Stalking Staluppi: Why Project Bond is licence to thrill
Berkay Yilmaz of Bilgin yachts (left) shakes hands with John Staluppi over Project Bond.
From a villain’s perspective, James Bond has an annoying habit of wriggling off the hook. Just when you’ve got him strapped to a table with a laser advancing between his legs, or you’ve lowered him into a shark pool, he somehow escapes.
Similar, but entirely different is Bilgin Yachts’ courtship of John Staluppi, the American car dealership baron and serial superyacht owner. Like many prospects in yachting, the relationship was a slow burn. The two parties began chatting about six years ago and had multiple conversations around various projects. A deal was close several times, only for the pendulum of possibility to swing the other way.
The colourful Staluppi, 79, who has named all of his yachts after James Bond movies, was particularly interested in hull number two of Bilgin’s 80m series. It didn’t quite happen and the project became Leona with another client. Instead, Staluppi bought the 74m Amels which he renamed Casino Royale.
Sign up for the Superyacht Investor newsletter
The Brooklyn-born businessman, who began as a teenage mechanic at a Chevy dealership, finally seemed to be on the hook earlier this year after talk turned again to Bilgin’s 80m platform.
“It was a matter of finding the right time and the right product,” says Berkay Yilmaz, commercial director for Bilgin, based in West Istanbul.
“I told them: ‘We do have a larger version of our 80m series. The hull and superstructure is partially built, but I will be open-minded with my team to listen to your changes.’”
A few tweaks to windows, the layout and the helipad and Staluppi was convinced. According to Bilgin, he was impressed with the yard’s “exceptional flexibility” and willingness to accommodate his wishes.
“I flew to meet him on his yacht and stayed there several days with Jonny Horsfield from H2 [Yacht Design],” adds Yilmaz. “We went through the general arrangement, we went through the features of the new yacht, everything went well and we shook hands.”
Project Bond is Bilgin Yachts’ new 82m platform sold to American John Staluppi.
Yilmaz flew back to Istanbul, the deal seemingly done. But just like the narrative arc of a Bond film, there was another dramatic twist. Shortly after their meeting, the US-Iran war kicked off.
Staluppi was concerned. “I told him everything is normal in Turkey,” says Yilmaz. “This region always has something going on. We are stable. We are fully operating.” Reassured, Staluppi moved forward and handed over the signed contract at the Palm Beach International Boat Show in March. The 82m Project Bond was born.
“Of course, every client is very important,” says Yilmaz. “But the vision that John has, everything has to be perfect in order for him to be proud about his boat.”
READ: Why ownership structures should match the dream
Bilgin worked closely with Simon Graham, a broker at FGI Yacht Group and Staluppi’s former captain, and adviser Peter Thompson. As past collaborators with the yard, they were “very helpful to build the trust” with the American, according to Yilmaz.
“John is unique, he’s a character for sure,” he adds. “He’s very emotional, very straightforward. He’s like a big boss, but he’s kind of an elder brother or father type of a person. He loves creating a personal connection.
“He’s a very good client to have at the shipyard, because he wants to be in front of the media, he wants to speak proudly about his project.”
More demanding
Even without Staluppi’s profile, the potential from the US market is “huge”, says Yilmaz. And word of mouth, through brokers and clients, is spreading the news that Turkey, alongside Italy and Northern Europe, is a legitimate option for Americans seeking large custom and semi-custom yacht projects.
Previously, Bilgin may have shied away from the exposure. “We weren’t ready to create a big exposure in the past, because we were still operating like a boutique small Turkish shipyard, the fifth generation of a boat building family,” he says.
READ: Bilgin eyes connections that ‘feed our souls’
Now, across its four shipyards throughout Turkey it has 16 projects under way.
“We signed three projects in the last six months to clients in the US,” he says. The market is still “demanding”, given the geopolitical landscape, but he suggests that “these abnormal situations have become normal in the world”.
“We operate very carefully,” he adds. “Our motto is quality-driven. Capacity increase might be risky in terms of quality, but that’s why we are not renting shipyards, we are buying them and putting in our teams.”
With increased interaction with US-based clients, Yilmaz has noticed a slight difference in the way they go about their business compared with Europeans, for example.
“They are more demanding in certain areas, especially on the contract negotiations, but also they are more friendly,” says Yilmaz, who suggests his joint Turkish-Canadian citizenship – after working in Vancouver for seven years – is an advantage.
“They create more personal relationships, are more social and more connected with the process. They want to be involved. At least that’s my experience.”
READ: How fluent are you in family office?
From ultra-high-net-worth clients in general, he has observed also the power of decision making.
“They are very busy people, but they do execute a lot, and they do give decisions very fast,” he says. “And they are not hesitant to ask questions. Then you transparently create that communication platform. You can discuss anything, there’s a common decision with the whole group and then you move forward to the next one.”
Back in the day, Staluppi cobbled together enough money to buy a small gas station, then a Honda dealership. His empire took off and he began building yachts. The quest initially was to build the fastest superyacht – the 36m Norship-built Moonraker set the early pace with a top speed of 66.7 knots. Now it is more about luxury.
His other vessels have included the 69m Benetti Spectre, the 42m Millennium The World Is Not Enough, the 44m Heesen Octopussy, the 58m Trinity Skyfall and the 61m Benetti Diamonds Are Forever.
Bilgin’s Project Bond is another licence to thrill.
Subscribe to our free newsletter
For more opinions from Superyacht Investor, subscribe to our email newsletter.
