Canadian businessman and television personality Kevin O’Leary is known to induce a few tears from “Shark Tank” contestants vying for his seed capital with a no-nonsense, shrewd-to the-core business style. However, the tables were turned when O’Leary went shopping for his holy grail watch–the Patek Philippe Nautilus 5711/1A, which retails for over $30,000.
Of course, to the average consumer, dropping $30,000 on a watch would no doubt turn on the waterworks, but for O’Leary, who boasts a net worth of $400 million, buying a watch that is equal to three times the worldwide median income is not an issue.
As for the watch itself, the Patek Philippe Nautilus 5711/1A is not just any regular timepiece. It boasts an eight-year waiting list, particularly for the blue-dialed version O’Leary covets.
“If you’re a watch collector, it’s at the top of your list everywhere in the world and when you see one, the aura drags you right to it. I’ve seen grown men weep in the presence of this watch and that’s never going to end,” said O’Leary.
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O’Leary said he’s been eagerly anticipating the arrival of the watch for over a decade. When O’Leary flies from Toronto to the New York-based jeweler to pick up the timepiece, the excitement begins to kick in.
“Open that box,” O’Leary said. “I’m freaking out right now, because the moment this box opens and I put this watch on my wrist, I become the envy of just about every billionaire, CEO and celebrity on the planet.”
Once the box opens, the emotions are too overwhelming.
“This is spectacular, wow!” says O’Leary and he’s not joking when he adds, “It’s just bringing a tear to my eye.”
What makes the watch so sought-after:
- The 5711 is a rare breed, particularly since Patek Philippe doesn’t release production numbers on the specific model
- It’s a remake of a previous 1976 model that revolutionized concept of an elegant sports watch
- In watch collecting circles, a used version of this watch can actually sell for more than the price paid brand new
Even as O’Leary succumbs to his emotions over his new pride and joy, the business acumen flips on like a sport button on a vehicle and he returns quickly to his more natural self.
“Nothing brings a tear to my eye like making money,” said O’Leary, “The 5711/1A retails for $30,000, but it’s so sought after that collectors are willing to pay up to $80,000 for it in the secondary market. So technically I just made 50,000 smackeroos!”
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