Italian city issues regulations that disappoint many billionaires

A superyacht owned by French billionaire Bernard Arnault, the world’s second-richest person, has been banned from entering the port of Mergellina in Naples, Italy, due to exceeding the size limit. The ban has come as a surprise to the LVMH fashion tycoon, who has previously been allowed to dock large yachts with swimming pools and outdoor cinemas, The Guardian reported on June 25.

New regulations that yachts cannot exceed 75 meters in length for docking have also left many other tycoons "completely disappointed" because they missed the opportunity to stay in the southern Italian city.

People walking on the beach in Naples

Corriere della Sera newspaper also recently reported that American media mogul Barry Diller was also forced to leave Naples because his yacht's length exceeded the 75 m required by new regulations.

A port source said the ban was “incomprehensible” as superyachts had been able to dock there for the past 20 years and Naples would miss out on super-rich visitors. “I have received letters from tycoons saying they are absolutely devastated that they can no longer dock in Naples,” the source added.

Italian business associations have also criticized the new rules, saying they will harm tourism in the city, whose reputation is partly based on high-spending billionaire visitors.

Massimo Luise, manager of a dock in Mergellina, told Corriere della Sera that although he was following the rules, the economic consequences for Naples were huge.

Following the restrictions in Naples, some billionaires and celebrities have moved to other Italian cities for their holidays. Last week, a Spanish tourist and fan of actor Leonardo DiCaprio nearly drowned after trying to swim to a superyacht moored in Tuscany to see the actor.

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