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Stephen Schwarzman, the most powerful man on Wall Street, who manages $1.4 trillion and yet proudly wears a $140 Swatch, has taken delivery of his brand-new $400 million superyacht, aptly named Destiny
Stephen Schwarzman oversees one of the world's biggest investment firms, yet he is often spotted wearing colourful Swatch watches that cost about $140 instead of luxury timepieces worth tens of thousands of dollars.
Now the Blackstone chairman has added another high-profile possession to his portfolio, buying a custom-built superyacht estimated to cost around $400 million.Named Destiny, the 101.2-metre yacht has officially been handed over by Dutch shipbuilder Feadship after several years of construction. The yacht was previously known only as Project 1014. The vessel has now entered service and has already left the Netherlands, making a brief stop in the United Kingdom before continuing towards Gibraltar, according to Boat International.Its delivery places Destiny among the small group of privately owned superyachts measuring more than 100 metres, a category reserved for some of the world's wealthiest individuals.Construction on the yacht began several years ago and remained out of public view until occasional sightings during outfitting, launch and sea trials.The vessel completed extensive testing after entering sea trials in April before being formally delivered to Schwarzman. It now sails under the Cayman Islands flag. Feadship has built only a limited number of custom yachts exceeding 100 metres, making Destiny one of the largest projects ever completed by the Dutch shipyard.
Luxury without excessive styling
Rather than relying on bold or extravagant styling, Destiny follows a more restrained design approach.The exterior was designed by British studio RWD, while Azure Yacht Design & Naval Architecture developed the naval architecture. The interiors were created jointly by RWD and Paris-based Chahan Interior Design.The yacht has a steel hull, aluminium superstructure and teak decks. It measures 101.2 metres in length with a beam of 15.25 metres and is powered by twin MTU engines capable of reaching a top speed of around 17 knots.It is believed to accommodate up to 14 guests along with a crew of 39.A deep navy hull contrasts with a white superstructure, while brass detailing adds warmth without dominating the design. Large sculpted windows bring natural light into the interior while maintaining privacy. A distinctive cut-out near the bow also links Destiny visually to earlier RWD-designed Feadships, including Sophia and Defy.
Destiny superyacht is more than 100 metres long
Glass-bottom pool, helipad and beach club
Among the yacht's most distinctive features is a glass-bottom swimming pool positioned on the main aft deck.The pool serves more than a decorative purpose. It allows daylight to reach the beach club below, which opens directly onto the sea through several fold-down balconies.Other amenities include a touch-and-go helipad on the foredeck, a forward-facing Jacuzzi on the upper deck, a spa, sauna, gym, beach club and advanced onboard communications systems.Together, they place Destiny among the most sophisticated custom-built yachts currently in service.
From a $400,000 start-up to a $400 million yacht
The yacht also reflects Schwarzman's remarkable business career.Blackstone, the investment company he co-founded with Peter Peterson in 1985, started with just $400,000 in seed capital. Four decades later, the firm manages around $1.4 trillion in assets, while its co-founder has taken delivery of a yacht worth roughly 1,000 times the company's original starting capital.Schwarzman's early life looked very different.He grew up in the Philadelphia area, helping at his family's dry goods store, where he spent Saturdays folding towels, curtains and bed linen. He has spoken openly about disliking retail work. The experience motivated him to pursue another career.One of his earliest jobs was aboard a Scandinavian ship, where he spent long hours cleaning grease inside an engine room that reached temperatures of around 120 degrees F.
The contrast with stepping aboard one of the world's largest privately owned yachts is difficult to miss.
Destiny superyacht is one of a kind
Building one of Wall Street's biggest firms
After graduating from Yale University, Schwarzman joined the financial industry and earned a reputation as a determined negotiator.One often-told story from the start of his career involves his first salary negotiation. Rather than accepting an annual salary of $10,000, he successfully negotiated it to $10,500 because he wanted to earn slightly more than another graduate entering the industry.He later co-founded Blackstone, which has grown into one of the world's largest alternative investment firms with interests spanning private equity, real estate, infrastructure, credit and insurance. Schwarzman has been married to Christine Hearst Schwarzman, an intellectual property lawyer, since 1995.
Stephen A. Schwarzman and Christine Hearst Schwarzman
A billionaire with modest tastes in one area
Despite owning one of the world's most expensive private yachts, Schwarzman has developed an unexpected reputation for his choice of wristwatch.Instead of wearing highly complicated luxury watches costing tens or even hundreds of thousands of dollars, he has frequently been photographed wearing colourful Swatch models.One of the watches even features illustrations inspired by St Tropez, where Schwarzman owns a holiday property.For a businessman whose company manages about $1.4 trillion in assets and whose newest possession is a 101-metre superyacht complete with a glass-bottom pool, helipad and fold-down balconies, the Swiss watch remains one of the more surprising details of his public image.
