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As reported by The Herald, Irish millionaire Michael Smurfit is going to sell his 12-bedroom luxury yacht Lady Ann Magee. He’s putting the yacht on the market with a €16.5 million price tag, after buying it for €40 million eight years ago.

Why is Mr Smurfit selling his yacht, you may ask. Well, it’s not because he has to, like Roman Abramovich, for example. No, he’s selling because he is going to upgrade to a larger yacht in 2009. According to the broker of the yacht, Yachting Partners International, Michael Smurfit has already ordered a new 213-foot yacht that will be completed this year. So he can use the proceeds from selling his old 165-foot Lady Ann Magee to pay for the new one.

The Lady Ann Magee yacht has been available for charter for €200,000 a week during the past years. The Scottish rocker Rod Stewart chartered it in 2007 after his wedding to Penny Lancaster.

Yachting Partners International says the yacht has been priced appropriately to the current market situation.

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