop of Dee Dee’s ice cream or to hear the noon cannon one more time.

'What time does the noon cannon go off?' and more hilarious tourist questions (5)

'What time does the noon cannon go off?' and more hilarious tourist questions : Locals share their most amusing interactions with visitors

Elsewhere, the Augusta Luna general cargo ship and Nolhan Ava ro-ro/cargo carrier are set to arrive at 5:30am and around 8pm, respectively, from Moa, Cuba, and St. Pierre and Miquelon.

The 1,430-passenger Zaandam cruise ship, seen in Halifax on May 4, 2023, returns to Halifax on July 6, 2023.

Friday, July 7

The Wallenius Wilhelmsen-operated Manon vehicle carrier is marked for a 5:30am arrival from Zeebrugge, Belgium. The ship can carry up to 7,194 cars ( based on the size of a 1966 Toyota Corona ). It’s set to dock at Eastern Passage’s Autoport.

The 294-metre-long MSC Pratiti container ship is expected to arrive around 4pm on Friday. It’s en route from Sines, Portugal, after earlier stops in Salerno, Naples and Gioia Tauro, Italy. (I would say this qualifies as a decent summer vacation, too, but a pickpocket once nicked my phone in Naples. And while we’re settling scores, the Neapolitans don’t put enough toppings on their pizza, either.)

Last, but not least, the Atlantic Sail container ship is expected to reach the Fairview Cove Terminal around 6pm. It’s currently travelling from Baltimore, Maryland, to Norfolk, Virginia.

Saturday, July 8

Behold, the biggest ship to arrive in Halifax this week: The 366-metre CMA CGM Magellan container ship is set to arrive at the South End Container Terminal around 4am Saturday. It’s in the midst of a weeklong crossing from Tanger Med, Morocco.

On its heels are the ONE Crane and MSC Esthi container ships, inbound from Norfolk and Baltimore, respectively. The former is expected at the South End Container Terminal around 5pm, while the latter is slated for an 8pm arrival. (Speaking of massive fortunes, the Aponte family, who own Mediterranean Shipping Company, saw their net worth climb by $46 billion in just this past year, thanks to an ongoing shipping boom.)

Sunday, July 9

The last day of the week brings some of the last letters of the alphabet into play, with the arrivals of the Warnow Master container ship and Viking Neptune cruise ship. The 180-metre container ship has been plying a regular route between Halifax, New York and Kingston, Jamaica, in recent months; it last left Halifax on June 26.

The 930-passenger Viking Neptune, meanwhile, is currently in Quebec City after stops in Montreal and Saguenay. It returns via the Gaspé Peninsula and will carry onward to Boston and New York after its Halifax stop.

About The Author

Martin Bauman

Martin Bauman

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Silver Shalis Yacht: Your Insider Guide

Ian Fortey

The Silver Shalis yacht was built back in 2010 by US shipbuilders Delta Marine. The ship design was handled by Langan Associates and interior design was done by design house Jonathan Quinn Barnett. The yacht was built with an aluminum hull and composite superstructure as opposed to the somewhat more common aluminum superstructure and steel hull. It also features a teak deck.

One of the most notable features about the exterior of the Silver Shalis is that paint job, which is a vibrant cerulean blue. This was a custom job and required a multi step painting process to achieve. 

Who is the Silver Shalis Yacht Owner?

larry silverstein yacht cost

The Silver Shalis is owned by businessman and real estate mogul Larry Silverstein. Silverstein was the developed behind the rebuild of the World Trade Center in Manhattan and is estimated to have a net worth around $4 billion. 

How Big is the Yacht Silver Shalis?

larry silverstein yacht cost

The Silver Shalis is a large yacht , in the range of what many people would call a superyacht, with a length of 179’ 9”. Obviously this is not up in the range of the world’s biggest yachts like the Azzam which get over 500 feet, but it’s still a solid vessel.

The beam of the Silver Shalis measures 32’ 10” across and it also features a gross tonnage of 846 GT making it a fairly hefty vessel for its size as well considering that it’s made with lighter weight materials than many similar yachts. 

How Much Did the Silver Shalis Yacht Cost?

larry silverstein yacht cost

It’s not clear exactly how much Silverstein paid for the Silver Shalis when he purchased it back in 2010 but its current value has been estimated to be around $40 million, which is certainly impressive for a yacht of that age and indicates he likely spent more when it was new. This isn’t in the running for the most expensive yacht in the world by any means, but it’s definitely not cheap, either.

The annual cost to run the Silver Shalis has also been estimated at somewhere between $2 million and $4 million. 

Is the Silver Shalis Yacht Available for Charter?

The owner has not made the Silver Shalis available for charter so, as a result, it remains a private yacht with only limited info available regarding the interior and its amenities. 

How Fast is the Silver Shalis and What Engines Does It Use?

The Silver Shalis is definitely not a speed demon on the water. She has a cruising speed of 12 knots with a top speed of 14 knots. This comes from her twin diesel MTU (16V 4000) engines providing 3,650 HP.. It’s said that she has a range of somewhere around 3,000 nautical miles. 

