Filing: Former presidential yacht worth less than $0

AP News
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Posted: Nov 25, 2016 12:41 PM

DOVER, Del. (AP) — The new owners of the former U.S. presidential yacht Sequoia are arguing that the historic vessel is actually worth less than the $0 price tag a judge set earlier this month.

The News Journal of Wilmington (http://delonline.us/2goPsuH ) reports that lender FE Partners says the former owner, Sequoia Presidential Yacht Group, owes them millions of dollars because they believe the true price of the yacht is actually $8.56 million below zero.

A Delaware judge ruled Nov. 14 that FE Partners could exercise an option to acquire the Sequoia at a $0 adjusted price. In a recent court filing the lender says the judge "misinterpreted" a 2015 letter that he based his decision on.

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.

The boat has lain rotting in a boatyard amid a lengthy lawsuit over repair costs and other liabilities.

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Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com