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Steve Chiotakis: The America’s Cup sailing race gets underway today off the coast of Valencia, Spain. The two contestants — both billionaires, and they’ve spent a lot going after the Cup. Marketplace’s Jeremy Hobson reports.

Jeremy Hobson: At stake: returning the America’s Cup to America for the first time in 15 years. Software mogul Larry Ellison will represent the USA. He’ll face biotech billionaire Ernesto Bertarelli of Switzerland.

Charles Mason: It’s always had great appeal to people with a lot of money. And this time around is no exception.

That’s Charles Mason of Sail Magazine, who’s been following the Cup for 40 years. But he says there are some differences this year that prove just how valuable the America’s Cup is to these moneyed mariners.

Mason: You know, $100 million, probably, was spent this year on the design and engineering of these boats. The big extra cost this year, of course, is the legal fees.

Legal fees incurred after a long battle over the location and rules of the race and the specs of the vessels.

The upside for sailing fans, Mason says, is two floating masterpieces cutting through the water at speeds of 25 knots of more.

Mason: Any time you get two 90 foot multi-hulls going around a course at these speeds, you want to say, “Wow!”

In New York, I’m Jeremy Hobson for Marketplace.