Tiziana, the classic 1963 Abeking & Rasmussen ketch sailing yacht, has been listed for sale with Camper & Nicholsons for an asking price of €4.9 million.
The 35.6m build was originally commissioned by Gianni Agnelli who, at the age of 25, became the principal owner of Fiat, in 1945. His taste for the best led to Tiziana’s subsequent delivery as one of the first 20 30m+ sailing yachts to hit the water.
Another of Tiziana’s former owners, in the late seventies, was Horst Wendtland, a German film producer, whose son, Matthias, spent two-and-a-half years on board circumnavigating, after which the 1987 television series ‘On The Wings Of The Wind’ was produced.
She was built to a design by Sparkman & Stephens, a firm unrivalled at the time, with countless sailing accolades and an extensive design database – a suitable collaboration for the German yard, which focused on building ‘legendary sailing yachts’ in this era.
In 2005/2006 – after assembling a highly experienced team of Bill Langan of Sparkman & Stephens and Jens Cornelsen, a former captain and project manager of some 45 builds – the current owner took Tiziana for a restoration at Vitters Shipyard.
The refit got off to a flying start, but the hull imperfections soon became clear when a mechanic pushed his screwdriver right through the hull while dismounting a head. The main works completed were: a restoration of interior woodwork; a brand new galley; rebuilding the cockpit to cater for the relocation of the helm station – improving steering competence with a less complex cabling route, and; the installation of new modern hydraulic-package-powering Lewmar winches and a Reckmann roller furler.
The whole boat was rewired and replumbed to accommodate a new main engine, new fuel tanks, new quietly running generators and a modern four-blade variable pitch propeller. Since the refit, the yacht has been meticulously maintained and undergoes a mini-refit every Winter.
The current owner elucidated that €40,000 per month (€480,000 annually) covers Tiziana’s operating expenditure entirely, inclusive of refit work. Tiziana’s charter track record of late has been three to six weeks per year, but what is achievable commercially has been somewhat stunted by the owner’s substantial usage.
“If someone wanted to buy her as a charter yacht, it would definitely be possible to cover her maintenance costs entirely. About four to five weeks of charter can cover the summer expenses, but if you were to do a Caribbean season, which we don’t do currently, there’s a very strong possibility it could be covered. It really depends on the owner’s intended usage”, clarified nine-year captain of Tiziana, Katherine Pennington.
The owner illustrated that her weekly charter rate brings in a €55,000 net profit, so nine weeks of charter would be needed to break even with her OPEX. “If someone bought her with charter in mind, and marketed her a bit differently, you could do extremely well”, continued Pennington. “Very few boats of her size can sleep 10 guests in five cabins – most sleep six, or eight. The added bonus is that she is a very comfortable boat to live on.”
At the time of Tiziana’s delivery in 1963, 44.5 per cent of the fleet were sailing yachts – today it is under half of that, at 19.5 per cent. As such, the prestige of those considered to be ‘classics’ continues to grow.
For more information on Tiziana, keep an eye out for the impending issue 22 of The Superyacht Owner.