$10 million price reduction on Lürssen's 70m Martha Ann
In a reaction to the €38 million price reduction on Lürssen’s 78.4m TV, Martha Ann has also undergone a significant price reduction.…
After news last week that Lürssen’s 78.4m TV had undergone a €38 million price reduction during a central agency change, another of Lürssen’s builds, Martha Ann, has just been reduced in price by $10 million at IYC.
“The 70m market has not been strong recently and we needed to maintain a pricing separation between the Lürssen listings”, began Frank Grzeszczak. “TV is close in age and she is a bigger boat with a larger gross tonnage, so having them priced closely wasn’t logical. The market dictates the value, so the owner and I decided to make a move to keep it competitive.”
The current owner built three Lürssens at the same time – 70.8m Titania, 70.2m Saint Nicolas and 70.2m Martha Ann – having already sold the other two.
70m Martha Ann
Martha Ann, currently in Italy, was originally listed for sale at $110 million just prior to the 2015 Monaco Yacht Show, which she attended, and is now for sale at $79 million – 65.8 per cent of her original asking price after 10 months on the market.
Martha Ann was delivered by Lürssen from its Rendsburg facility in 2008. She was constructed with a steel hull and an aluminium superstructure and boasts six large decks. Her gross tonnage of 1,940gt is typical of Lürssen’s build style and allows the owner to enjoy an interior volume that is more than 20 per cent higher than the average 70m build on the water.
The exterior work was carried out by Monaco-based Espen Øino, whose eye for detail has resulted in a number of notable superyacht projects, including Al Said, Ocean Victory, Serene and Kismet. The interior design is the product of French designer Zuretti, known for a range of bespoke projects that are as diverse as they are high calibre.
“Building this yacht from scratch, you have to factor in the wait time for a slot with Lürssen, a €130 million-plus build cost and a four-year build time. I’m confident now that Martha Ann is at a price point where she will sell. Everything worldwide is price-driven right now. At a price, all three of these boats (TV, Northern Star and Martha Ann) will sell, it’s just a matter of when and at what price range", concluded Grzeszczak.
TV, Northern Star and Martha Ann – all built in 2008 or 2009 and between 70–80m – came onto the market with asking prices upwards of $110 million each. Now Northern Star is for sale at €99.95 million, TV is for sale at €92 million and Martha Ann is for sale at $79 million. The yachts have accrued €95.01 million in price reductions between them since coming onto the market, with €47.02 million actioned last week.
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