Bargain megayacht for billionaire

Queensland mining billionaire Clive Palmer secured one of the boating bargains of the year when he snapped up the virtually brand-new Horizon 98 Maximus at auction on the weekend.

Palmer paid the National Australia Bank $5.3 million for the six cabin motor yacht when it was auctioned on Saturday. The vessel was commissioned by former Gold Coast multi-millionaire Daniel Tzvetkoff, last year and cost $7.5 million.

Tzvetkoff, who made headlines when he paid $27 million for five homesites on the Gold Coast which he combined to build a lavish beach house, was hard hit by the global financial crisis and his companies were put into administration with debts of $61 million. Maximus was just one of his assets sold at fire sales prices by his receivers.

Adrian Seiffert of Brisbane's Marine Auctions said there was a lot of interstate interest in Maximus before the auction but finally it was local boy and self-made billionaire Palmer who outbid the three other interested parties.

Maximus, which is 102 feet overall, has six cabins and sleeps 12. Powered by twin 1652hp Caterpillar engines, she has the ability to go virtually anywhere in the world.

She features a huge saloon, with adjoining formal dining area, on the main deck. There is another informal dining area adjacent to the lavish galley.

The top deck features an enclosed helm skylounge with twin helm chairs and seating for eight or so other guests. Doors open out onto the rear deck where there is a hot tub and storage for a 20ft RIB tender.

The lower deck features sprawling a owner's suite and a VIP cabin -- both with their own private en-suites.

Although designed so it can be operated by the owner, the Horizon 98 also has separate crew quarters about the size of a typical inner-city apartment.

A swimming platform and a garage for water toys are located at the stern.