What’s the Interior of the Silver Shalis Like?

larry silverstein yacht cost

There are many elegant touches on the interior of the Silver Shalis that make it seem like a work of art more than just a simple yacht. It’s clear the owner likes some high class refinement. For instance, the glass enclosed cylindrical elevator that travels silently between decks features accents in oil-rubbed bronze. This contrasts the shimmering metallic silver details you’ll find elsewhere throughout the yacht, including on the exterior.

Details of the yacht are actually very hard to come by as the owner is fairly private and few people have been on board that were willing to share details. For instance, there are almost no images publicly available of what the interior looks like although we have a few here to give you an idea of the appearance and overall esthetic of the yacht. What we do know comes from a handful of news articles that were published about the yacht over the years.

Features and Amenities

larry silverstein yacht cost

  • There is an indoor/outdoor dining option for 10 with a distinctive curved-glass door that opens 180 degrees. 
  • The boat’s sun deck has a gym that offers a panoramic view of the ocean
  • The deck also features a lap pool for guests
  • Silverstein has a curated art collection on display throughout the living and entertaining spaces of the yacht
  • A central staircase wraps around the elevator featuring curved marble wall panels.
  • The vessel has accommodations for 12 guests in 6 cabins including one master suite
  • There’s also room for 14 crew in 7 cabins

Are There Water Toys on the Silver Shalis?

Like the other interior details, any word on water toys like jet skis and tenders is hard to come by when you’re looking at the Silver Shalis. One thing to remember, though, is that Larry Silverstein is over 90-years-old at this point. It’s quite unlikely that he’s spending a lot of time tearing up the seven seas water skiing or with seabobs these days, so the amount of toys are probably limited and only brought out when he’s entertaining guests and family. 

The Bottom Line

The Silver Shalis is owned by billionaire real estate developer Larry Silverstein. The yacht is believed to have a current value of around $40 million while the yearly operating costs are between $2 million and $4 million.  

The yacht has a cruising speed of about 12 knots and a top speed of 14 knots. It measures nearly 180 feet in length and it features a lightweight aluminum hull while the superstructure is composite to ensure a lightweight compared to similar yachts.

Very little is known about the interior of the yacht as the owner has never made it available for charter and there are no walk throughs available online either. That said, there are a handful of images and details which include the fact there are 6 suites with room for 12 guests and that the yacht can be navigated by a glass elevator. The upper deck features a dining area and that 180-degree glass door to offer great views as part of the striking exterior design.

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Larry Silverstein’s Mega Yacht Silver Shalis Cruises Rye Waters

MyRye.com

Billionaire real estate tycoon Larry Silverstein’s $40 million, 175-foot super yacht Silver Shalis was seen on Sunday afternoon cruising from Greenwich through Rye waters towards the Western Long Island Sound. Silverstein, 92 years old, is the developer of the rebuilt World Trade Center complex.

According to online sources , Silver Shalis accommodates 12 guests and a crew of 14. It’s annual running costs are estimated to be $4 million. It was build by Delta Marine in 2010 and has a range of 3,000 nautical miles.

Other mega yachts Utopia IV , Lady May , and So Nice have been spotted in Rye waters in recent years.

(PHOTO: Billionaire real estate tycoon Larry Silverstein’s $40 million, 175-foot super yacht Silver Shalis was seen on Sunday afternoon, September 17, 2023 cruising from Greenwich through Rye waters towards the Western Long Island Sound.)

(PHOTO: Billionaire real estate tycoon Larry Silverstein’s $40 million, 175-foot super yacht Silver Shalis was seen on Sunday afternoon, September 17, 2023 cruising from Greenwich through Rye waters towards the Western Long Island Sound.)

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Mega yacht anchored off of Sanibel Island

A 175-foot 846-ton mega yacht owned by owned by real estate tycoon Larry Silverstein was seen anchored off the Sanibel Lighthouse between the Sanibel Causeway on Tuesday, Jan. 18, 2022. It is named the Silver Shalis.

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larry silverstein yacht cost

Snapshot: ‘Silver Shalis’ docks at Rockland Harbor with a splash of Cerulean blue

larry silverstein yacht cost

ROCKLAND — Photographer David Life (instagram @journalimages) was visiting Rockland Harbor July 18 and captured images of the  Silver Shalis, an 846-ton yacht that was tied up at the dock, dwarfing the smaller sailboats and pleasure craft in size and with a vibrant blue hull.

The Silver Shalis, built in 2010 by the Seattle yacht builder Delta Marine, is home-ported in the Marshall Islands.

The builder said in the yacht’s description: “....This seaworthy semi-displacement yacht boasts an impressive 55-meter high-performance hull capable of transoceanic crossings, with a maximum speed of 18.5 knots. Her lightweight aluminum hull and composite superstructure are seamlessly joined in a striking exterior design. Built to Lloyd’s Class, one of her head-turning features is a sleek hull of exquisite cerulean blue, the result of a rigorous multistep painting process and brilliantly cast against an off-white superstructure with shimmering metallic silver details. Silver Shalis was the final exterior styling project of renowned yacht designer Bill Langan.”

