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Feadship yachts are built in the Netherlands by a consortium
of Dutch shipbuilders and are generally recognized as at the top
of the luxury superyacht market. Feadship stands for “First
Export Association of Dutch Shipbuilders”. Feadship yachts are
built and sold under the advertising slogan “Feadship design and
build the most perfect luxury yachts in the World.”
It was represented to petitioner that the particular
Feadship brought to his attention was owned by Boats, Yachts &
Ships and that it had been custom built in approximately 1963 for
Henry Ford II. Also, it was represented to petitioner that the
Feadship was being offered for sale under distress conditions and
that the Feadship could be restored and resold at a substantial
profit.
Petitioner was provided a written copy of a marine survey of
the Feadship in which it was represented that the fair market
value of the Feadship was $2.4 million and that the replacement
cost to purchase a brand new Feadship of the same size would be
more than $9 million. The survey provided to petitioner,
however, was incomplete because the Feadship had not been pulled
out of the water for inspection of the steel hull for corrosion
and rust. As a result, petitioner was not aware of the actual
condition of the hull. Further, the survey did not include an
estimate of the restoration costs for the Feadship, and
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Last modified: May 25, 2011