Toys of the Ultra Rich: What They Cost
Sure, it's expensive to buy the toys of the rich and famous. But buying them is just the start -- once you have them they cost a small fortune to keep.
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
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
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
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.
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
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
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
Twelve-Day European Tour: $36,097, plus expenses and airfare.
A single night in the Royal Suite at The Ritz London 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.
by Steve Hargreaves, Senior Writer
 |
| Courtesy of Denison Yacht Sales |
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.
 |
| Courtesy of Gulfstream |
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.
 |
| Courtesy of Bell 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.
 |
| Courtesy of Rolls Royce |
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.
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.
 |
| Courtesy of Sotheby's Realty |
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."
 |
| Thinkstock |
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.
 |
| Courtesy of The Ritz London |
Twelve-Day European Tour: $36,097, plus expenses and airfare.
A single night in the Royal Suite at The Ritz London 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.
by Steve Hargreaves, Senior Writer
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