African dictator's son orders luxury superyacht ($380 million yacht)

Yahoo | AP ^ | 2/27/11 | MICHELLE FAUL

[LibWhacker]

JOHANNESBURG – The son of Equatorial Guinea's dictator of 30 years commissioned plans to build a superyacht costing $380 million, nearly three times what the country spends on health and education each year, a corruption watchdog said Monday.

The statement from Global Witness said that German company Kusch Yachts has been asked to build the yacht, housing a cinema, restaurant, bar and swimming pool, though construction has not yet started.

Global Witness has been urging Washington to institute sanctions against Teodorin Obiang, whose extravagant lifestyle currently includes a $35 million-dollar mansion in Malibu, California, a $33 million jet and a fleet of luxury cars, while earning a salary of $6,799 a month as agriculture minister.

[SouthTexas]

With all the unrest around the globe, he’s got to have some way to escape. May as well go in style!

[Charles Martel]

I think I first heard about this guy years ago in a joke titled “Shortest books ever printed”...

[AEMILIUS PAULUS]

"With a schedule as hectic as President Obama's it must be hard to stick to a training regimen without help -- but why does he insist on having his old trainer fly out from Chicago to D.C. regularly when Obama and his wife exhort the rest of us to drive less? And in a recession? According to Ashley Parker at the New York Times, Obama's fitness czar Cornell McClellan comes out to D.C. every week:"

Could it be?-Nah!

[John O]

I wonder what the annual upkeep is for a 380-million-dollar yacht?

Yacht upkeep is normally quoted as 10% of purchase price. That's what's keeping me out of that market.

[DUMBGRUNT]

owns seven Ferraris, five Bentleys, four Rolls-Royces, two Lamborghinis, two Mercedes-Benzes, two Porsches, two Maybachs, and an Aston Martin, which he somehow affords on his $5,000 a month official salary. He has since tired of those jalopies and now favors a blue Bugatti Veyron.

Bugatti Veyron motor car. There are 35 of them in existence. They cost one million euros each. Three of them are owned by a guy called Teodoro Obiang, the Minister of Forests of Equatorial Guinea.”

http://pajamasmedia.com/richardfernandez/2011/02/22/style/

[married21]

Maybe guys like him are the reason all the relatives of rich Africans keep writing to me to ask me to hold some money for them, for safekeeping. Of course, I’d like to help them, but....

[Liz]

Equatorial Guinea citizen's house

Equatorial Guinea's President's Son's $35m Malibu mansion

[Graybeard58]

Gee...my dad gave me $50 for my 21st birthday (1966) and I thought I was rich.

My 21st. b/day was also in 1966, all I got was, "only one more year left to serve in the military".

[bjorn14]

Does that include the helicopter?

[FrankR]

I had already been in over two years by that time...with two left to go.

[Graybeard58]

July ‘63 to July ‘67 for me.

[FrankR]

jan ‘64 - jan ‘68, USAF

[Rebelbase]

[RexBeach]

Hah! More than likely, two helicopters!

[mmercier]

After reading your post Sir, I consider you to exhibit a rather unpleasant racist tendency.

[Billthedrill]

It just goes to show how far a little frugality can go. This guy has got to be a couponer.

[golux]

The standard annual upkeep estimate for megayachts is 10% of the cost of the boat.