Jamaican-born billionaire Michael Lee-Chin, who made most of his fortune mainly through investing in companies such as National Commercial Bank Jamaica and AIC Limited, is currently considered one of the wealthiest individuals in Jamaica. The Port Antonio native has been estimated to be worth 1.5 billion dollars currently by the reputable financial magazine Forbes.
The billionaire, who is reputed to have amassed an impressive amount of wealth, is seeking to sell his superyacht for an eye-watering $355 million US. The proposed sale of Lee-Chin’s yacht is part of a series of divestitures that have taken place since the COVID-19 pandemic in 2020. AIC (Barbados) Limited, owned by Lee-Chin, sold CVM Television Limited to Verticast Media Group for an undisclosed price in September 2022.
The sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Limited, managed by Barita Investments Limited, also took place during that period. It was estimated to be worth US$50 million for the 250-acre property.
The German shipbuilder Lürssen built the stunning 377.6-foot-long superyacht, which was handed over in December 2021 to Lee-Chin. Luxurylaunches.com reports that the asset is listed for a premium of US$55 million over its purchase price of US$300 million. The yacht’s size allows it to accommodate up to 16 guests and nearly 40 crew members.
There is, however, a connection between Lee-Chin’s asset sales and the lack of cash flow he has experienced from one of the most valuable assets in his portfolio, NCB Financial Group Limited (NCBFG), which has paid only a $0.50 dividend since March 2020.
RELATED: NCB Profits Declined by Almost 70%
The financial institution also experienced a decrease in net profits, a staggering 68% drop in NCB Financial Group Limited’s (NCBFG) net profit attributable to shareholders in the first quarter. Financial advisors have noted that this may be one of the reasons the billionaire is continuing to offload some of his assets.
