AvYachts, a provider of shared yacht ownership, has introduced an Instant Yachtification program that lets a person commit a share of as little as 10 percent to become an owner in a yacht and spend three weeks annually aboard.
“Entering the world of megayacht ownership can be intimidating, given the unknowns of operating, maintaining and storing a large vessel that requires constant attention,” said Kathy Kennedy, chief operating officer of AvYachts in a statement. “Instant Yachtification makes the entryway much more accessible and enjoyable through a shared ownership model that provides instant admittance to this exclusive world. Now the luxurious experience of yachting is available to those seeking this lifestyle choice.”
AvYachts estimates that yacht sharing will grow to a $335 billion industry by 2025. AvYachts takes the shared ownership model used by private jet companies and applied it to megayachts. In response to requests from owners who were at a stage in life where they can’t commit more than three weeks per year to being aboard, AvYachts came up with the Instant Yachtification program. “By adding this alternative, we have listened to our owners and become as flexible as they need us to be to accommodate their lives,” said Kennedy.
Owners can purchase a 10- or 20-percent share in a yacht with each share corresponding to three or six weeks annually aboard a fully crewed Westport yacht ranging in size from 112 feet, 130 feet or 164 feet for a five-year period of ownership. At the end of the ownership period, AvYachts resells the vessel and the owners receive their share of the proceeds.