Peter Munk’s Golden Yacht
Peter Munk, who has transformed a sleepy bay in the Eastern Med into the luxury oasis of Porto Montenegro, reveals how his yacht, once a business tool, has become a beloved part of his residential inventory. …
Peter Munk, who has transformed a sleepy bay in the Eastern Med into the luxury oasis of Porto Montenegro, reveals how his yacht, once a business tool, has become a beloved part of his residential inventory.
“George Nicholson bought her for me,” Peter Munk recalled in a recent chat with me about the purchase of his first and current yacht, Golden Eagle. “I chartered for 30 years or so with Michael White before buying. And when I lived in London, I owned a berth at the Anchorage development in Mallorca. But I bought Golden Eagle in 2009 just after I decided to start the Porto Montenegro development.”
Munk, whose business acumen and foresight has transformed this sleepy bay in the Eastern Med into a burgeoning luxury oasis, realized then he needed a yacht on site for investors who wanted to see the development. At a time when the site was still essentially an abandoned military yard with no apartments or facilities, Golden Eagle was both a home and a boardroom from which Munk could conjure his vision for the site. “Now of course, they don’t need the yacht anymore, but I love it. I really love it! I’m getting older and I like it more and more.”“All my rich friends said, ‘don’t ever buy a boat, just keep on chartering,’ and I tended to agree. But I’ve changed my mind. I love my boat: It’s a very important part of my residential inventory. We spend months cruising in the summer, and my family and friends come out to join; it’s a really unique experience.”
Munk named the vessel Golden Eagle in honour of the Montenegrin flag (it also resonated with a man who founded the world’s largest gold producer, Barrick Gold). And while the vessel was briefly flagged in Tivat, Montenegro, she is now flagged in the Isle of Man, to enable her to take advantage of the duty-free fuel in the port.
Operationally, Munk has been impressed with his investment. “George Nicholson gave me a rundown of costs and expectations prior to the purchase, and I have to say everything’s turned out better than I was prepared for,” Munk said. “The upkeep has been higher and the maintenance costs have been lower. I’ve had zero trouble with the crew, my kids love it… it’s been one joy after another.”
With yachts in the 75 and 82m ranges currently in Porto Montenegro, Munk hasn’t been tempted to trade up in size, saying his 42.7m 1990-launched Picchiotti is perfect for him. But it is in the largest end of the market that Porto Montenegro’s development is firmly focused.
Since 1890 when it was an Austro-Hungarian shipyard, Porto Montenegro’s bay of Kotor has berthed the Austrian, Yugoslav, Russian and Warsaw Pact navies. It’s a perfect natural harbour, and Munk believes the ideal spot for the largest superyachts like that of the recent Middle-Eastern and Russian clients of Porto Montenegro.
“When I first went to the bay of Kotor, there were dozens and dozens of major warships berthed there. Because of the natural protection it provides, the port doesn’t need major reinforcements, and the insurers are happy to offer weather coverage. I don’t think you can find that anywhere else.”
Take a closer look at a beloved part of Peter Munk's residential inventory, Golden Eagle, here.
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