British hedge fund billionaire Michael Platt’s superyacht is for sale – because he is working on plans for a bigger one.

The 75 metre Arrow has an asking price of 139.9 million euros (S$199.1 million), making it one of the most expensive on the market right now. 

The steel-and-aluminium yacht was built by Dutch shipyard Feadship and boasts six staterooms, a sky lounge with a bar, a massage room, a movie theatre and an expansive “masculine interior”, according to its listing with Fraser Yachts.

Arrow’s sale is part of a plan to trade up. The financier is working with Feadship on a new yacht that will be 110 metres, according to a person familiar with his plans, who asked not to be identified discussing private information. 

Platt, 54, is Britain’s second-richest person with a fortune valued at US$11.2 billion, according to the Bloomberg Billionaires Index. His BlueCrest Capital Management gained a record 153 per cent last year, which boosted his fortune by US$3 billion.

Platt is also scaling up in real estate. He recently listed his penthouse on Central Park South for US$21 million and is planning to move to a full-floor apartment in the newly built Central Park Tower, the person said.

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A spokesperson for Platt declined to comment. BLOOMBERG