GEORGETOWN, Del. – In its glory days, the yacht Sequoia was a spit-polished, floating mini-palace, on which presidents from Herbert Hoover to Jimmy Carter entertained dignitaries and diplomats. Now, the National Historic Landmark lies rotting under a layer of shrink wrap in a Virginia shipyard as attorneys argue over who should pay to repair it, how much it will cost, and who will ultimately own the vessel.
A Delaware judge Wednesday is trying to determine a price at which a lender can exercise an option to purchase the Sequoia or cede possession to current owners.
Lender FE Partners contends the $7.8 million default value is too high because it will cost about $4 million to repair the wooden-hulled boat.
The current ownership group says it will cost only about $300,000 to address problems.
True Crime
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
