Boo-hoo for the sailing rich

Seems like some of America's Social Darwinist class have been caught in a property investment bubble all their own — the declining value of yachts, especially when caught in possession of more than one.

In boom times, yacht enthusiasts would order a new dream boat and keep their old one for the two or three years the builder needed to complete the new boat. Then, they would quickly sell the older yacht to impatient new millionaires and billionaires eager for their requisite status symbols.

But that equation changed with the financial crisis two years ago and took the superyacht market down with it.

Some of the wealthy have ended up like Peter A. Hochfelder, the principal and founder of Brahman Capital Management, a private investment firm in Manhattan. Mr. Hochfelder already owned a 134-foot Lürssen, named Blind Date, that was built in 1995. He commissioned a second boat in 2007, a 161-foot Trinity yacht, that he christened with the same name. It was completed in 2009.

Now, Mr. Hochfelder, who declined to be interviewed, has put both on the market, in the hope that he can sell at least one. He has been asking $9.5 million for the older yacht and $33 million for the new one, which is big enough to sleep 12 guests.

And these are the type of people GOP Congressional wingnuts like Majority Whip Paul Ryan think need tax cuts. Oh, the inhumanity!