America's Cup: Oceans of money going to sea

Have money, must be there. It is perhaps not surprising that the America's Cup Jubilee Regatta at Cowes this week, celebrating the 150th anniversary of the cup's beginnings should have attracted an influx of the super-rich on a scale that can rarely have been witnessed before on British soil.

It is that sort of race. Peter Harrison, for example,who is heading Britain's latest challenge in the America's Cup, is thought to have set aside around £25 million ($82.5 million) for his attempt to wrestle the trophy away from New Zealand in 2003.

And that is considered frugal against the lavish budgets of the American and Italian teams.

The roll-call of super-rich yachting enthusiasts in Cowes for the event is breathtaking.

From tycoons to royalty, everyone who is anyone is either here or reported to be here - oil billionaire Bill Koch, pharmaceuticals billionaire Ernesto Bertarelli, the Aga Khan, King Juan Carlos of Spain, Prince Henrik of Denmark, Prada head Patrizio Bertelli, Giorgio Armani, Gianni Agnelli - even the Duke of Edinburgh.

Their collective presence has had a startling effect on a town not unfamiliar with conspicuous wealth. Rumours that Southampton airport turned away private jets are denied by an airport spokesman. But it is clear that demand for luxury accommodation exceeds supply. The organisers have chartered two cruise ships to anchor off Cowes to make up the shortfall.

The first day of racing was described in the programme as "for all classes" - a reference to the magnificently byzantine regulatory divisions.

At these levels, the sport is reserved

for the mega-rich or the very persuasive.

But that does not mean you cannot look on and dream.

Don Mickleborough and John Sheridan, two veteran sailors from the Sydney Cruising Yacht Club, came a long way to do that.

Like most wandering up and down The Parade at Cowes, they found it was the J-class yachts - three meticulous reconstructions of racing glorys from the prewar days - that really made the eyes mist over.

There are other stars here besides these sleek giants, redolent of Thomas Lipton's unsuccessful attempts to win back the prize for Britain.

Australia II - the boat that finally ended America's unbroken domination of the contest and made Alan Bond a national hero - has been taken out of an Australian museum and shipped to the event, complete with its original crew.

The Danish Royal Yacht lay out in the Solent as well as Sea Cloud II - one of the largest square-rigged sailing ships in the world - hired to provide appropriate accommodation for members of the New York Yacht Club.

"They've brought their own grandstand," said Nick Lyne, who came to watch his son James help crew the British boat, GBR Challenge.

But it was the J-class yachts that came up first when people were asked what had drawn them there.

"It's just the quintessential sailing yacht," said Bob Inch, who came with his mother and his telescope to watch the three J-class boats set out down the Solent.

Such vintage giants exhibit an extraordinary grace.

Their dominance of the sport ended when the Second World War forced a break in the contest and allowed owners some time to come to their senses.

When the America's Cup resumed after the war, everyone decided they should better limit themselves to losing small fortunes rather than vast ones.

When you throw this much money about, the locals are bound to get splashed a bit. The Royal Yacht Squadron has pointed out with grave nautical dignity, that yachting brings around £58 million ($191.5 million) a year into the island's economy - an amount likely to have been considerably boosted this year.

Along the esplanade, several seafront houses were commandeered for the big teams - their proud colours fluttered from roof-top mastheads.

On the water, the action - such as it is - swiftly dwindles until it is on or just beyond the horizon in the welter of criss-crossing masts and sails.

The radio commentary made up for a lack of certifiable fact ("I think I can see a blue spinnaker there on the mainland side") with a wonderfully poetic enthusiasm - most of it again aimed at the J-class yachts.

When they finally made their way back up the Solent to the finish line - Endeavour leading from Shamrock V, Sir Thomas Lipton's last boat - you could almost hear the collective sigh of marine nostalgia.

Feature: America's Cup