Recently while at a conference on Amelia Island in Florida,
a small piece of information helped me enjoy a real and rare world experience which
others might enjoy learning about.
There was an insurance conference on the island and as the
taxi driver took me to the hotel, he explained there was a high end automobile
auction in town. He said this was the ‘real’
deal with high end bidders in attendance.
We saw some amazing cars as we headed to the hotel. The one I remember most, was a newer Ferrari
and it was being towed by a golf
cart. My thought was ‘they can have
their high end cars’. As we passed the
airport we saw over a dozen private jets and the taxi driver said most had
left.
After checking into hotel and unpacking I went down to the
lobby area to get a drink and relax after the long day of travel. It was your usual suspects and I just sat
quietly. As a people watcher I saw an
older man with a younger rather attractive woman. She was standing and sort of dancing around
and he was looking down and seemed more into his thoughts and drinks.
Then she said out load and to no one in particular, ‘I live
on “The World”’.
As no one else seemed to hear or understand her remark, I looked
up and replied, “I know what that is and I have been on it”.
She looked over and asked “where?”
My response was “Grenada, it was there for the cricket
matches”
At this point the older gentleman looked up from his
thoughts looked and me and then signaled for me to join them. Needless to say the rest of the evening was
an interesting and educational opportunity.
He said they had moved to The World a few years ago as
things in this country seemed to be going in the direction he didn’t agree with. When asked, he confirmed they were there for
the automobile auction as he has a large collection of automobiles. When
asked if he purchased any vehicles, he said they had not and he was mostly
there to see which cars seemed to be going up in value and which seemed to be
declining. In other words he was ‘managing
his investments’. He later said the
value of his vehicle holdings was over $8 million. He wouldn’t tell me what type of cars he
owned or where they were located however I knew he was a serious collector and
most likely part of the one percenters.
We then turned our attention to “The World”. I told him I understood why they lived on the ship and his savings
probably paid for his car collection. He
only smiled.
If you’re from Cleveland and you’re at all familiar with
Peter B. Lewis, former Chairman and CEO of Progressive Insurance, you might have
known he lived ship called the “Lone Ranger”.
Most might not be familiar with the reason for him living on the tug,
however most will agree that it was in order to save income taxes. Many other billionaires have their own boats,
including Tiger Wood and Greg Norman. Its
not unusual for billionaires to live on their own sea worthy ships.
Recently someone told me, they had sold Peter Lewis’ boat
however it only went for ten cents on the dollar. My response was his tax savings during his
time on the boat was far greater than the cost of the ship.
Other top one percenters who can’t afford or don’t want
their own boat can buy a suite or cabin on unbelievably luxurious cruise ship
called “The World”. My mother in law
first told us about this ship and when we were in Grenada and saw it there we
had to get a closer look. When an older
woman saw my wife, my young son and I admiring the ship, she asked if we wanted
to go on board. It was an amazing
insight to this lifestyle. This couple
at the bar seemed to fit right in.
This is why it’s interesting when the politicians say they
are going to raise taxes on ‘the rich’. Every
time this is done, more people move out of the country which is actually
lowering the taxes paid. While it might
make good politics and sound bites, it makes bad economic business.
The rest of the evening was passed talking about politics, “The
World” and even the auto auction. The one
car he had wanted but said it sold for too much was the 1938 Delahaye Torpedo
Roadster, it sold for over $6.6 million.
He thought someone overpaid for the car.
He also was hoping to acquire a 1965 Shelby Mustang but it also sold for
too much at almost $985,000. As both of
these vehicles sold for more than he expected, I asked if it was time to sell
and his response was “not yet”. It was
easy to understand why there was so many jets on the runway. This
was not your average automobile auction.
This interesting evening was possible due to my knowing
about “The World”. Hopefully this
interesting piece of knowledge can help one of the readers in the near
future.
