Cotter in €30m luxury yacht deal on Cote d'Azur
Wealthy Park Developments owner and Nama client Michael Cotter and John Sisk of the vast Sisk Construction empire have teamed up to back an exclusive new €30m sailing club in Villefranche on the Cote d'Azur, where neighbours include singer Tina Turner and Rolling Stones guitarist Keith Richards.
The construction moguls initially bought a half acre site in Villefranche in 2006 which was developed into a luxury six-residence complex. Legendary US sailor Denis Connor, who won the Americas Cup, used the villa as his base.
The investors later bought the landmark Villa Caesar and redeveloped it into a clubhouse and residence. The garage has been customised to house "high-value classic or super-cars".
"It is being put in a pension fund for the investors and will provide luxury accommodation for members who visit Villefranche to use the club yachts and participate in Regattas," according to yacht club documents.
Cotter, Sisk, Dan O'Connor and two other Irish investors bought the 83ft cutter 'Halloween' in 2006 which is berthed at Villefranche.
The consortium also bought seven classic Dublin Bay 24 yachts, which were refurbished at a shipyard in Benodet in France.
The Dublin Bay 24s were reclassified and are now called Villefranche 38s and will be used by members of the exclusive club. The classic yachts are berthed in a special compound in the historic port of La Darse in Villefranche, which was developed with the assistance of the municipal authorities.
Cotter and Sisk are well known sailors on the Irish yachting scene. Cotter owns a cutting-edge Kevlar hulled 78ft maxi-yacht, with Sisk owning a Beneteau 47.7 yacht. Cotter made his fortune building houses before moving into commercial and retail developments including the Park shopping Centre at Carrickmines.
Sunday Indo Business