What do cruise line executives do after retirement? The answer for former Norwegian Cruise Line (NCLH) CEO Frank Del Rio is to sell his vacation home and join more cruises.
After retiring in June, Del Rio decided to put his Florida mansion up for sale so he could spend more time cruising. Since leaving the daily grind behind, Del Rio believes that he’ll be sailing more often and won’t have much use for it.
He acquired the luxurious 7-bedroom oceanfront property as a vacation home in 2015 for $2.46 million after being appointed NCL’s CEO.
Since he spent $2.5 million on furniture and $3.5 million on renovations, Del Rio will profit $9.9 million if he manages to sell it for his asking price.
Originally built in 1997, the multi-million dollar home is in Vero Beach, around 75 miles north of Palm Beach.
It rests on a little over a half acre of land and has a 90-foot beachfront area. Meanwhile, the home is 6,000 square feet and comes with a saltwater pool, cabana, quartz bar, a dual-sided fireplace, two offices, and its own walkway to the beach.
The buyer can acquire around $1 million worth of art from Del Rio’s private collection for an additional fee.
NCL’s former CEO admitted that the home’s interiors might remind buyers of NCL cruise ships. “You walk into this house, and you might think you’ve walked into one of my cruise ships. That experience that I gained over 30 years in the cruise business…was certainly adopted in designing this house,” he said.
Which cruise will the former CEO sign up for first?
According to Del Rio, he’s looking forward to joining a 20-day cruise to Antarctica onboard Oceania Marina. “It’s the first ship we ever built from scratch, so it has a special place in my heart,” he explained.
The ship was part of the cruise company he founded in 2002. Named Oceania Cruises, the cruise line was later acquired by NCL in 2014 for around $3 billion.
Del Rio ironically noted that leading a cruise company left him little time to enjoy the cruises they marketed. “When you run a cruise line, you hardly ever have a chance to go on a cruise,” he remarked.
SEC filings show Del Rio’s total compensation between 2015 and 2023 is approximately $183 million.