South Florida’s voracious appetite for yachts — along with their ballooning size — has marinas scrambling to accommodate financiers and celebrities desperate to dock their floating mansions.
“South Florida has become a highly desirable place to live not just domestically, but globally,” said Carolyn Stone, Deputy Palm Beach Town Manager of Business Enterprise and Culture.
“Yachting is part of the luxury lifestyle. There just weren’t enough slips to accommodate the bigger yachts.”
The shortage has spurred a frenzy to secure slips for behemoths that stretch up to 300-feet long, with some owners shelling out hundreds of thousands of dollars annually just to park them in prestigious spots.
Stone said one well-heeled slip suitor has paid in excess of $500,000 annually for a space at the Town of Palm Beach marina for two years, totaling well over $1M — while still waiting for their craft to be built.