Tom Perkins picked a bad time to sell the Maltese Falcon

Why is VC Tom Perkins already selling the Maltese Falcon, his 289-foot sailing yacht he finished building in 2006? For a quick profit, ostensibly. But he has likely botched the timing. In 2007, used yachts cost more than new ones because wealthy buyers wanted them immediately. That demand led to profitable yacht-flipping, similar to the condo-flipping of the late real-estate bubble. But that was 2007. In 2008, sales for yachts priced between $200,000 to $800,000 are down 50 percent, a broker told Fortune. Likewise, another recent megayacht sale didn't happen until the owner slashed the price by $7 million. Still, the market might be different if Perkins sails his $233 million ship through the Suez Canal, where petrodollar fortunes abound.

5 best videos of the $233 million megayacht Tom Perkins no longer wants

At 289 feet, the Maltese Falcon, is the world's largest sailing yacht. Its owner, venture capitalist Tom Perkins, is over it. He's looking for a buyer to take the Falcon off his hands for about $233 million, according to The Wealth Report blog. Of the Falcon, Perkins once told Lesley Stahl on 60 Minutes: "I just wanted the biggest boat." It was a beautiful sentiment, people, and we're here to honor it. So below, the five best videos on the Web catching the Maltese Falcon in all its glory. More »

Larry Ellison and fellow billionaire trade accusations of rigging the America's Cup

The America's Cup is the world's premier opportunity for the ultrariches to prove whose is bigger. But if you think the race has anything to do with sailing, you'd be mistaken — it's about who can muster the most capital. This year the victor could be rigged by lawyers, not sailors, thanks to a spat between billionaire software tycoon Larry Ellison and billionaire biotech tycoon Ernesto Bertarelli. More »

Tom Perkins is richer, more successful than you — and has a big yacht

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Tom Perkins "embarrassed" by megayacht

"I am embarrassed by [the price] ... There's the homeless and charity and there are lots of things you could do with that money that would improve the world, right? So you know, 'How selfish is this guy?' ... is the criticism. So the answer is pretty selfish, but I am not going to put a number on it." — Tom Perkins, to CBS's 60 Minutes, on the price tag for his ubermegasuperyacht Maltese Falcon. We bet he'll feel better after he goes for a quick sail — and would be happy to take it off his hands if he's still feeling guilty.