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Another price cut on superyacht Penguin at Northrop and Johnson

On November 25th I reported that the 55.1m motor yacht conversion project Penguin had nearly halved in price and now her listing agent, Andrew Cosgreave at Northrop and Johnson sends the barely credible news of another price drop.

Conversion of this superyacht started at Peters Schiffbau and was halted when the owner bought a larger yacht to start his travels, but can still be completed in 14 months.

So far over €20 million has been spent to date on this project and *Penguin *comes with copious amounts of equipment in mint condition and internal volumes can be increased exponentially with a little redesign work. For anyone contemplating a refit on his own yacht, the new price includes €11 million of top of the range equipment currently stored in crates. Brand names include Quantum, Hamann, Cramm, Steen, Imtech, Freeman and Van der Velden.

So here's my advice: buy the hull, sell it for scrap and use all that gorgeous equipment to completely reinvigorate your own yacht at a fraction of normal prices. Formerly listed at €3.99 million, Penguin is now asking €3.85 million.

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