The Struggle to Sell a $31 Million Discounted Hybrid Superyacht: The Case of the Feadship Savannah

In the world of luxury superyachts, the Feadship Savannah stands out as a remarkable achievement in design and technology. Despite a significant $31 million price reduction, this award-winning hybrid superyacht is struggling to find a new owner. Built by a Canadian family who amassed their fortune through oil, the 274-foot vessel boasts features that redefine luxury, including an underwater lounge, a helipad, and enough battery capacity to fully charge 20 Teslas.

A Trailblazer in Luxury and Innovation

Delivered in 2015, the Savannah is not just another yacht; it holds the prestigious title of being the world’s first hybrid superyacht. With its ultra-clean diesel-electric propulsion system and stunning aesthetic design, Savannah has made waves in the realm of ultra-luxury vessels. Its innovative approach combines sustainability with opulence, ensuring that it leaves a lasting impression on all who encounter it.

Despite these outstanding features, the 84-meter (276-foot) pleasure yacht has faced challenges in securing a buyer, even after its price was slashed to nearly $170 million. Listed for sale by Andrew Bond of Edmiston, Savannah first hit the market in September 2023, but the response has been surprisingly tepid given its status and capabilities.

The Legacy of Lukas Lundin

The superyacht has an intriguing backstory, linked to the late Lukas Lundin, a Swedish-Canadian mining tycoon. Lundin, who passed away in 2022 after a two-year battle with brain cancer, was the founder of Lundin Mining Corp. His career, which began in the early 1980s alongside his father, Adolf Lundin, was marked by a visionary approach that allowed him to thrive in complex geopolitical and financial landscapes. Before his death, Lundin’s net worth was estimated at around $2.5 billion.

Following his passing, the Feadship Savannah was inherited by Lundin’s heirs, who reportedly have little interest in maintaining ownership of the vessel. This lack of personal connection to the yacht has led them to list it for sale just a year after inheriting it, yet the lack of buyer interest remains a mystery.

The Market for Luxury Yachts

Given the Savannah’s impressive features and accolades, including being one of the most sought-after charter yachts, it’s surprising that it hasn’t yet found a new owner. The luxury yacht market can be unpredictable, influenced by various factors including economic conditions, changes in buyer preferences, and competition from other vessels.

Potential buyers may also be deterred by the high operational and maintenance costs associated with owning such an extravagant asset. Superyachts often come with significant expenses, from crew salaries to docking fees, which can dissuade even the wealthiest individuals from making a purchase.

An Uncertain Future

As the Feadship Savannah continues to sit on the market despite its remarkable features and impressive pedigree, the question remains: what will it take for this hybrid superyacht to find a new owner? The $31 million discount might not be enough to entice buyers in a market that is becoming increasingly cautious.

For now, the future of this stunning vessel hangs in the balance, leaving enthusiasts and industry insiders wondering if Savannah’s next chapter will finally unfold. With its groundbreaking design and rich history, one can only hope that this hybrid superyacht will soon find the appreciation it deserves in the luxury market.