The interior contains: “a silent, glass-enclosed cylindrical elevator with an oil-rubbed bronze metal finish. A central staircase wraps around the elevator, featuring curved marble wall panels,” while the upper deck has a gym and lap pool.

Measuring 180 feet in length, the yacht draws 7.7 feet.

The yacht’s owner, according to media reports, has been  Larry Silverstein , a New York City developer and CEO of Silverstein Properties, which bought the World Trade Center twin towers before Sept. 11, 2001 and then constructed the property.

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Developer of Rebuilt World Trade Center’s Yacht Returns to Bar Harbor- Silver Shalis [PHOTOS]

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They must have had such a good time last year, that the super yacht the Silver Shalis has returned to Bar Harbor.

The Silver Shalis is owned by Larry Silverstein, the developer of the rebuilt World Trade Center in New York. The superyacht was in Bar Harbor in August of 2021.

The super yacht can accommodate 12 passengers with a crew of 14

According to the Baltimore Business Journal the upper deck features an indoor/outdoor dining option for 10 with a curved-glass door that opens 180 degrees. The boat's sun deck has a gym and a lap pool.

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The Silver Shalis was built in 2010 at a cost of $40 million

Silverstein is 91 years old

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Larry Silverstein Yacht: Silver Shalis

November 1, 2022, introduction.

Larry Silverstein is an American businessman. Furthermore, he was the developer for the rebuilding of the World Trade Center. As well as a developer for the tallest residential buildings in New York City, 30 Park Place. Additionally, he has holdings in numerous buildings in New York City. Such as 1177 Avenue of the Americas, 529 Fifth Avenue, and 570 Seventh Avenue. Aside from NYC, Silverstein is also a developer on the Ronald Reagan Building in Washington, D.C.. Check out the Larry Silverstein yacht below.

The yacht has six bedrooms and over ten bathrooms, with over 2,500 square feet of space inside. There are an additional seven cabins dedicated to crew members. Additionally, the Silver Shalis was built in 2010. It is painted in a beautiful white and icy blue color. The large yacht also has a top speed of 20 knots. As well as a cruising speed of 14 knots. Additionally, the speedy and gorgeous yacht features an elevator, a gym, as well as a pool. Moreover, is there anything this yacht does not offer? Lastly, would you like to live in this yacht? Please leave your thoughts below.

Specifications: Larry Silverstein Yacht

Bedrooms: 6

Bathrooms: 10+

Square Feet: 2,500+ sq ft

Price: $40 million

Larry Silverstein Yacht Net Worth: $3 billion

Photos: Larry Silverstein Yacht

Larry Silverstein Yacht

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This is how real estate’s superrich are spending their money

larry silverstein yacht cost

From top, clockwise: Developer Larry Silverstein, Mort Zuckerman, Jeff Greene, Harry Macklowe and wife Linda, Sheldon Solow, Gwen Stefani, Stephen Schwarzman and Rod Stewart

This story originally ran in August 2017: T here were live camels, trapeze artists, a 12-minute fireworks display and an enormous birthday cake carved in the shape of a Chinese temple.

Blackstone boss Stephen Schwarzman’s 70th-birthday party, hosted at his Palm Beach mansion in February, drew dozens of high-profile guests including Treasury Secretary Steven Mnuchin, art dealer Larry Gagosian and billionaire businessman David Koch. Many of them cheered as Gwen Stefani crooned “Happy Birthday” at the end of the night.

The party, which may have cost upwards of $10 million, per some estimates, was a blatant show of exhibitionism, and not Schwarzman’s first. For his 60th birthday in 2007, he paid to have Rod Stewart — who reportedly commands up to $1 million for a private show — perform at his bash. Gawker cheekily referred to that party as a giant “grown-up bar mitzvah.”

Schwarzman, of course, ranks as one of private equity and real estate’s wealthiest players , having earned $425 million last year from his salary and dividends tied to his ownership stake in Blackstone. His net worth is now pegged at $12.4 billion , according to Forbes. And he’s not alone in wanting to live the high life.

Whether it’s yachts, planes and horses or Schwarzman-style entertainment and off-the-wall hobbies, many of real estate’s heaviest hitters take pride in their expensive pursuits outside of acquisitions and development. And with the last financial crisis nearly 10 years in the rear-view, as the stock market hovers at record highs, many New York property moguls are seeing little reason to enjoy life under the radar — despite softening real estate values.

After the market collapsed in 2008, there was “a lot of belt-tightening,” said Winston Chesterfield, a director at the financial research firm Wealth-X. “Following that, you had many psychological attacks on the wealthy and their lifestyles, including anti-1 percent marches, that also caused them to take more of a subtle approach to spending,” he added. “That sense of personal austerity has now relented, and spending on luxury goods has picked up since.”

In some ways, property titans are leading that push. Roughly 4.3 percent of the world’s ultrahigh-net-worth individuals (categorized as people with investable assets of $30 million or more) made their money in real estate, according to Wealth-X. Those industry players have an average net worth of $193 million, while the top 30 have a combined net worth of $240 billion.

