Now that million-dollar condominiums are commonplace, there is a new product in the marketplace - million-dollar suites on a ship.
These have little to do with traditional cabins. Standard sizes range from 965 to 2,189 square feet, with price tags going from $1.12 million to $5.38 million.If those aren't grand enough, there are two-story and penthouse units, plus some custom homes that may be created by combining two units. Annual maintenance fees for standard suites will go from $61,500 to $241,300.
The ship, scheduled to take its maiden voyage in the summer of 2000, will be called The World of ResidenSea.
It is marketed by Christie's Great Estates in the United States. "We also have our own sales directors at ResidenSea, working closely with Christie's," said Robert Burnett, president of ResidenSea (USA) Inc. in New York.
"The ship is just a phenomenal idea for someone who has everything, for people who want to indulge themselves," said Carol Amero, a real estate agent with Palmer Realty Group in Sarasota , Fla. "It's a home away from home and a great way to see the world in such a romantic fashion."
The ship will sail on a continuous cruise around the world, and there will be a helicopter landing pad for the passengers who want to get on or off.
The World will be 958 feet in length, with a gross tonnage of 85,000 and a cruising speed of 20 knots.
Its decks will be able to accommodate 1,100 passengers for long journeys and 1,700 on short voyages.
"We think that the average occupancy will be 700 people," said Burnett.
In order to be considered as a buyer, one must have a net worth of $5 million, said Burnett. "It was actually an SEC (U.S. Security and Exchange Commission) requirement so that we would be dealing with qualified purchasers."
Since the project was put on the market in June in Europe and in late July in the United States, the company has secured $50 million in firm contracts and $100 million in reservations.
"The average buyer is about 55 years old. They see this as an alternative to a resort home," Burnett said.
Units will total 250. The standard furnished units will be two to three bedroom suites with a bathroom for each room, a fully equipped kitchen, living/dining area and terrace with spa.
The ship also will make 180 guest units of 215 to 484 square feet available to residents for their employees, friends and families.
A staff of about 500 full-time employees will mind the ship, which will offer all luxury-hotel amenities - concierge, 24-hour room service, beauty salon, boutiques - in addition to medical staff and a travel agency.
There will be seven restaurants with a gallery of lounges, bars and shops, a 300-seat theater and a library with a professional librarian.
Sport facilities will include a full-size outdoor tennis court, driving ranges and putting greens with professional instructors, swimming pools, spas, deck sports, water sports, a Roman spa, and a health and fitness center.
"This is the first ship to have a full-size tennis court," said Burnett.
In addition to business equipment - from computers to satellite video phone and a print shop - there will be meeting and conference rooms at residents' disposal.
As for ownership of the suites, Burnett said, "It's very similar to a condo in that it has all the protection and privileges of a condo owner - the by-laws are similar. Also, it has a 50-year exclusive residency right."
This means that in 50 years, residents may elect to renew ownership of the ship at no additional cost and for as long as they wish, or they may choose to sell The World, he said. In the meantime, residents are free to resell their suites.
The ship, whose construction will start toward the end of the year, will cost $475 million. Developers are Knut Kloster Jr., a former chairman and chief executive officer for Norwegian Cruise Line, Royal Cruise Line and Royal Viking Line, and Helge Naarstad.