Private ownership does not solve capital-ship costs

Could a private owner keep a capital ship outside naval treaty tonnage?

The legal idea is intriguing, but the cost of owning and operating a capital ship makes it implausible; a disarmed royal yacht would be more credible.

Private ownership raises an interesting treaty question, but almost no private citizen could afford to own and run a capital ship. A disarmed vessel serving as a royal yacht is more politically imaginable than a private battle fleet. Changing a ship's label cannot preserve its capability when maintenance, personnel, and finance disappear. The legal device therefore fails on operating reality before it solves the treaty problem.