Thousands of sailing-apparelled people, many with VIP wristbands, waited in line for their appointments to board the 128-foot yacht Bellissima, with an eye-catching royal blue hull, five staterooms, living room and dining room, and top deck lounging areas, at the Newport Beach International Boat Show at the Lido Marina Village shopping center in Newport Beach from April 19 to 21.
Its owner, Milan Panic, founder and former chief executive of Costa Mesa-based ICN Pharmaceuticals, and former Prime Minister of Yugoslavia, had purchased the Francesco Paszkowski and William Dailey-designed yacht from Italian boat maker Baglietto for $15 million in 2003Â, according to local yacht brokers.
This was the first time Panic had brought the vessel to the almost 50-year-old show, putting it up for sale alongside the yachts of fellow Orange County boaters Jim Glidewell and Gary Primm.
Why had three of OC’s most notable yacht owners chosen this as the year to sell their prestige properties? And why at the Newport Beach show?
“We’re putting [the show] back on the map” post-pandemic, and trying to make it bigger than ever, Hany Ghabour, co-founder of the Irvine-based live production firm Revel Republic, the show’s promoter told the Business Journal. He estimated this year’s turnout at 20,000, compared to the 15,000 from its 2019 iteration, despite the $195 ticket price, before add-ons, such as VIP wristbands and VIP lounges.
And his timing would seem opportune.
Grand View market research has been forecasting global yacht market compound annual growth of 5.8% from 2023 to 2030, off a base of $8.91 billion in 2022.
“The demand for yachts has gradually increased in the last few years,” the report said, “owing to increase in disposable income of individuals,” and a tendency toward leisure and recreation post-pandemic. A “growing preference of travelers for luxury tourism, personalized service, and exclusive traveling are the primary factors propelling the sales of yachts,” Grandview said.
This year’s Newport show drew 250 boats for sale—new and previously owned, from smaller, recreational watercraft to luxury yachts more than 100 feet long—along with prospective buyers, boat builders and yacht owners.
Event officials call Newport Harbor the largest recreational boat harbor in the US.
“The show offers a quick and concise location and time for our clients,” Kevin Merrigan of yacht brokerage Northrop & Johnson said.
Other dealers in attendance included Alexander Marine USA, Denison Yachting and Sun Country Marine Group.
“It blends all the industry experts together in one place,” Tim Barry, principal at yacht dealer and charter company Newport Yachts, said.
Much of their attention was drawn to the opportunity to roam aboard vessels owned by some of Orange County’s best-known yacht owners and normally kept in such places as the Balboa Bay Club.
In fact, demand was so great that on the last day of the show, Sunday, reservations were required just to be allowed to board the Bellissima.
Elevated
The image of exclusivity was intentionally cultivated by Revel Republic, co-founder and president Ghabour explained this included covering walkways with turf, increasing ticket prices, including for VIP passes and VIP lounges, and staging live water aerialist performances on the sails of a few of the boats.
A popular attraction was a helicopter perched on one boat.
“Not only does it elevate the overall guest experience, but it also delivers better outcomes for the growing list of brokerages, exhibitors and partners participating in the project,” Anthony Trimino, CEO of marketing and advertising firm, Traffik, which handled marketing and publicity for the show, said in a statement.
Due to Traffik’s partnership in reviving the boatshow, Trimino is also CEO of Revel.
Revel appears to be putting its money behind the forecast for growing market appeal floating all boats. Not only is he looking to use more dock space for next year’s Newport show, he said, but he plans to launch the San Diego Boat Show in June.
“We’re looking at all options,” Ghabour said. “I think the biggest thing is to continue getting fresh eyes and fresh consumers in here for all the brokers.”
Fast Sailing
Many were drawn to the yachts of Glidewell, Primm and Panic.
Previously, Panic had kept his Bellissima for private use, mainly sailing to Catalina Island, at times up the coast to the San Juan islands in the Northwest, and to Saint Lucia in the Caribbean. He had never leased it out for charter trips.
Toward the end of 2023, Panic put the Bellissima up for sale, as he began looking for a smaller, more accessible boat, according to Barry. Asking price: $4.96 million.
“Here’s hoping someone local buys, so the Bellissima can stick around,” Newport Yachts’ Barry said.
Alaska-Bound
Another local yacht that grabbed attention was Glidewell’s Westport vessel, named Serengeti, previously owned by television host Johnny Carson, priced at $6.95 million.
Glidewell, founder, owner and CEO of Newport Beach’s Glidewell Laboratories Inc., bought it 10 years ago.
Glidewell, who has owned several boats since 1995, is a “serial yacht owner,” broker Merrigan of Fort Lauderdale’s Northrop & Johnson said. Glidewell prefers buying previously owned boats, as prices are significantly lower, then remodeling them, Merrigan said.
Glidewell rents out the almost 130-foot-long vessel, with five staterooms, as a charter in Alaska in summer, bringing in up to $1 million each year, Merrigan said.
Glidewell reserves the boat for family and business use the rest of the year. He also owns a Trinity boat model, the Unbridled, 191-feet long.
