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Biggest superyacht? It’s the 590-foot Azzam … for now

When it comes to boat envy, billionaires are in a different realm as they vie to own the largest superyacht in the world.

The launch of the 590-foot Azzam — and its mystery owner — have bumped Russian billionaire Roman Abramovich's Eclipse, at a mere 533 feet, from the top perch.

Prior to Eclipse, the 482-foot Prince Abdulaziz, owned by the Saudi royal family, held the record for 22 years. And before it, American billionaire Larry Ellison’s Rising Sun was the record holder at 454 feet and a $200 million price tag.

Azzam is not only the world’s largest superyacht, but it’s also the fastest, according to a report by CNN, with a top speed of more than 30 knots.

Building the yacht cost $605 million, which does not begin to consider the annual upkeep. In his book on the 187-foot Lady Linda, “Grand Ambition,” author G. Bruce Knecht writes that "operating and maintaining a yacht is at least 10 percent of what the thing cost."

By that estimation, just keeping Azzam on the water could cost as much as $60 million a year.

Click here for the CNN report, which includes a slide show of Azzam’s launch.

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