- 3 - 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, andPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011