Blackstone chairman Stephen Schwarzman has taken delivery of Destiny, a custom-built 101.2-metre superyacht estimated to be worth around US$400 million, adding one of the world's largest privately owned yachts to his portfolio. The delivery comes despite Schwarzman's well-known preference for wearing colourful Swatch watches costing about US$140 instead of luxury timepieces worth tens of thousands of dollars.
Built by Dutch shipbuilder Feadship, the yacht was previously known as Project 1014 during construction. After several years of development, Destiny has officially entered service and departed the Netherlands. According to Boat International, the vessel made a brief stop in the United Kingdom before continuing towards Gibraltar.
The delivery places Destiny among the select group of privately owned superyachts measuring more than 100 metres.
Construction remained largely out of public view
Construction on Destiny began several years ago and remained mostly hidden from public view, with only occasional sightings during outfitting, launch and sea trials.
The yacht entered sea trials in April and completed extensive testing before being formally handed over to Schwarzman. It now sails under the Cayman Islands flag.
Destiny is one of only a limited number of custom yachts exceeding 100 metres built by Feadship, making it one of the Dutch shipbuilder's largest completed projects.
Destiny's design
Rather than adopting an extravagant appearance, Destiny follows a restrained design philosophy.
Its exterior was designed by British studio RWD, while Azure Yacht Design & Naval Architecture handled the naval architecture. The interiors were jointly designed by RWD and Paris-based Chahan Interior Design.
The yacht features a steel hull, an aluminium superstructure and teak decks. It measures 101.2 metres in length with a beam of 15.25 metres and is powered by twin MTU engines capable of reaching a top speed of about 17 knots.
Destiny is believed to accommodate up to 14 guests and a crew of 39.
A deep navy hull is paired with a white superstructure, while brass accents add warmth to the design. Large sculpted windows maximise natural light while preserving privacy. A distinctive cut-out near the bow visually links the yacht to earlier RWD-designed Feadship vessels, including Sophia and Defy.
Glass-bottom pool, helipad and beach club among key features
One of Destiny's standout features is its glass-bottom swimming pool located on the main aft deck.
Beyond its visual appeal, the pool allows natural light to filter into the beach club below, which opens directly onto the sea through multiple fold-down balconies.
The yacht also includes a touch-and-go helipad on the foredeck, a forward-facing Jacuzzi on the upper deck, a spa, sauna, gym, beach club and advanced onboard communications systems.
These features place Destiny among the most sophisticated custom-built superyachts currently in service.
Yacht reflects Schwarzman's business journey
The yacht mirrors Schwarzman's rise in the financial world.
He co-founded Blackstone with Peter Peterson in 1985 using US$400,000 in seed capital. Four decades later, the investment firm manages around US$1.4 trillion in assets, while Schwarzman has taken delivery of a yacht valued at roughly 1,000 times the company's original starting capital.
From family store to Wall Street
Schwarzman grew up in the Philadelphia area, where he helped at his family's dry goods store, spending Saturdays folding towels, curtains and bed linen. He has said he disliked retail work, an experience that motivated him to pursue a different career.
One of his earliest jobs was aboard a Scandinavian ship, where he spent long hours cleaning grease in an engine room with temperatures reaching about 120 degrees F.
After graduating from Yale University, he entered the financial industry and developed a reputation as a determined negotiator.
One frequently recounted story from the beginning of his career involves his first salary negotiation. Rather than accepting an annual salary of US$10,000, Schwarzman negotiated it to US$10,500 because he wanted to earn slightly more than another graduate entering the industry.
He later built Blackstone into one of the world's largest alternative investment firms with businesses spanning private equity, real estate, infrastructure, credit and insurance. Schwarzman has been married to intellectual property lawyer Christine Hearst Schwarzman since 1995.
Billionaire known for inexpensive watches
Despite owning one of the world's most expensive private yachts, Schwarzman is widely recognised for wearing colourful Swatch watches that cost about US$140 instead of high-end luxury timepieces.
One of the watches features illustrations inspired by St Tropez, where Schwarzman owns a holiday property.
His choice of an inexpensive Swiss watch stands in contrast to a personal fleet that now includes a 101.2-metre superyacht equipped with a glass-bottom pool, helipad, beach club and fold-down balconies.
