Tampa Bay real estate mogul reveals the running costs of a $5 million yacht

This Tampa Bay based real estate mogul has revealed the extortionate running costs of a $5 million yacht.

Turns out when you buy a very expensive yacht, it’s not just a one and done deal, and you have to factor in a lot of running costs.

The content creator factored in monthly fuel costs on top of maintenance, paying a captain, insurance and parking.

When you have a spare $5 million lying about for a yacht, all of these monthly costs probably feel like pocket change.

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How much money do you need to spend on a $5 million yacht?

Tampa Bay-based real-estate mogul Ben Mallah has shared the monthly price of a luxury superyacht, because it’s not just the price of the boat itself you have to think of.

He starts by describing ‘parking’, because you need somewhere to leave the yacht when you’re not there.

He estimates it as a minimum of $7,000 a month.

Most people who own these million dollar superyachts like these probably don’t want to be sailing their own boats so they can spend more time relaxing and having fun.

Hiring a captain is the same price as parking, so that would add another $7,000 on to your monthly expenses.

Keeping your superyacht safe is essential, and making sure that you’re covered if it gets accidentally damaged, Ben says insurance is about $2,000 a month.

Yachts don’t stay perfect and gorgeous without regular upkeep, so hiring maintenance people and buying maintenance equipment costs around $4,000 a month, according to Ben.

All in all, regular monthly costs come to $20,000 minimum, which adds an extra yearly $240,000 in regular maintenance costs…woah.

We forgot fuel

We can’t forget how much fuel costs add onto maintaining your perfect $5 million yacht.

Superyachts use a LOT of fuel, 100 gallons in an hour.

At $4 a gallon, fueling a superyacht will cost $400 an hour. This tends to shake down to around every 20 miles costing you $400.

Ben used the example of a ‘short’ 2.5 hour journey between Tampa Bay and the Bahamas costing $1000 in fuel alone.

Basically, it’s pretty expensive to keep a $5 million yacht in a good condition, but if you’re offering to take us out on yours, we won’t complain.

We can’t afford to put any fuel money in though.