By Michael Ballaban, CNN
(CNN) — To board the yacht named Christina, in the glamorous late middle of the 20th century, was to float amid the highest levels of fame, celebrity and royalty: Winston Churchill! Liza Minnelli! Rudolf Nureyev! Its owner, the Greek shipping magnate and definitive international playboy Aristotle Onassis, equipped it with a lapis lazuli fireplace, an onyx spiral staircase, a swimming pool with a mosaic bottom that ascended to become a dance floor, and barstools upholstered in whale-penis leather.
This was where Onassis wooed the already-married Maria Callas, who would become his romantic partner for years, and later courted the widowed Jacqueline Kennedy, who became Jackie Onassis in 1968. After their Greek island wedding, it was the Christina that hosted the reception.
Now the Christina, currently known as the Christina O, is on sale for nearly half off — its asking price slashed to 52 million euros (or roughly $60 million) from an initial 90 million euros, convertible pool and original bar furniture included. In today’s market, it’s still a tough sell.
“We had some interest, but no deal went through,” Tim Morley, the broker handling the sale, said on the phone from Nafplion, Greece, at the Mediterranean Yacht Show. While the late Irish businessman Ivor Fitzpatrick, who owned the yacht for the past few years, had loved owning it, his widow, Susan, has lowered the price with the goal of moving it more quickly. “It’s not her passion, and she has multiple businesses,” Morley said. “And so she wants it to go to another person who will look after it for the next chapter.”
The headwinds have come from a convergence of current events and the yacht’s own history. It’s an uncertain moment for selling luxury vessels in general, because of war in Eastern Europe, war in the Middle East, and a slumping economy in Europe thanks to both, Julia Skop of the Monaco-based yacht brokerage Smart Yachts said. And though the yacht is in fine shape and is an imposing 325 feet long, its old-fashioned proportions and Onassis’s designs for a hospitality-first party palace don’t necessarily match the preferences of today’s ultra-rich.
But the ship has been on steep discount before. It was launched as the Canadian River-class frigate HMCS Stormont in 1943 at the height of World War II, where it served in the Battle of the Atlantic and the D-Day landings at Normandy. After the war, though, the Canadian Navy needed to downsize, and Onassis bought it for $34,000, which was the scrap value at the time.
He then proceeded to pour $4 million (nearly $50 million, adjusted for inflation) into converting it into his dream yacht, which he named after his daughter, Christina. There had been ostentatious boats before — automobile millionaire Henry Dodge had commissioned the luxurious but smaller SS Delphine in the 1920s — but Onassis brought floating plutocratic potency into a whole new age. “The world press, it just went nuts with the whole thing of the Christina,” Morley said, “because she was the ultimate symbol of opulence and glamour.”
Still, the memory of past romance hasn’t yet been enough to overcome the realities of the yacht business in 2026. In the aftermath of Covid, a sales boom cleared out shipyards, Skop said, till “they were telling you okay, come back in 2026, 2027.” Now inventory has recovered, and on the resale market, Skop said, “we are approaching a buyer’s market now.”
That said, it’s likely that yachts like the Christina O will find buyers soon, Skop said.
“The world is still full of rich people,” Skop said. “We are going to see some big transactions in the next two or three years, for sure.”
In the meantime, she said, many Russian buyers have dropped out of the market since the invasion of Ukraine, and the war on Iran has left Middle Eastern buyers wary of making major commitments. And in a busin