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Derecktor built Super Yacht Cakewalk is for sale

Cakewalk, The Super-Yacht Built By Bridgeport Shipyard, Is For Sale

By JANICE PODSADA, This e-mail address is being protected from spambots. You need JavaScript enabled to view it The Hartford Courant

6:20 p.m. EDT, June 2, 2011

Feeling landlocked, but don't like leaving the palace?  The Cakewalk V, a posher-than-posh 281-foot super yacht built by Derecktor Shipyards in Bridgeport that took to the water for the first time last October, is for sale. One owner, low miles. And the price tag? $215 million.  Believed to be the most spacious yacht ever built in the U.S., the vessel is jointly listed for sale by Fort Lauderdale-based Merle Wood & Associates and London-based Burgess Yachts......

But the "For Sale" sign is curious, given that Charles Gallagher, a Denver private equity investor, took possession of the vessel just last fall – after four years of monitoring the yacht's construction, and visiting the Bridgeport shipyard "many times," the Courant reported last September.

It's not clear why Gallagher put the yacht up for sale, but a quick profit apparently isn't the reason. Although court documents in a Derecktor bankruptcy filing suggested that the ship cost $82 million, a woman in Gallagher's office said Wednesday that the actual cost was more than $200 million.

Cakewalk appears to be in the western Mediterranean, based on the online sales materials, but even that information is guarded in the tight-lipped yachting industry. Gallagher could not be reached for comment and Alev Karagulle, a spokeswoman for Burgess in London, said in an e-mail that the firm is not "at liberty to divulge private information on the yachts in our fleet."

Cakewalk is the longest yacht built in the U.S. since a Maine Shipyard delivered the Corsair IV, a 343-foot vessel to J. P. Morgan Jr. in 1930. However, it's not the world's largest yacht — that title belongs to the 557-foot Eclipse, which was built in Germany for Russian billionaire Roman Abramovich. On Power & Motoryacht magazine's 2010 list of the 100 largest yachts, Cakewalk is ranked at No. 38.

Gallagher's six-deck, ocean-going palace, which has a cruising speed of 15 knots and a range of 5,000 nautical miles, was designed by British yacht designer Tim Heywood and a team of Dutch naval architects. The capacious vessel features "Versailles-patterned" woodwork, a spiral central staircase wrapped in wrought-iron balusters, a formal dining salon and six staterooms. The ship accommodates 14 guests and a crew of 26, according to the listing on BoatInternational.com

Gallagher hired the Dutch company Feadship to construct his previous two yachts, both also named Cakewalk. He settled on Derecktor, which built the 1987 America's Cup winner, "Stars & Stripes '87" to build Cakewalk V only after "an enormous amount of diligence," Gallagher told the Courant.

"We picked the location to build the boat because of the unbelievable skill sets that are available in the Northeast part of the United States," Gallagher said. "I wanted to be the first one to demonstrate to the yachting industry that the U.S. shipbuilding capacity can produce quality that meets or exceeds the quality standards of the large yachts that are built in Holland and in Germany."

Direcktor, in the shipbuilding business for the past 63 years, is based in Mamaroneck, N.Y. Its Connecticut yard filed for Chapter 11 bankruptcy in July 2008, and emerged from reorganization last year. Court records say revenues from the Cakewalk project were essential in keeping the Connecticut yard afloat.

Gallagher told the Courant last fall that he chose the name Cakewalk as an ironic allusion to life's being easy and a reference to a form of jazz music known as "cakewalk."

For a glimpse of Cakewalk's interior, posted by Dalton Designs Inc. which designed the ship's interior go to: http://tinyurl.com/3rxguu4

 

 

 

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