What They Cost


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.

1) Mega Yacht

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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.

2)Private Jet

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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.

3) Helicopter

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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.



4) Exotic Car and Driver

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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.



5) Private Island

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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."

6) Personal Chef

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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.



7)Vacation

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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.

2 thoughts on “What They Cost

  1. August 26, 2010 at 1:19 pm

    What They Cost http://goo.gl/fb/mYv05

  2. August 26, 2010 at 6:19 pm

    What They Cost http://goo.gl/fb/mYv05

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