Michael Lee-Chin just got richer! The billionaire sold his mega yacht for US$362 million! That’s US$62 million more than he originally paid for it!

For those who don’t know Michael Lee-Chin is a Jamaican-Canadian billionaire and he’s probably best known, at least in Jamaica, for his part ownership of NCB, National Commerical Bank. He has his hands in a lot of other business ventures across various industries across the Caribbean. 

And according to Forbes Magazine, his network sits around one point US$4 billion.

So, the man is rich! 

So rich that he bought a 337-foot superyacht for US$300 million in 2021.  It’s called AHPO. He paid US$300 million for the megayacht in 2021. And When I say AHPO is a megayacht, I mean it’s MEGA!

It has six decks, a helipad, you know so you can land your helicopter right there, a nature-inspired spa, a beach club and get this there’s even an IMAX theatre on board!

Sixteen guests can stay onboard in any of the eight guest rooms. But the real gem is reportedly, the owner’s private space that comes with its own gym, and sky lounge deck.

Lee-Chin commissioned the yacht back in 2017 and he reportedly, specifically asked for it to be delivered on his mother’s birthday. AHPO actually means grandmother in Hakka Chinese, so there’s a lot of symbolism there.

The yacht was delivered in 2021 and was such a big deal here in Jamaica.

It was the middle of COVID and some people were not happy about this mega yacht docking in Portland, for a number of reasons.  They didn’t appreciate this show of wealth given everything that was happening because of the pandemic.  And NCB investors also weren’t happy because they hadn’t received dividend payments in a hot minute, but NCB’s owner could afford a megayacht. 

Plus, there were environmental concerns. I like said, it was a big deal, but eventually, the firestorm calmed down. 

Now Lee-Chin has reportedly sold the yacht to professional hockey player turned billionaire businessman Patrick Dovigi. 

APHO sold for a whopping US$362 million!  That’s US$62 million more than Lee-Chin paid to have it built. And I don’t know much about the luxury yacht industry but that seems like a lot!

Now interestingly, the yacht sale is the latest in a string of sales from the billionaire.

Back in September, Lee-Chin sold CVM Television to Verticast Media Group. He also sold Reggae Beach in St Mary, a property that was reportedly worth US$50 million. He reportedly put his mansion in Grand Cayman up for sale for US$35 million last month.

And in February, he sold Medical Associates Hospital to Caribbean Health Systems.  Now there’s a lot of speculation about what Michael Lee Chin is up to.

I saw one article saying that maybe he’s hoarding cash because of a possible recession.  Another one said he needs the money because he’s not getting any dividends from NCB.

But what I really wonder – is he collecting cash for a major acquisition?