Your Taxes Sunk into 'Megayacht' Marina

By Eric S. Page
|  Tuesday, Mar 17, 2009  |  Updated 10:30 AM PDT
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Racers Await Court Outcome

The area was supposed to provide numerous slips for recreational boats, but only 12 slips are available and are filled with megayachts and America's Cup racing vessels such as Larry Ellison's Oracle, the "San Diego Reader" reported.

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Racers Await Court Outcome

The BMW Oracle racing team is training off the coast of Point Loma in the event the team wins a court challenge and gets to go one-on-one against the Swiss team for the America's Cup.
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In lean times, big taxpayer bucks have gone to a dockside compound behind the San Diego Convention Center for "megayachts," according to a published report.

The area was supposed to provide numerous slips for recreational boats, but only 12 slips are available and are filled with megayachts and America's Cup racing vessels such as Larry Ellison's Oracle, the "San Diego Reader" reported.

The U.S. Fish and Wildlife Service’s Boating Infrastructure Grant Program spent $1.27 million to subsidize the marina, according to the alternative weekly, where high-end boats of up to 300 feet can tie up. Boat owners are currently paying $2.50 a foot per day for pier accommodations.

The marina may have a brief lifespan, however, according to the "Reader." The lessees also hold a $1 million option from the Convention Center Corporation to take over the land-side property for a convention center expansion, if San Diego Mayor Jerry Sanders' task force recommends it.
 

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