From Harry Macklowe’s alleged $1 billion art collection to David Levinson’s stake in the Yankees,  The Real Deal delved into some of the most extravagant hobbies of real estate’s A-list.

Lots of yachts

Island Capital Group chief Andrew Farkas may know as much about superyachts as he does about real estate securities.

The billionaire executive has controlled marinas in some of the ton iest Caribbean destinations — including St. Thomas and St. Maarten — since he launched his firm’s subsidiary Island Global Yachting in 2005. The idea for the marina business stemmed from his own passion for the sea: As an avid yachtsman, he reportedly found that it was troublesome to find docks big enough for boats of up to 450 feet.

It’s a hobby that comes at a significant cost. In addition to the colossal price tags — the most expensive superyachts run up to $500 million — owners pay an estimated 10 percent of a boat’s initial price each year to keep it running, including millions in fuel, maintenance, repairs and crew salaries. The insurance company Towergate pegs average annual dockage fees at $350,000 and insurance at $240,000, which means owning a dock and renting it out to fellow bigwigs can be a profitable endeavor.

Still, Farkas isn’t the only real estate executive with a penchant for high-end boats. Other yacht owners in the real estate industry include developers Nathan Berman and Larry Silverstein .

Silverstein owns a 180-foot yacht called Silver Shalis, na med after his daughters Sharon and Lisa. The World Trade Center developer has docked the ship at Indian Harbor Yacht Club in Greenwich, Connecticut, and in Antibes in the South of France .

“The superyacht experience is one area where people go, ‘I don’t mind losing a bit of money over time, because it’s worth the experience,’” Chesterfield said. “After all, it’s a depreciating asset.”

In plane sight

About 15 percent of ultrahigh-net-worth individuals use private planes for the bulk of their flights, per an international wealth report compiled by the London-based real estate services firm Knight Frank. That includes a handful of prominent real estate players, including President Donald Trump and developers Jeff Greene , Kevin Maloney and Mort Zuckerman .

Zuckerman, co-founder and chairman of Boston Properties , reportedly owns a $60 million Gulfstream G550, a business jet that costs about $5,000 an hour to operate, according to the Aircraft Owners and Pilots Association.

Maloney, founder of the development firm Property Markets Group , even flies his high-speed jet turbine himself — usually to and from his office in Florida. Maloney told TRD in 2014 that he got into flying, ironically, because of his fear of flying.

“I was living with a woman at the time, and we went to Italy on vacation,” he said. “I think I’d taken a Xanax, an Ambien and a few glasses of wine and I was still awake wondering what was happening with the airplane. You’re not in charge, so it’s very uncomfortable for me. She said, ‘I think it’s a control thing.’ She bought me a flying lesson for my birthday that year.”

Meanwhile, billionaire real estate entrepreneur Greene reportedly sparked outrage in 2015 when he flew to Davos on his private jet   for a conference of billionaires. He arrived with his family and two nannies for his kids, only to later be quoted saying that “America’s lifestyle expectations are far too high and need to be adjusted.”

Greene told TRD several years ago that traveling in his Cessna Caravan seaplane — which he houses in the Hamptons — dramatically cuts his commute from the East End to Manhattan. It takes just 35 minutes by air, Greene noted, and he lands the more than $2 million Cessna on the bay right outside his Sag Harbor compound.

He said he was inspired to purchase the plane after seeing the singer Jimmy Buffett landing his plane on the same stretch of water.

The classics

In the ongoing divorce battle between 432 Park Avenue developer Harry Macklowe and his estranged wife, Linda, no asset seems to have gained quite as much attention as their reported $1 billion art collection. Macklowe claims he paid for every single piece in the collection — which includes works by Mark Rothko, Franz Kline and Gerhard Richter — and should therefore be the one to hold on to it.

Indeed, nothing seems to go hand in hand with real estate quite like art, which can often be used as business collateral.

“These real estate developers didn’t get to where they are without being investment-savvy,” said Emily Santangelo, a New York art consultant. “Art started as a passion when they began making good money, and they quickly realized the value-add that comes with putting them in their projects.”

Among the New York real estate crowd, Sheldon Solow is widely said to have the most significant collection of postwar art. And most of the pieces were purchased decades ago, which means he makes a hefty profit every time he sells one. In 2015, Solow sold a bronze Alberto Giacometti sculpture titled “The Pointing Man” for $126 million.

Developer Edward Minskoff , whose mother was a sculptor, has a collection of more than 500 pieces, including a 6,600-pound Jeff Koons sculpture of a red rabbit, which he exhibits at his 51 Astor Place office building. A 12,000-pound sculpture from his collection by Isamu Noguchi was installed in Hudson Square near the Holland Tunnel last December.

But for a few in the business, collecting has become a hefty legal burden. Broker-turned-developer Michael Shvo was indicted on tax evasion charges related to his extensive art collection in September 2016 and still faces up to a year in prison. He was charged with scheming to evade payment of more than $1 million in taxes related to purchases of fine art, furniture, jewelry and a Ferrari, the indictment from the Manhattan district attorney’s office shows.

larry silverstein yacht cost

Michael Shvo was hit last year with tax evasion charges tied to his art collection, jewelry and a Ferrari.

