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Forbes
25-06-2025
- Business
- Forbes
Would You Buy A Luxury Residence To Live On A Cruise Ship For Life?
The passenger cruise ship Seven Seas Navigator arrives at the French Mediterranean port of ... More Marseille. In 2026, the Navigator will be refitted as a luxury residence, with 210 cabins and suites for sale. (Photo by Gerard Bottino/SOPA Images/LightRocket via Getty Images) What's your dream second home? Or, for that matter, primary residence? Crescent Seas is betting that for 210 people, their dream getaway place will be on a cruise ship sailing the seven seas. The cruise ship Seven Seas Navigator will depart the Regent Seven Seas Cruises fleet (a division of Norwegian Cruise Lines) in late 2026, to be refitted and modernized as a luxury 'condo at sea.' The Navigator, which currently accommodates 490 guests in 255 cabins, will be redesigned and remodeled with 210 high-end residences. The residences start with 98 371-square-foot efficiencies, selling for between $1.25 million and $1.5 million. The other units are all suites, with 12 different designs, priced by square footage. The largest unit will be approximately 2000 square feet with a 600 square foot balcony. The largest units will sell for between $5 million to $8.5 million, according to CEO Russell Galbut, or around $3400 per square foot. He says, 'True luxury is obtainable. It's like having 210 private yachts within a 550-foot ship.' Like condominiums or coops with a homeowners association fee (HOA) the residences on the updated Navigator will have a maintenance or cost of operations fee. Galbut says the fee will start at around $20,000 per month for smaller units. Owners can rent their suites for up to six months. An artist's rendering of the pickleball court and sauna deck on the upcoming residence at sea on ... More board the renovated luxury residence Navigator. 'We picked this ship because it had physical common space, lots of it, for restaurants, a work center, a conference center, a huge spa, a library, and storage for stuff like scuba diving gear and bicycles to explore destinations. 'Our customers are people who want to discover the world. The ship will stay three days in port, not just for an afternoon. We have laid out itineraries for the next couple of years. Our residents can take their families around the world and successfully home school their children anywhere in the world via satellite communication.' Galbut says the Navigator will be the first of three 'residential ships.' He did not disclose the purchase price, but it has been reported that Crescent Seas acquired Seven Seas Navigator as part of a $230 million deal with Norwegian Cruise Lines.. Crescent Seas recently bought a second ship, the Insignia, which it will acquire in 2027. The third ship, a custom-built vessel, is pegged for 2028. The idea of a residence at sea is not new. The World by Villa Vie Residences has been sailing for 25 years, You can buy a 'villa at sea' and live aboard, or get a short-term rental. An artist's conception of a residence on the upcoming Crescent Seas Navigator residential luxury ... More cruise ship. More recently, I wrote about the Ulyssia, a brand-new ship being built from the ground up as a residence. Galbut says 'Ulyssia is really wonderful, but they don't have a residence under $10 million. Ulyssia has units that are $100 million.' How many people can afford a multimillion dollar second or third home aboard a cruise ship? Perhaps more than you would think. As of 2022, there were 264,000 people in the world with assets of over $50 million, more than half of whom in the U.S. Having built over 300 residential buildings, Mr. Galbut understands this market well. Born and raised in Miami Beach, he says, 'I started building condominiums in Miami in 1975, building homes in the sky. Back then, it took four days to get plans approved—today it would take a year.' He founded Crescent Heights in 1989, with Crescent Seas a recent off-shoot. He says, 'We have a huge organization and a deep bench.' Galbut, 72, has both a law degree and is a certified accountant. He has spent most of his life as a real estate developer. Why switch to the cruise industry now, rather than retire and enjoy the good life? Galbut says, 'I want to spend my time making people happy. What drives me is quality hard work, which I enjoy. So, a new company and a new industry.' Artist's conception of the upcoming billiards room on the Navigator, which is becoming a luxury ... More residential cruise ship. The developer is continuing to work in real estate. I met him at an event promoting both Crescent Seas and Five Park, a new luxury condominium tower. Five Park is said to be the tallest tower in South Beach Miami and the first new one delivered in the last ten years. Co-developed by Russell Galbut and David Martin's Terra Group, Five Park shows off Galbut's penchant for public spaces, such as a co-working space and an on-site members-only social club, The Canopy Club, designed by Anda Andrei. Galbut says, 'We spend on architecture and design We even have our own art curator. The idea behind the designed spaces is to make people feel a part of a community.' Galbut has been involved in the cruise industry for many years, as both a customer and a board member of a major cruise line. 