$25 million Refit of Yacht "Anodyne"

$25m? Wouldn't it be even cheaper to do a new build?

It sounds insane to me or a major exaggeration of what they're spending. The claim is that they want better quality than any new build they could get for that amount and through the miraculous ability of the South Florida shipyard will get a much better boat for the $25 million. It that's what makes them happy then go for it, good for Derecktor.

It seems to me that if I was going to undertake such a project, I'd pick a better constructed yacht to start it from.

Reminds me of another massive rebuild at Derecktor in 2009 of the 44 meter Heesen "At Last" ex 'L, acquisition" total bill for that one was 19 million and it was a complete rebuild of a better pedigreed vessel but the reality is that its still a re built 1990 launch that's on the market now for 7.8 million . Derecktor's has a couple of keel up rebuilds going on now and another Heesen Ex "Mirage" will more than likely come in at around the same $$ numbers.

Why any one would consider spending such and amount on such a project is beyond me. I wonder how much actually went into the project. The video gives a good clue to the skillset prevailing.

There is an awfully familiar scent to this project ... and it isn't a pleasant one.

I feel those 33m Feadships cost $20-25m. That would be a lot better decision imo.

Those Feadships may be the boxy Volvo wagons of yachting, I'd take one of those any day over a chop-shop special.

I really like wagons so I'd be pretty happy with one

Wow, this really is deja vu all over again. It brings to mind the phrase most often associated with P.T. Barnum.

The talking head was no where close (as good) as P.T. He actually scared me.
But he is a reinforcement in what P.T. said.

Hmm...the captain in the video said 6' - was there a subsequent change? Regardless, it really sounds like the owner was easily influenced.

I'm wondering about the stainless on the exterior for "no corrosion ever" (see this article for corrosion in stainless steel). There was mention of water getting under the teak deck (a common issue), presumably secured with stainless fasteners...to what? Aluminum members? This is an interesting reversal of the traditional technique of aluminum superstructure over steel (which I had on a small Romsdal year ago).

But I'm also wondering about the finishing of the stainless - are they planning on painting it? Or leaving it brushed / polished and showing every fingerprint?

What your wondering about is part of a long list that many others are wondering about

Has this project been completed and is the Owner sailing around happily now?

Maybe a look at the documents filed here may shed some light ...

Broward County Case Number: CACE19020583
State Reporting Number: 062019CA020583AXXXCE
Court Type: Civil
Case Type: Contract and Indebtedness
Incident Date: N/A
Filing Date: 10/11/2019
Court Location: Central Courthouse
Case Status: Pending
Magistrate Id / Name: N/A
Judge ID / Name: 18 Haury, William W., Jr.

Only a little matter of $1.8 million. Lots of lawyers' filings, up to 23 and not even to arguments over the case facts yet. Going to be long and expensive.

Most interesting reading is bribery, fraud and illicit behavior and a section on travel, hotels and women.

Oh, I think it might be a bit more involved. Maybe someone will send you court filing 99396734 filed 11/25/2019. It reads like a script for a gangster movie.
It has already been a long and expensive ride for the owners. Too bad they didn't smell what a few (many) of us did when the project started.
The figure shown in that filing is more than $62 million. It's all in the public record, you can't make up stuff like that.

Yes, total $62 million and bribery of representative with planes and women and helicopters and more alleged.

What continually amazes me is that wealthy owners of boats who have been successful in business and been so through being disciplined and thorough use none of their basic business principles when it comes to boats. They don't do due diligence. They don't have adequate checks and balances. They just toss money in the direction of the glitter.

If these same people were spending $62 million in business transactions, they'd have people reviewing and monitoring every activity. It's like they forget all they knew.

Certainly a lot of criminal activity alleged. Wonder if at some point criminal charges will be filed.

Now, hopefully the next boat owner will do his research in court filings and learn some names of people to not do business with.

This is great fodder for one of the local tabloids to jump into.

Cases like this are often interesting as the originate over a balance due such as $1.8 million which seems a lot but isn't in this case. However, it's like opening Pandora's box. It forces someone to dig deeper. In this case it's included depositions with multiple banks over various bank accounts. It puts everything to investigation and challenge. Once done it's way beyond the point at which those filing could just cut their losses and walk away.

It brings in others these same people have dealt with too in some cases. Requests for client lists to determine if there's a pattern of behavior. Often times one doesn't even know where it's leading. Things come out in production and depositions you didn't know. I've even known information to surface in the questions the lawyers ask in depositions, not just the answers to them. Attorney asks, "Are you aware of any relationship between Mr. Smith and Aardvark Company?" and you're not aware but immediately you start investigating and learn a lot.

All I can say is please investigate thoroughly who you choose to deal with in large dollar situations and put in controls to protect yourself.

The local tabloid has been advised, whether they print dirty laundry is another issue. The principal players were darlings of the media until the last day.

As far as criminal activity is concerned, commercial bribery is a criminal offense in Florida. Hopefully the State will file charges at some point. Maybe bribery has to be proven in civil court first?

It is almost hard to believe that what was common knowledge among a large number of professionals in the business in Fort Lauderdale and Europe knew what was going on but it continued for so many years before the owner smelled the odor.