Your Taxes Sunk into ‘Megayacht' Marina

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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