# Clive Palmer buys daughter a $5.3 million yacht for her birthday



## Solly (22 September 2009)

Big Clive's copping a bit of flak over this.

What do you think ?

http://www.news.com.au/couriermail/story/0,23739,26105176-952,00.html


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## Mr J (22 September 2009)

*Re: Clive Palmer buys daughter a $5.3 million yacht for her birthday.*

It probably won't do her any favours in terms of financial skills, and I'd never do anything like that if in a similar position, but I'm sure she will like it.


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## Stormin_Norman (22 September 2009)

*Re: Clive Palmer buys daughter a $5.3 million yacht for her birthday.*

i hate gold coast united. nothing more then a rich man's dildo.


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## ojm (22 September 2009)

*Re: Clive Palmer buys daughter a $5.3 million yacht for her birthday.*



Stormin_Norman said:


> i hate gold coast united. nothing more then a rich man's dildo.




Hope Melbourne beat them on Saturday. So much for them not losing this year - getting done 3-0 on the weekend.

Cocky rich gits.


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## white_goodman (22 September 2009)

im gonna take his daughter out to a nice seafood dinner and NEVER call her again


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## nulla nulla (12 October 2009)

Didn't he have a fainting attack at a restaurant recently. Maybe he heard she had scratched the boat?


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## Mr J (12 October 2009)

white_goodman said:


> im gonna take his daughter out to a nice seafood dinner and NEVER call her again




Good thing you'll leave her at the table, because she's only 15 .


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## Julia (12 October 2009)

nulla nulla said:


> Didn't he have a fainting attack at a restaurant recently. Maybe he heard she had scratched the boat?




He was 'rushed to hospital' with chest pain yesterday.
If he lost that gut that hangs over his trousers, he might be less bothered by potential cardiovascular accidents.


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## kgee (13 October 2009)

Talk about tall poppy syndrome ....give him a break...at least he's dropped the dubious honor of Professor b4 his name ...


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## gav (13 October 2009)

Julia said:


> He was 'rushed to hospital' with chest pain yesterday.
> If he lost that gut that hangs over his trousers, he might be less bothered by potential cardiovascular accidents.




His double (or should I say triple?) chin is massive!  He reminds me of Peter from Family Guy.

Being a billionaire won't mean much when he dies prematurely...


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## jono1887 (13 October 2009)

kgee said:


> Talk about tall poppy syndrome ....give him a break...at least he's dropped the dubious honor of Professor b4 his name ...




I don't think he's being attacked for being successful, its just his poor parenting decisions that are being criticised here.. I really don't think giving a 15y/o a $5M boat is really teaching them much about money.


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## prawn_86 (13 October 2009)

jono1887 said:


> I really don't think giving a 15y/o a $5M boat is really teaching them much about money.




If you look at the %'s its fine. A lot of middle class families help their kids buy cars or their first house. Lets say a car at $5k, middle class family worth $1m all up, this is .5%.

Big Clive forking out $5m is only .001% of $5bill


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## Mr J (13 October 2009)

Sure Prawn, but that percentage is rarely large enough where we could sell the boat, car, property etc and then retire...at 15  .


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## prawn_86 (13 October 2009)

Mr J said:


> Sure Prawn, but that percentage is rarely large enough where we could sell the boat, car, property etc and then retire...at 15  .




Yeh but he has worked for his money, if he cant spend it on his family what should he spend it on? The way its going he will be dead soon, so he better keep on spending


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## trainspotter (13 October 2009)

He can adopt me ...... no argument here.


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## Mr J (13 October 2009)

prawn_86 said:


> Yeh but he has worked for his money, if he cant spend it on his family what should he spend it on? The way its going he will be dead soon, so he better keep on spending




No argument here. I'm just pointing out that this kind of gift is going to rub a lot of people the wrong way. The fact is that unless daddy loses his fortune, the girl will probably never need to be responsible with money.


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## nunthewiser (13 October 2009)

hasnt he got 5 daughters ?


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## prawn_86 (13 October 2009)

Mr J said:


> The fact is that unless daddy loses his fortune, the girl will probably never need to be responsible with money.




Yep, and arnt we all jealous :


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## trainspotter (13 October 2009)

Anyone consider it might be a way of offloading assets? I am not sure but is there any regulations about this size of boat being purchased as a gift from a maritime point of view? A tax point of view? A bankruptcy etc ad infinitum? 

Sort of like when I buy my wife a chainsaw for Mothers Day. It is really a gift for me but she owns it to threaten me with.


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## Mr J (13 October 2009)

prawn_86 said:


> Yep, and arnt we all jealous :




Who wouldn't want an extra 5 million? A boat like that at her age, her friends are in for a good 10-15 years.

Trainspotter, interesting you brought that up. I did wonder whether there might be any other reasons for doing this. A $5 million boat is quite large, and a $300k speedboat is usually the go around Sydney Harbour, especially for a kid.


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## trainspotter (13 October 2009)

Mr J said:


> Who wouldn't want an extra 5 million? A boat like that at her age, her friends are in for a good 10-15 years.
> 
> Trainspotter, interesting you brought that up. I did wonder whether there might be any other reasons for doing this. A $5 million boat is quite large, and a $300k speedboat is usually the go around Sydney Harbour, especially for a kid.




First thing that jumped into my mind as well. Buy assets in the kids names like 5 million dollar boats does not make sense unless the acountant has advised to do so? Whose name is on the registration papers? Who is legally responsible for the boat? Can't purchase RE as kids have to be 18 (unless inside a trust named as beneficiary) So what's the next best thing ? A bloody big boat I guess .... ??????? Very peculiar IMO


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## jono1887 (13 October 2009)

trainspotter said:


> First thing that jumped into my mind as well. Buy assets in the kids names like 5 million dollar boats does not make sense unless the acountant has advised to do so? Whose name is on the registration papers? Who is legally responsible for the boat? Can't purchase RE as kids have to be 18 (unless inside a trust named as beneficiary) So what's the next best thing ? A bloody big boat I guess .... ??????? Very peculiar IMO




I guess if he made the purchase for tax reasons thats not soo bad... but isn't there a cap on the amount you can give in gifts to family in any given financial year?


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## kgee (14 October 2009)

prawn_86 said:


> If you look at the %'s its fine. A lot of middle class families help their kids buy cars or their first house. Lets say a car at $5k, middle class family worth $1m all up, this is .5%.
> 
> Big Clive forking out $5m is only .001% of $5bill




Totally agree...and anyway who wants to put a price on love


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## trainspotter (14 October 2009)

jono1887 said:


> I guess if he made the purchase for tax reasons thats not soo bad... but isn't there a cap on the amount you can give in gifts to family in any given financial year?




I have no eye dear ? Might have to talk to the accountant on this one.


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## Putty7 (14 October 2009)

Not something I would normally comment on but what the hell, a bloke worth billions buys his daughter a boat, the kids will get the lot eventually, I am sure the yacht is something that he would see as his personal legacy to her, its a simple gesture as far as his wealth goes and sets up her social status for years to come with her friends etc. Ive never been one to knock tall poppies as it usually stems from jealousy, envy or sour grapes, this bloke has worked for his money and if he wants to spend it good on him, he admitted himself recently that he has a problem with his unhealthy lifestyle so it must weigh on his mind, maybe if he gave the journos a spin on her boat they might find something else to critise and sook about. I lost my father when I was 17, we werent rich but the personal things he gave me take priority in value over any thing else I gained. Just my rant feel free to shoot me down lol.


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