'My wife and I have been cruising for 47 years. We really enjoy it. I was a customer, than an investor. I made an investment in Oceania, which was later bought by Prestige. (Oceania is now a brand of NCL.) When NCL bought Prestige, they asked me to be on the board. For 23 years I was on the board of NCL and was Chairman of the Board for six years.' When the Navigator leaves NCL next year, Crescent Seas will wet lease the ship after it is renovated, with NCL providing the officers and crew, and updating the ship's electronic systems such as radar, navigation, etc. And as Galbut notes, 'Who gets better pricing for fuel than a big cruise line like NCL?' The Apollo Group, a leader in global cruise management and hospitality, will provide food and beverage service. The Canopy Club at Five Park, a new residence in Miami Beach co-developed by Russell Galbut, who is ... More also the principal of Crescent Seas, the operator of luxury residences at sea. In the cruise industry, most of the buzz is about the newest, biggest ships, such as Royal Caribbeans Icon of the Seas, launched in 2024 with a capacity of 7600 passengers and 2350 crew. But as Galbut puts it, 'I don't want to be on a ship with 10,000 people. I want to be on a ship like the Navigator.' Still, the Navigator, built on the hull of a Russian research vessel, originally entered service in 1999, making it one of the oldest in NCL's fleet. These ships have plenty of life left in them, says Galbut 'These ships have great bones. Their made out of many tons of steel. As long as they're maintained, they're fantastic. It's no different than converting an office building that's a hundred years old into a condominium.' But for now, it sounds like Galbut can't wait to get his hands on the Navigator. 'Right now the ship is being used by Regent Seven Seas. In October the last passenger gets off in Cairo. It sails to Genoa for 54 days in dry dock, where 300 people will be working for Crescent Seas, breaking down the ship. Then it sails for Miami in December for the premiere. The finishing crew and the regular crew will be on board. Every suite, every bathroom gets redone, new electric, wall paper, furniture. We expect to be over 50% sold by the end of 2025.' Artist's conception of the Compass Rose dining room aboard the Navigator, a luxury residence at sea ... More slated to sail starting in 2026.
Daily Mail
12-06-2025
- Daily Mail
EXCLUSIVE Read attorney's absurd defense of taking a $300K taxpayer-funded salary while working on a CRUISE
A senior San Diego city attorney who was paid a $300,000 taxpayer-funded salary while working remotely on a luxury cruise liner for over three months boasted to colleagues that she was having an 'amazing' time, according to emails obtained exclusively by Daily Mail. Jean Jordan, Executive Assistant City Attorney for the fiercely Democratic Southern California city, spent 117 days traveling the oceans while exploring stunning destinations. She visited multiple exotic locales, including Africa, and spent three weeks in Europe, including Gibraltar - a British territory connected to Spain - and Italy, all while she was working; and reportedly accruing benefits and vacation time. The 65-year-old left on January 20 and was thousands of miles away on the other side of the globe from her office before returning on May 16, according to emails obtained through by Daily Mail through a public records request. After her controversial trip hit the headlines, internal emails from the City Attorney's office reveal Jordan messaged a city official on April 16: 'It is baffling to me that given all the things happening in the world-that this is front page news. Sigh!' And she gushed: 'On another note, trip has been amazing! We are having a grand time.' Jordan visited Africa and Europe, where she spent three weeks, with breaks in Gibraltar (pictured) and Italy as part of her exotic round-the-world adventure - all while she was working; reportedly being paid her salary and accrued full benefits, including vacation time She wrote to Stephen Cushman, a board member with the San Diego Housing Commission, after he had called critics questioning the integrity and optics of Jordan's trip 'a bunch of jealous yahoos.' Her boss, City Attorney Heather Ferbert, had previously insisted she was 'in constant communication' with Jordan despite her being on the high seas. But the internal communications reveal the remote work set-up was far from ideal, despite claims to the contrary. In fact, Jordan suffered multiple technology-related glitches and potential work-flow hurdles. She also admitted to being hobbled by the extreme difference in time zones making effective communication with co-workers difficult, including having to reschedule online conference meetings. She complained to several coworkers via emails, which sometimes included typos. 'The time difference is challenging,' Jordan griped to an assistant back in San Diego on March 6. 