Ex-Norwegian Cruise Chair Readies $1 Billion for Condos at Sea…
Knut Kloster Jr., a member of the Norwegian family credited with starting the holiday cruise industry in the 1960s, envisioned a luxury residential cruise ship where affluent individuals could own private apartments and travel the world without leaving the comfort of their homes. This concept led to the development of “The World of ResidenSea,” a liner larger than the QE2, featuring private apartments priced up to £4.5 million. The ship’s itinerary included destinations like the Scandinavian fjords, the Caribbean, Mexico, and New York, aligning with major global events such as the Sydney Olympics in 2000. Amenities aboard were to include a spa, tennis courts, seven restaurants, and a supermarket.
In 2002, a similar concept materialized with the launch of “The World,” a residential cruise ship offering 165 apartments. Residents, who are required to have at least $10 million in assets, can customize their cabins, come and go as they please, and lease out their units. The ship boasts amenities such as two pools, a full-size tennis court, a golf simulator with an on-call pro, and a 7,000-square-foot spa. The vessel’s itinerary includes over 100 ports of call annually, visiting more than 20 countries.
More recently, several startups have attempted to enter the residential cruise market, offering condos at sea for over $100,000. However, these ventures have faced challenges, including delays and difficulties in securing suitable vessels. For instance, companies like Storylines and Life at Sea Cruises have postponed their launches due to issues such as shipyard bankruptcies and problems acquiring and refurbishing older ships. Despite the demand from individuals eager to embrace life at sea, these startups have struggled to bring their concepts to fruition.
