Whose recession? - Yacht slip sells for US$4 million

11:55 PM Thu 7 May 2009 GMT

'Key Largo ’yachtsman’s paradise’' .

Key Largo’s Ocean Reef Club - with the four million dollar slip - .. .

No, it wasn't the YACHT that sold for a cool four million dollars - it was just the slip. A berthing slip that has just sold for US$4 million at Key Largo's prestigious Ocean Reef Club has set a new record for slip sales.

Russell Post, President of Sotheby's International Realty in Florida who represented both parties during the transaction has announced the sale.

The $4 million slip, located on the T-Dock at the marina, can accommodate yachts up to 165 feet in length. The previous record sale at Ocean Reef for a similar size dock was $2 million.

'In spite of the economy, the demand for megayacht slips has not waned.' Post was quoted as saying. 'There are only a few marinas like the one at Ocean Reef that can accommodate a vessel of this size while also offering the privacy and security of a private club.'

However, Post wasn't saying who had acquired the slip - with the current state of the world's economy, that's left for cynical minds to ponder.

Called a 'yachtsman's paradise', the exclusive Ocean Reef Club offers a 175-slip marina with 24-hour security and all of the amenities of a world-class yachting facility.

Ideally located near the Gulf Stream and North America's only living coral reef, the Club's surrounding waters offers superior deep-sea, reef, flats and back-country fishing in addition to great diving, snorkeling, sea kayaking, and windsurfing as well as easy access to the Bahamas and Caribbean islands.

Ocean Reef Club sales top $20 million for oceanfront compounds in the private community, offering amenities like a private air strip, two championship golf courses, medical center, academy, chapel, cultural center and five restaurants.

There are smaller slips of course, some that can accommodate yachts up to only 110 feet in length.

by Nancy Knudsen