'Now that I am in this new time zone I am 13 hours apart. 'So in other words If it is 8:00 am you time it is -it is 9:00 p.m. my time. So for now the earlier in heather's the better for me. The meeting we have now for Friday is midnight my time.' And on March 13, she wrote to colleague Leslie FitzGerald: 'Miss talking with you. The time difference makes it hard. I will text you later and see if we can make a time work.' Jordan exchanged multiple emails with office 'Information Systems' specialist Kevin Westover over 'tech difficulties' and 'connectivity' issues, described as a 'problem.' They appeared desperate to fix on-going issues with using her Hewlett Packard laptop and various systems error messages. In one email, including typos, Westover asked: 'Hello Jean, your (sic) are still in Gibraltar? Is that considered Europe? Just trying to make sure that exception is on the list. Also, what type of error are you getting from the laptop while attempting to access SAP?' Jordan wrote: 'Hi Kevin, I cannot access again. I am in Gibraltar. I will be in Europe for the next three weeks.' She emailed him on March 26: 'I was in Gibraltar yesterday. We are on the way to Italy now and will remain in Europe for about 3 weeks. When I try to get into SAP it says 'This site can't be reached sharepoint may be down or it may have moved to a new web address.' Also, 'Can't seem to figure out how to get into success factors.' On the same day she wrote: 'I turned off Global Protect. It is working better now-but I cannot access SAP. 'I have turned off the computer several times. I turned off airplane mode and I tried to get into SAP and it says this site can't be reached.' With apparent mutual frustration, Westover responded, 'have you restarted the computer?' He also wrote: 'Can you verify you are connected to Global Protect and screenshot me the settings page from Global Protect.' Jordan explained: 'I was in Gibraltar yesterday. We are on the way to Italy now and will remain in Europe for about 3 weeks. When I try to get into SAP it says 'This site can't be reached sharepoint may be down or it may have moved to a new web address.' On the same day, March 26, Westover queried: 'Hmmmmm okay, do you even have access to internet.' Jordan wrote: 'I have rebooted computer several times. I looked up what that triangle means and it says it is a connectivity issue-something about authentication. Not sure what else to try.' She also sent him photo images of her laptop screen to help to try to resolve the issue. shots of her computer In a message to another colleague, with the subject 'BLocked,' Jordan announced: 'I cannot access again.' On March 18, she emailed yet another colleague 'I am unable to access SAP,' followed by a emoji frown face. The same day she had an email from the IT department telling her to reach out if she continued 'to have issues.' Remarkably, a clearly agitated Jordan found time to accuse a Daily Mail reporter of 'lying' in a curt April 17 email to Paola Avila, Chief of Staff to Mayor Todd Gloria, when contacted about her floating workspace. It followed a request for comment sent to Jordan on March 14 which prompted the following auto-reply: 'Thank you for your email. I am out of the office today April 14, 2025. I will not have access to email or voicemail. I will return April 15, 2025. lf you have an urgent matter please contact Leslie FitzGerald.' In an email to staff on April 15, Ferbert wrote of the 'benefits to the Office and the City when an employee is willing and able to complete their work remotely but has circumstances that may take them away from the physical office space for a limited amount of time.' Jordan was on her cruise away from the office for three and a half months. In the email, Ferbert glowingly described Jordan an 'experienced, well-respected professional who has served the City of San Diego in the City Attorney's Office for the past four years.' She noted that Jordan had planned to retire toward the end of 2024 and had pre-arranged her cruise but stayed on following Ferbert's appointment to the top post in November. Ferbert, a Democrat, had 'every confidence' that Jordan was 'completing her work well above the expectations set for all the attorneys.' Jordan is currently paid $282,651 per year and she was paid $239,000 a year prior to her recent promotion in, per the outlet. She was paid $155,000 in her previous job as attorney for Sutter County, north of Sacramento. According to her LinkedIn profile, Jordan is a 'Level 1' CrossFit trainer and has a real estate license. Marlea Dell'Anno, a former lawyer for the city, previously told Daily Mail: 'I can't tell you how many people have called me or emailed me about this. People are outraged!' 'I don't understand how as a leader you could ever think that's a good idea. 'How is the work getting done? You're talking about an executive and a taxpayer funded position. 'There's an expectation of being physically present to lead your team. 'Remote work has its place - but there's a significant difference between working from home and working from a global cruise. 'This stretches the definition of telework beyond what is reasonable.