His art collection includes pieces from Andy Warhol, Alexander Calder, Jean-Michel Basquiat, Frank Stella and Francois-Xavier Lalanne, whose sheep sculptures dot Shvo’s Time Warner Center apartment.

Likewise, Aby Rosen of RFR Holding had to pay $7 million last year to settle a case brought by the New York attorney general, who alleged he’d failed to pay taxes on $80 million in artwork that he had bought or commissioned between 2002 and 2016.

Others in the real estate world said they’re more content with wine than an expensive art collection.

“I have a nice collection. About 2,000 bottles,” Wells Fargo Multifamily Capital group head Alan Wiener recently told TRD . “I’m very eclectic. I like to find interesting wines. Anyone can go out and buy a great Bordeaux. I buy stuff from the South of France, a lot of Rieslings from Alsace and Germany, Chateauneufs, Spanish wine.”

All a game?

One of the riskiest hobbies for those who specialize in glass-and-steel towers and concrete numbers may be acquiring a stake in a professional sports team.

While athletes often make millions, the sports business can lead to brutal financial losses on the ownership side, and many investors struggle to break even. But real estate scion Jed Walentas , who heads Two Trees Management , seems to have picked a clear winner.

Walentas recently described being a part owner of the San Francisco Giants as “fantasy camp” — the team has won three World Series titles since he purchased a stake 10 years ago.

With a $2.25 billion valuation, Forbes ranked the Giants as the third most valuable franchise in Major League Baseball in 2016.

Other team owners in New York real estate include the likes of Jonathan Tisch , co-chairman of the board of Loews Corporation, whose family owns the New York Giants, and L&L Holding’s David Levinson , who owns a stake in the New York Yankees.

“I did it solely for love of baseball and the Yankees,” Levinson told TRD last month. “I have no involvement at all in team operations. The financial gains come from an increase in the team’s value.”

“Sport franchises have gone up in value by a great deal over the years, like land values in New York City,” he argued. “You just need to be in it for the long term.”

While the Kushners have notoriously flirted with buying a professional baseball team on more than one occasion — the Los Angeles Dodgers in 2012 and the Miami Marlins in 2017— no deals ever came to fruition.

Something different

Until the start of the decade, Daun Paris and her husband, Peter Hauspurg , the founders of Eastern Consolidated , raised llamas on a farm in Bedford, New York. But they sold the property to Newmark Knight Frank’s Barry Gosin for $9.4 million in 2010 after their kids went off to college.

These days, Paris said, she makes her own 22-carat gold jewelry and even invested in building out an equipped studio in her apartment after taking classes from a jewelry pro a few years ago.

“We use old artisan techniques,” she explained. “We make the gold kernels, every aspect. Some people work in silver, but I like the patina of a 22-carat gold piece.”

New York real estate mogul Alex Sapir, meanwhile, spends some of his free time performing at nightclubs as an electronic dance music DJ .

Billionaire Gristedes Foods owner and Red Apple Group Chairman John Catsimatidis is a gun enthusiast — he once captured one of three robbers who tried to hold up one of his grocery stores, on 84th Street   and York Avenue — while Eric Trump and Donald Trump Jr. enjoy big-game hunting in Africa, a pastime that has sparked outrage on social media on multiple occasions.

And then there’s Winston Fisher, of the family real estate firm Fisher Brothers , who told TRD that he recently completed seven marathons in seven days on seven different continents. He and a group of fellow adrenaline junkies chartered a Russian transport jet to Antarctica , where they stayed at a glacier camp and ran in 25-knot winds. They then completed marathons in Miami, Madrid, Marrakesh, South America, Dubai and Australia. The group, which included Olympian Ryan Hall, finished up on Manly Beach near Sydney, where Fisher ran the final marathon in four hours and 10 minutes, his personal best. “It’s not cheap,” Fisher admitted, “especially when you’re chartering an old Russian cargo jet. But I like to do something that scares me.”

On top of the travel expenses, Fisher also had to invest in preparations. He hired Jimmy Riccitello , an Ironman cycling official, to put him through his paces. “[I’m] not winging it,” he quipped.

But when it comes to extravagance, Miami-based developer Gil Dezer , the son of Israeli-American real estate tycoon Michael Dezer, takes personal spending to new levels. His private Porsche collection — apart from the more than 1,200 cars he and his father keep in their Miami Auto Museum — is reportedly worth millions, and each car is painted a signature shade of silver. His most expensive ride is a $1.5 million Bugatti Veyron , one of just 450 ever made.

larry silverstein yacht cost

Miami developer Gil Dezer driving one of his many cars into in his condo in the Porsche Design Tower.

Dezer’s 60-story Porsche Design Tower in Miami even includes an auto elevator, known as “the Dezervator,” which allows him to park his vehicle inside his condo. Dezer also reportedly owns a $17 million Gulfstream IV private jet, which he retrofitted with seats similar to those in his Ferrari 458 Italia for $55,000 apiece, he told CNBC last year.

SL Green Realty CEO  Marc Holliday is an avid horse racer and has scored millions with his gray filly named Love Train. His Blue Devil Racing Stable in Scarsdale — named after his high school lacrosse team — focuses on breeding and raising racehorses. He and his wife also support Akindale Farm , a rescue and retirement destination for horses in Pawling, New York.

larry silverstein yacht cost

Scott Durkin riding one of his five horses

 Newmark Knight Frank’s Jeff Gural is also a major presence in the racing world. The real estate mogul, who owns the Meadowlands Racetrack as well as Tioga Downs and Vernon Downs upstate, told TRD in 2012 that his passion for the sport goes all the way back to his childhood.

Gural recently declared that he would begin out-of-competition testing for cobalt — an alleged performance enhancer for horses — and has banned some trainers from racing at his three Standardbred tracks.

 And Scott Durkin , Douglas Elliman’s chief operating officer , told TRD last month that he owns five horses  — a  Friesian  and four Warmbloods — which he keeps at a stable in the Hudson Valley. Well-bred Friesians can run in the tens of thousands of dollars apiece.

“It all started at the Hamptons Classic 10 years ago,” he said. “The Friesians were the most beautiful, serene creatures I’d ever seen. Think Michelle Pfeiffer in ‘Ladyhawke.’”

Durkin, who competes in dressage with his aptly named stallion Durk, said it’s a pricey sport. “For each horse, it’s like having a kid in private school,” he said. “You can’t get into it for the money — they don’t appreciate.”

The breed of the horse is very important, the Elliman executive noted. “You want a Dutch warmblood or a German warmblood,” he explained. “I liken them to a great prewar building with beautiful bones.”

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larry silverstein yacht cost

Did a WTC Leaseholder Buy Terrorism Insurance Just Before 9/11?

A longstanding urban legend holds that world trade center leaseholder larry silverstein "fortuitously" took out terrorism insurance just months before the 9/11 attacks., david emery, published sept. 13, 2016.

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Some of the most persistent contemporary legends about the 9/11 attacks involve people supposedly benefiting from foreknowledge of the event, whether it be a group of World Trade Center workers who "fortuitously" called in sick and escaped certain death that day, or investors who "fortuitously" bought "put options" on United and American Airlines stock immediately before the attacks, thus profiting when the prices of those stocks fell afterwards.

American businessman Larry Silverstein , who famously signed a 99-year lease on the World Trade Center complex in June 2001, two months before the attacks, is at the center of another story about profiting from the event:

Just months before 9/11, the World Trade Center's lease was sold to Larry Silverstein. Silverstein took out an insurance plan that 'fortuitously' covered terrorism. After 9/11, Silverstein took the insurance company to court, claiming he should be paid double because there were 2 attacks. He won, and was awarded $4,550,000,000.

While the story obviously contains elements of fact, it's also partly fiction — most notably the implication, made via the use of scare quotes around the word "fortuitous," that Silverstein's decision to purchase terrorism insurance just before 9/11 was no mere coincidence.

larry silverstein yacht cost

There are several underlying assumptions at work here: that the World Trade Center must not have had terrorism insurance before Silverstein took over; that selecting such coverage was purely optional; and that because he "chose" to buy such coverage when he did, Silverstein must have known in advance that (and when) terrorists would strike.

It's important to note that, despite appearances, Silverstein wasn't actually the sole leaseholder of the World Trade Center: He led a consortium of investors and lenders which included GMAC Commercial Mortgage (a General Motors subsidiary), Westfield America Inc. (a shopping center developer), and real estate investor Lloyd Goldman. All these entities had a voice in deciding how much insurance coverage the properties would have, and each had some claim on whatever insurance monies were paid out.

Bear in mind, too, that when we speak of "terrorism insurance coverage," what we're actually speaking of is coverage that doesn't have a terrorism exclusion . Such exclusions aren't uncommon now, but according to the Insurance Information Institute virtually all commercial insurance policies sold in the U.S. before 9/11 covered terrorist incidents as a matter of course (and essentially free of charge), because the risk was considered so remote. Thus, for example, the World Trade Center was fully covered when it was bombed by terrorists in 1993, and insurers paid out an estimated $510 million in damages after that incident. There's no reason to suppose that the WTC wasn't routinely covered against terrorist acts right up until the time Silverstein took over the lease in 2001.

Moreover, upon signing that lease, Silverstein was obligated to insure the World Trade Center. There was nothing strange, suspicious, or "fortuitous," therefore, about his purchasing an all-risk insurance policy — which at that time would have automatically included terrorism coverage — two months before 9/11, because that's when he became contractually responsible for doing so. Ultimately, Silverstein wasn't even solely responsible for the total dollar amount of that coverage ($3.55 billion) because that was the minimum demanded by his lenders, according to a 2002 report in The American Lawyer .

