Yachts, supercars and private jets

By LBV

19 Jul 2010

My friend has been invited by his boss, who is a Monaco resident, to stay at his Monte Carlo flat.

But before you think “how nice”, you need to know the full story.

Prince Albert Grimaldi will happily let you take residence there and enjoy its friendly tax regime if you can demonstrate that you spend time there. If your utility bills are not consistent with a normal dwelling in the principality you lose your entitlement to be resident there and go back to paying the taxes like the rest of the hoi-polloi.

This explains people’s desire to spend long weekends and – while they are at it – keep the light switched on and open the taps in order to keep the water running.

Monaco may look like a glamorous place but if you take out the Formula 1, the tennis and a handful of other events there is not much happening.

Outside this period life is not very exciting and reaches its nadir during winter months when it becomes full of rich pensioners. The chance is that you’d have a better night out in Blackburn.

Add the four hours drive, the extortionate prices and the pain of parking any vehicle and you can understand why my friend is not so keen to do a favour to his tax dodging boss.

And while Monaco sounds incredibly attractive to most people, the truth is that this perception does not correspond to reality.

Take the lavish yachts leisurely moored at the Monaco harbour during the F1 week. Firstly, if the size is decent you need a crew to run it which is an invasion of privacy.

Also, yachts have their limitations. If the wind is too strong you are stranded. The alternative is to choose a sailboat but, again, you will have to rely on some crew unless you are experienced sailor. Bernie Ecclestone, for example, can afford a collection of classic and exotic cars to fill a hangar at Biggin Hill airport, yet has to employ a person to keep them in good order because he’s too busy running Formula 1.

And all the people I met that were rich enough to owns a few supercars found it difficult to drive all of them at the same time and ended up paying someone to do the maintenance. Sounds like waste, does not it?

Besides, supercars can be intolerably unpractical.

When Team Minardi had the Lamborghini engine we were given a Diablo to attend a PR function. With some hindsight, I let my colleague drive and he used all his repertoire of swearing when negotiating downtown Bologna’s narrow roads at bumper to bumper speed.

Believe me, the admired looks of the bystanders were not worthy the two hour drive in the congested traffic in a car designed to do 180 mph, the poor visibility and the terror of making a dent in a car whose bodywork is not cheap to repair. So you could say ‘forget road transport’ and travel by air.

If you are super rich, a private jet seems an extremely practical way of going to places without having all the punishment of using an air terminal in these security anxious times, but it has its downsides too.

Take fuel consumption. If you think your Range Rover is thirsty you should try to fill a Falcon or a Gulfstream.

You would think that if you are rich enough to afford a private airplane then you are not really bothered about the cost of filling it but this is not necessarily true.

The late Ayrton Senna was the best paid driver in one of the wealthiest business in the world. He could pilot his own jet which used to move between Grand Prix venues throughout the racing season. Yet in his contract he made sure that Shell of Elf or whoever supplied his team paid the fuel for his flying toy.

The third element to take into account is usage. Jetting off occasionally to take your offspring to Paris Disneyland for a day trip or your partner for a shopping spree in Rome with the bonus of being back in time to catch up with your mates for last orders at the local pub it is not an option.

You have to use it. Leave it parked a touch too much and your accountant will tell you to consider to charter it to less fortunate people, rich enough to afford a privately chartered jet, but not enough to own one.

This is because wealth is all about whom you compare to yourself. As Lucio Seneca wrote 2000 years ago to his friend Lucilio, if you are not enslaved and you are able to get food and shelter then you can call yourself fortunate and live happily. Beyond this level he reckoned “they are not poor those who have little possessions but those who ache for more”.

Renato Cappucci, TAR-OX.
 

Enjoyed this? Read more from LBV

Latest news

1

New India branch campus on the horizon for Lancaster University Keir Starmer meets Indian PM and included Prof Simon Guy Lancaster University. Pic Simon Dawson

New India branch campus on the horizon for Lancaster University

09 Oct 2025

2

Best events and talented students complete finalists list for Lancashire Tourism Awards 2026 Best Events and Talented students on Lancashire Tourism Awards finalist list

Best events and talented students complete finalists list for Lancashire Tourism Awards 2026

09 Oct 2025

3

East Lancashire Learning Group named UK digital transformation leader in CIO 100 Awards Andrew Dewhurst with the award win

East Lancashire Learning Group named UK digital transformation leader in CIO 100 Awards

09 Oct 2025

4

PHX Training appoints new business leader in Blackpool Jason Davenport PHX Training

PHX Training appoints new business leader in Blackpool

09 Oct 2025

5

Velocity seals Airbus extension worth up to $54m Velocity Composites Has Announced Its Entry Into The Us Market

Velocity seals Airbus extension worth up to $54m

08 Oct 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – Oct 10th
Ai 10.10.png.png
LBV Hub Seminars
10 Oct 2025 - 10 Oct 2025

Advantage: AI – A Workshop for Business Leaders – Oct 10th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

Unlocking major project opportunities in the North West
Lancs-cham-logo.jpg.jpg
LBV Hub Seminars
15 Oct 2025 - 15 Oct 2025

Unlocking major project opportunities in the North West

Strathmore Hotel, Morecambe, LA4 5AP

08:00 - 10:00

The New Employee Rights Landscape: Day One Compliance Essentials
EventBrite NORi - 15th Oct 2025 Webinar.png.png
LBV Hub Webinar
15 Oct 2025 - 15 Oct 2025

The New Employee Rights Landscape: Day One Compliance Essentials

Microsoft Teams, Microsoft Teams, PR253XH

13:30 - 15:00

The Autumn Re set - pour me a wine
LBV Advert_Autumn Reset 1200 x 630px.png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Autumn Re set - pour me a wine

The Artistry House , Preston , PR1 3JJ

17:30 - 19:30

The Business Network Central & East Lancashire
LBV Header (26).png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

October Freelancer Meet-Up
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

October Freelancer Meet-Up

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

HR Essentials for pubs, bars and licensed venues
EventBrite NORi - 22nd Oct Webinar.png.png
LBV Hub Webinar
22 Oct 2025 - 22 Oct 2025

HR Essentials for pubs, bars and licensed venues

Online - Teams, Leyland, PR253XH

13:30 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin