Talk

Fishing for upscale fractional owners

Hunt James, who talked his dad into putting his company's name on Raymond James Stadium, is selling fractional interests in plus-size watercraft. Brilliant Yachting is the latest spinoff of James' venture capital firm, Fun Holdings LLC of Tampa.

To start, James, 35, is selling 10 percent shares of a new 54-foot Hatteras sportfishing convertible. Cost: $180,000 up front, plus $2,000 a month, which includes the cost of maintaining a permanent crew of two. The boat will be sold after three years, with the owners dividing the proceeds.

James said some prospective buyers are expressing interest in larger boats, including a 150-footer with a helicopter pad. He also is considering selling smaller boats and one-sixteenth ownership interests, which would reduce the price. Each boat's itinerary and each owner's use dates will be set at the time of purchase. After that, owners will be able to trade boat time just as timeshare owners now trade weeks at the beach.

"A lot of people don't want the whole risk or expense of owning a yacht," James said. "The last five boats I've been involved in have been partnerships, but it still means one of the partners has to deal with all this stuff. This way there's a company you look to, not a friend."

Fractional boat ownership is nothing new, but James said not many companies offer large boats. He said chartering a yacht is a second-class alternative because most charters are older boats, "not of the caliber that the clientele I'm talking to would be willing to put up with." Boats will be purchased from MarineMax of Clearwater.

"It's still clearly expensive, but there are a lot of people who own $180,000 boats," he said. "It's closer to bringing yachting to the masses than anything else has been."

James, 35, lost his seat on Raymond James Financial's board of directors this year when the company decided it needed more outside directors. His dad, Tom James, is the chairman. But Hunt James said he's been plenty busy with another of Fun Holdings' progeny, Digital Hands, which provides outsourcing of information technology services.