News

Billionaires locked out of Naples as new superyacht regulations provoke anger

Billionaires have hit out at new regulations in the port of Naples that restricts the size of vessels to under 75 metres in length.

Bernard Arnault – the world’s second-richest man – has led a chorus of disapproval at moves by Mergellina port to ban yachts of a certain size for security reasons.

Symphony, the 101 metre long, six-deck vessel, was left stranded in the Tyrrhenian Sea after the fashion tycoon was told he would not be allowed to dock in the southern Italian city.

The boat, which boasts a glass-bottomed swimming pool and outdoor cinema, fell foul of new regulations restricting the size of yachts entering the port.

Media tycoon Barry Diller was also forced to renounce Naples after the Mergellina harbourmaster barred his ship too.

A source at the port said the move was “incomprehensible” given that megayachts had been able to dock there for the past 20 years, and that Naples would miss out on the type of visitor who brought some lustre to a city that “often makes the news for negative reasons”.

“I am getting many letters from magnates saying they’re thoroughly disappointed that they can’t dock in Naples any more,” the source added.

Tiny violins at the ready!

Related: Grenfell families call for ‘accountability’ at Glastonbury Festival talk

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE). He has contributed articles to VICE, Huffington Post and Independent and is a published author. Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.

Published by