Michael Ryan, the developer of the Ritz Carlton Grand Cayman is reportedly selling his luxury sail boat for $10.3 million, according to online reports. Ryan's 128-ft sailing yacht Tenaz will be exhibited at the Monaco Yacht Show in Europe between September 22 and 25.

Originally launched as Mamamouchi by the Pendennis Shipyard in Falmouth, in 1996, Ryan rechristened it in 2007 before taking it on a world tour with his family in 2009. Tenaz is in excellent shape with comprehensive refitting recently. The luxury yacht got both interior and exterior refurbishment such as painting, re-touching, main engine exhaust rebuild, maintenance and updating of rigging and systems and general electrical and mechanical parts. The yacht won the Voyager's Award at this year's World's Superyacht Awards held in May.