Word: shipful
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...their former skipper. On the bridge the replacement captain, Tony Cortese, waved to his predecessor, barely 200 yds. away. Waddle was standing on his own, his right arm raised in stiff salute. It was a sailor's leave-taking, barely noticed by anyone else on the shore. When the ship had passed, Waddle slumped, his head bowed, and turned back toward his house, his eyes teary. "That was the hardest thing I have done in my life," he said. "It was like the last nail in the coffin...
...investment, the ship is somewhat akin to a $262 million, 12-decker mobile home: it starts to depreciate as soon as it's driven off the lot. But for residents, investing is not the point. "At no time do we discuss with them a return," says Fredy Dellis, the Belgian-born chief executive of ResidenSea. "What we're selling is a unique lifestyle." The World's maiden voyage is not until January 2002. But the drawing board is dazzling, with plans for onboard art exhibitions, a Swiss-run spa, a full-size tennis court and driving ranges, a retractable marina...
...creator of the World is Knut Kloster Jr., a cruise-industry veteran whose father founded what is now Norwegian Cruise Line. Kloster originally planned a ship with 286 condos and 183 hotel rooms. After scaling back, he was able to attract investors, including the Continental Casualty Co., a subsidiary of Chicago-based insurance giant CNA Financial Corp. But to persuade penta-millionaires to buy, ResidenSea assembled a cadre of credible associates, including its blue-chip investor Silversea Cruises, which will manage maritime and hotel operations. ResidenSea also marketed through sophisticated make-believe. Inside a factory near Vienna, the company built...
Many of the World's buyers see their ship as a way to simplify luxurious lives. Richard Reed of Scottsdale, Ariz., who made his wealth from 300 karate schools and then founded a company that provides technology for health-club collection services, owned a 52-ft. yacht, the Narcissus, for 10 years. "I really fell in love with the sea," he says, "but I spent all this money, and I was out doing all this work while the guests sat around having a good time." He plans to combine work and play aboard ship, keeping up through the Internet, which...
ResidenSea had planned all along to launch three such ships and, after its success with the World, has already ordered the second. The company expects to complete financing later this year, using many of the same investors. The World's condo buyers are proof that if you build a floating town, they will come. But will they stay? Industry insiders say that granting residents ownership creates potential friction with ship operators. Others foresee an inevitable shake-out as passengers shun certain amenities or even one another. Andy Vladimir, co-author of Selling the Sea: An Inside Look at the Cruise...