Toys of the Ultra Rich and what they cost

Bateluer

Lifer
Jun 23, 2001
27,730
8
0
http://money.cnn.com/galleries/2010/news/1008/gallery.ultra_rich_costs/index.html

Its an interesting read. Some serious economic stimulus in there too as the ultra rich person hires yacht crew, personal staff, etc. If I some how had that kind of money, I'd definitely go in for the private jet and island. The yacht and helicopter, not so much. And I'd still probably buy my clothes at stores that fall above Walmart but below the typical Mall store. I cringe at the costs some people pay for 'designer' mall clothing and those are not even close to the designer clothing detailed in this list.


Mega Yacht
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
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
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
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.

Check out the Maserati Gran Turismo

Don't forget maintenance and repairs. "If you go over a curb, you can bust a $1,500 rim in a heartbeat," said Thomas DuPont, chairman and publisher of the luxury products magazine the DuPont Registry.

A driver will run another $55,000 to $60,000 a year, plus benefits and overtime, said Robin Kellner, who runs her own luxury staffing agency.


Private island
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
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
Vacation
Twelve-day European tour: $36,097, plus expenses and airfare.

A single night in the Royal Suite at London's Ritz-Carleton 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
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
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.
 

Bignate603

Lifer
Sep 5, 2000
13,897
1
0
http://money.cnn.com/galleries/2010/news/1008/gallery.ultra_rich_costs/index.html

Its an interesting read. Some serious economic stimulus in there too as the ultra rich person hires yacht crew, personal staff, etc. If I some how had that kind of money, I'd definitely go in for the private jet and island. The yacht and helicopter, not so much. And I'd still probably buy my clothes at stores that fall above Walmart but below the typical Mall store. I cringe at the costs some people pay for 'designer' mall clothing and those are not even close to the designer clothing detailed in this list.

Doubtful, your time looking around at different stores would be worth more than any difference in the cost of the clothing. Your choice on where you buy clothes will be based more on what you like rather than what it costs. If there's a store that you knew had clothes you usually liked you'd walk in and buy whatever you thought looks good without a second thought.
 

nsafreak

Diamond Member
Oct 16, 2001
7,093
3
81
I expect there to be at least 5 ATers chiming in within the next few minutes stating that they've purchased their own private island and are now looking at purchasing a small country.
 

Terzo

Platinum Member
Dec 13, 2005
2,589
27
91
I expect there to be at least 5 ATers chiming in within the next few minutes stating that they've purchased their own private island and are now looking at purchasing a small country.

Personally, I'm a fan of hostile takeovers.
 

coxmaster

Diamond Member
Dec 14, 2007
3,017
3
81
Private jet
Purchase price: $50.5 million
Yearly operating costs: $2.5 million

Worthless. Very few people (even of the "ultra rich") own a G550.

You can get bigger, faster, quieter jets for 1/2 that price or less
 

Bateluer

Lifer
Jun 23, 2001
27,730
8
0
Doubtful, your time looking around at different stores would be worth more than any difference in the cost of the clothing. Your choice on where you buy clothes will be based more on what you like rather than what it costs. If there's a store that you knew had clothes you usually liked you'd walk in and buy whatever you thought looks good without a second thought.

Clothing isn't a big motivator for me. Honestly, I still wear jeans I bought in my sophomore year of high school and I'm 27 now.

Now, my personal computer lab would probably need a nuclear reactor to power it and its cooling systems.
 

GagHalfrunt

Lifer
Apr 19, 2001
25,297
2,001
126
Worthless. Very few people (even of the "ultra rich") own a G550.

You can get bigger, faster, quieter jets for 1/2 that price or less

Okay, name a single private jet that's bigger, faster and quieter than a G550 for half the price.
 

coxmaster

Diamond Member
Dec 14, 2007
3,017
3
81
Okay, name a single private jet that's bigger, faster and quieter than a G550 for half the price.

I never said you could get a single jet that was all of those. :p

I'd still take a Citation X over a G550. Faster, more useful load, 1/2 the price.

If you really need bigger, might as well go all out with something along the lines of a 737.
 
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GagHalfrunt

Lifer
Apr 19, 2001
25,297
2,001
126
I never said you could get a single jet that was all of those. :p

I'd still take a Citation X over a G550. Faster, more useful load, 1/2 the price.

If you really need bigger, might as well go all out with something along the lines of a 737.

Great, on a 12 hour trip the speed advantage of a Citation X equates to a 30 minute saving. But of course, on a 12 hour trip the Citation X will run out of fuel and crash halfway there while the G550 lands safely. The G550 seats twice as many people, is far more opulent, more advanced avionics, a stand up cabin and has double the range. You'd prefer a CX? Yeah, sure. Nobody prefers a Citation X, a Citation X is what they buy when they can't afford a G550.

The Citation X is the best jet in its class. The G550 is in a much higher class.
 

coxmaster

Diamond Member
Dec 14, 2007
3,017
3
81
Great, on a 12 hour trip the speed advantage of a Citation X equates to a 30 minute saving. But of course, on a 12 hour trip the Citation X will run out of fuel and crash halfway there while the G550 lands safely. The G550 seats twice as many people, is far more opulent, more advanced avionics, a stand up cabin and has double the range. You'd prefer a CX? Yeah, sure. Nobody prefers a Citation X, a Citation X is what they buy when they can't afford a G550.

The Citation X is the best jet in its class. The G550 is in a much higher class.

Wow chill man. Its not like either of us are shopping for a business jet anyway. I forgot we were looking at this from the stand point of i can afford anything.

Im a fan of smaller jets as it is, so i guess thats why the CX comes to mind. I do like what ive seen of Gulfstream though (not very many)
 

rudeguy

Lifer
Dec 27, 2001
47,371
14
61
why are people so worried about how much other people make and what they spend it on?

I'll never get this.
 

ProfJohn

Lifer
Jul 28, 2006
18,251
8
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Where is the entry for "super model girlfriend" ??

What good is being rich if you can't date a supermodel.
 

TridenT

Lifer
Sep 4, 2006
16,810
45
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Where is the entry for "super model girlfriend" ??

What good is being rich if you can't date a supermodel.

That's beyond the scope of this article.

why are people so worried about how much other people make and what they spend it on?

I'll never get this.

Because people are supposed to worry... i.e. why everyone hates on the guy who lives with his parents at age 30. That's part of the money making thing. If you're not super rich, you're a loser. And being a loser is bad according to society.

Durkadur.. You never think before u post do ya?