It's a fact that Silverstein took his insurers to court after 9/11 and asked for double the damages. It's also a fact that he did so on the grounds that there were two attacks (or, in insurance lingo, "occurrences"), not one. But this wasn't some premeditated scam based on foreknowledge that a terrorist attack involving two planes would occur. The cost of rebuilding the World Trade Center, which in 2004 was estimated at $9 billion, made Silverstein's court strategy a virtual necessity. Plus, he had obligations to lenders and co-investors, and still owed lease payments of $10 million per month to the Port Authority.

The court ultimately did grant Silverstein a payout of $4.55 billion, which amounted to about a third more than the maximum allowable for a single "occurrence" by his insurance policy, but significantly less than the $7.1 billion he had originally sought.

Ackman, Dan.   "Trade Center Financing on Shaky Ground."     Forbes .   11 September 2003.

Bagli, Charles V.  "Final Vote Set on Silverstein's Towers at Ground Zero."     The New York Times (City Room Blog) .   25 August 2010.

Frangos, Alex.   "Uncertainties Soar at Ground Zero."     The Wall Street Journal .   20 October 2004.

Frankel, Alison.   "Double Indemnity."     The American Lawyer .   3 September 2002.

Hirschkorn, Phil and Jonathan Wald.   "Verdict in 9/11 Insurance Battle."     CNN .   30 April 2004.

Lieberman, Joseph.   "America Needs Terrorism Insurance."     Forbes .   12 July 2005.

Sorkin, Andrew and Simon Romero.   "A Day of Terror: The Insurers; Reinsurance Companies Wait to Sort Out Cost of Damages."     The New York Times .   12 September 2001.

Insurance Information Institute .   "Terrorism Risk and Insurance."     August 2016.

Insurance Journal .   "Court Upholds Juries' Rulings in World Trade Center Claims."     19 October 2006.

Reuters .  "WTC Attack to Cost Insurers Billions."     11 September 2001.

By David Emery

David Emery is a West Coast-based writer and editor with 25 years of experience fact-checking rumors, hoaxes, and contemporary legends.

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Larry Silverstein's 'Silver Shalis' Yacht

  • Larry Silverstein's 'Silver Shalis' Yacht
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Larry Silverstein's 'Silver Shalis' Yacht (Google Maps)

Larry Silverstein is an American businessman. Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home.

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  1. Inside Larry Silverstein's $40,000,000 SILVER SHALIS Yacht

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  2. Larry Silverstein Net Worth: Real Estate & Career [2024 Update]

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  3. Silver Shalis

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  4. New York Developer Larry Silverstein's Yacht Silver Shalis…

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  5. Inside Larry Silverstein's $40,000,000 SILVER SHALIS Yacht

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  6. SILVER SHALIS Yacht • Larry Silverstein $40M Superyacht

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  5. ‘Lucky’ Larry Silverstein Set to Receive Another $95 Million in New 9/11 Settlement

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COMMENTS

  1. SILVER SHALIS Yacht • Larry Silverstein $40M Superyacht

    The Silver Shalis yacht is powered by two potent MTU engines, delivering a top speed of 20 knots and a cruising speed of 14 knots over a range of 3,000 nautical miles. American businessman and real estate magnate Larry Silverstein owns the Silver Shalis. With a market value of $40 million, the yacht's annual running costs are approximately $4 ...

  2. Mega yacht Silver Shalis, owned by NY billionaire, anchored off Sanibel

    The 175-foot, 846-ton Silver Shalis is owned by New York billionaire Larry Silverstein. The craft was built in 2010 and carried a $40 million value ... has an annual running cost between between ...

  3. About those billionaire megayachts in Halifax Harbour this week

    For each year that New York multibillionaire and real estate developer Larry Silverstein keeps his US $40-million megayacht Silver Shalis ... it's estimated to cost the former World Trade Center owner somewhere between US $2-4 ... Silverstein's 175-foot yacht was secured near the base of Salter Street on Halifax's waterfront from ...

  4. Silver Shalis Yacht: Your Insider Guide

    The Silver Shalis is owned by billionaire real estate developer Larry Silverstein. The yacht is believed to have a current value of around $40 million while the yearly operating costs are between $2 million and $4 million. The yacht has a cruising speed of about 12 knots and a top speed of 14 knots. It measures nearly 180 feet in length and it ...

  5. Larry Silverstein's Mega Yacht Silver Shalis Cruises Rye Waters

    Billionaire real estate tycoon Larry Silverstein's $40 million, 175-foot super yacht Silver Shalis was seen on Sunday afternoon cruising from Greenwich through Rye waters towards the Western Long Island Sound. Silverstein, 92 years old, is the developer of the rebuilt World Trade Center complex. According to online sources, Silver Shalis ...

  6. Larry Silverstein: A Pillar of New York Real Estate and ...

    Larry Silverstein, born in May 1931, is the founder of Silverstein Properties Inc., a prominent real estate firm in New York. Silverstein Properties has developed, owned, and managed over 40 million square feet of various properties in NYC. Larry Silverstein signed a 99-year lease for the World Trade Center in 2001, but the site was destroyed ...

