The Legendary Christina O Faces a New Sale Amid Market Headwinds

Greek-based broker Tim Morley announced that the historic yacht Christina O is listed for €52 million (? $60 million), down from an initial €90 million asking price. The vessel’s current owner, the widow of former Irish businessman Ivor Fitzpatrick, has lowered the price to expedite a transfer, stating that the yacht “is not her passion” and that she “has multiple businesses.” Morley added that the sale is occurring against “war in Eastern Europe, war in the Middle East, and a slumping economy in Europe.”

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Launched in 1943 as the Canadian River-class frigate HMCS Stormont, the ship served in the Battle of the Atlantic and the D-Day landings. After World War II, Aristotle Onassis bought the decommissioned vessel for $34 000 (its scrap value) and invested roughly $4 million (about $50 million today) to convert it into a floating palace he named after his daughter, Christina. The yacht hosted Winston Churchill, Grace Kelly, Jacqueline Kennedy, and other luminaries, becoming a symbol of post-war opulence.

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The 325-foot hull was extensively rebuilt in 2001 by shipbuilder Costas Karabela. Most of the original steel was replaced, new diesel engines and generators were installed, and only a few historic elements—such as the onyx staircase, the rudder blade, and the original whale-leather barstools—were retained. The vessel now features 17 staterooms, can accommodate up to 157 guests, and is classified by the International Maritime Organization as a passenger vessel (yachts are limited to 12 passengers). It operates as a charter boat at roughly €700 000 per week; notable charter clients have included Heidi Klum and Tom Kaulitz for their 2019 wedding.

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Julia Skop of Smart Yachts noted that post-COVID shipyard inventory has recovered, shifting the market toward a buyer’s environment. She expects “big transactions in the next two or three years.” Morley emphasized that prospective buyers weigh the yacht’s construction year when calculating depreciation, especially as “a bunch of old boats kicking around from the ’50s and ’60s” compete for attention. He also highlighted that “the world is still full of rich people,” suggesting continued demand despite current geopolitical uncertainty.

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Industry observers point to several deterrents: the yacht’s narrow, wartime-designed hull offers less interior volume than modern superyachts; its vintage aesthetic may not align with contemporary ultra-wealthy tastes; and recent conflicts have reduced interest from Russian buyers (post-Ukraine invasion) and made Middle Eastern investors cautious (war on Iran). These factors compound the depreciation concerns raised by brokers.

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• “We had some interest, but no deal went through,” — Tim Morley, Yacht Broker

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• “we are approaching a buyer’s market now.” — Julia Skop, Smart Yachts

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• “The only part of the whale that could be rendered into upholstery was the penis,” — Thomas Fleischman, Historian, University of Rochester

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• “Literally no other yacht can do that,” — Tim Morley, Yacht Broker

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• “Americans, when they come on the boat, they really love it,” — Tim Morley, Yacht Broker

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Potential purchasers include Greek shipping magnates, Middle Eastern oil families, and American buyers drawn to the Kennedy legacy. Morley predicts that an American buyer may be “the most likely” candidate. With the price already reduced and market sentiment shifting toward buyer activity, industry insiders anticipate that a transaction could materialize within the next two to three years, provided geopolitical tensions ease and the luxury-yacht market stabilizes.

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