  7. Billionaire's mega yacht, once for sale for $40 million, anchored off

    A New York billionaire's super yacht, the Silver Shalis, once for sale for $40 million, was anchored off Sanibel Island. ... the 175-foot, 846-ton craft is owned by real estate tycoon Larry Silverstein. ... boats such as the Silver Shalis are rented out for charters. Such excursions cost from $200,000 to $400,000, or more, a week, according ...

  8. Larry Silverstein

    Larry A. Silverstein (born May 30, 1931) is an American businessman. Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home.. Silverstein was born in Brooklyn, and became involved in real estate, together with his father ...

  9. Mega yacht anchored off of Sanibel Island

    A 175-foot 846-ton mega yacht owned by owned by real estate tycoon Larry Silverstein was seen anchored off the Sanibel Lighthouse between the Sanibel Causeway on Tuesday, Jan. 18, 2022.

  10. Snapshot: 'Silver Shalis' docks at Rockland Harbor with a splash of

    Measuring 180 feet in length, the yacht draws 7.7 feet. The yacht's owner, according to media reports, has been Larry Silverstein, a New York City developer and CEO of Silverstein Properties, which bought the World Trade Center twin towers before Sept. 11, 2001 and then constructed the property.

  11. Billionaire Larry Silverstein's 175-ft super yacht Silver Shalis on 9

    Billionaire real estate tycoon Larry Silverstein's $40 million, 175-foot super yacht Silver Shalis was seen on Sunday afternoon, September 17, 2023 cruising ...

  12. Yacht SILVER SHALIS (180 feet) owned by Larry Silverstein

    Yacht SILVER SHALIS(180 feet) owned byLarry Silverstein ... Yacht SILVER SHALIS (180 feet) owned by Larry Silverstein . 42 of 50. More Galleries From Forbes. The Richest Women In America 2023.

  13. Developer of Rebuilt World Trade Center's Yacht in Bar Harbor- Silver

    There's a new super yacht in Bar Harbor, on Monday, August 9th, the Silver Shalis, which is owned by Larry Silverstein, who is the developer of the rebuilt World Trade Center in New York.

  14. U.S. Real Estate Mogul Living the Billionaire Dream on Board His

    The Silver Shalis, owned by U.S. billionaire Larry Silverstein, has remained mysterious throughout the years and is a rare sight. ... Steve Harvey Celebrates 65th Birthday on Yacht, ...

  15. Yacht Silver Shalis • Delta Marine • 2010 • Photos & Video

    What began as a pastime for yacht spotting has evolved into a leading online destination for yachting enthusiasts, with thousands of visitors engaging with our content every day. Launched in 2009, SuperYacht Fan transitioned from a gallery of yacht imagery to a pivotal resource, culminating in the Super Yacht Owners Register —a meticulously ...

  16. Developer of Rebuilt World Trade Center's Yacht Returns to Bar Harbor

    The Silver Shalis is owned by Larry Silverstein, the developer of the rebuilt World Trade Center in New York. The superyacht was in Bar Harbor in August of 2021. The super yacht can accommodate 12 passengers with a crew of 14. According to the Baltimore Business Journal the upper deck features an indoor/outdoor dining option for 10 with a ...

  17. Larry Silverstein Yacht: Silver Shalis

    The yacht has six bedrooms and over ten bathrooms, with over 2,500 square feet of space inside. There are an additional seven cabins dedicated to crew members. Additionally, the Silver Shalis was built in 2010. It is painted in a beautiful white and icy blue color. The large yacht also has a top speed of 20 knots.

  18. This is how real estate's superrich are spending their money

    Other yacht owners in the real estate industry include developers Nathan Berman and Larry Silverstein. Silverstein owns a 180-foot yacht called Silver Shalis, na med after his daughters Sharon and Lisa. The World Trade Center developer has docked the ship at Indian Harbor Yacht Club in Greenwich, Connecticut, and in Antibes in the South of France.

  19. The Dish: Super yacht drops by Indian Harbor

    The "Silver Shalis" super yacht, owned by New York real estate developer Larry Silverstein, was seen anchored off Indian Harbor Yacht Club on the weekend of Oct. 2. Silverstein, who named the 180 ...

  20. Did a WTC Leaseholder Buy Terrorism Insurance Just Before 9/11?

    Just months before 9/11, the World Trade Center's lease was sold to Larry Silverstein. Silverstein took out an insurance plan that 'fortuitously' covered terrorism. After 9/11, Silverstein took ...

  21. The Dish: Super yacht drops by Indian Harbor

    The "Silver Shalis" super yacht, owned by New York real estate developer Larry Silverstein, was seen anchored off Indian Harbor Yacht Club on the weekend of Oct. 2. Silverstein, who named the 180 ...

  22. Larry Silverstein's 'Silver Shalis' Yacht

    Larry Silverstein is an American businessman. Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home. Unrated.

  23. Yacht Silver Shalis • Delta Marine • 2010 • Location

    Larry Silverstein: Follow the location of the Silver Shalis Yacht live! SuperYachtFan. What began as a pastime for yacht spotting has evolved into a leading online destination for yachting enthusiasts, with thousands of visitors engaging with our content every day.