Jobs’ Family Yacht Impounded Over Debt Dispute with Designer


Steve Jobs’ yacht, first mentioned in Walter Isaacson’s biography of the man, recently made its debut. As a ship, it is beautiful – simply put, it’s exactly what one would imagine a yacht owned by Steve Jobs to be. The attention to detail is magnificent, and the design is unique. It also helps that the bridge is powered by seven iMacs.

However, it looks as if it won’t be making any voyages for at least some time. Reuters reports that the ship has been impounded due to unpaid debts to the designer, Philippe Starck. Starck, famed for his distinct creations, worked closely with Jobs in designing the yacht. Reportedly, the two agreed that Starck would receive 6% of the total cost to build the ship as payment. Apparently, the expected cost of the yacht was 150 million euros, or $198 million. That would give Starck $12 million as payment for his work.

According to the Jobs family, the cost of the ship was only 105 million euros, or $138.7 million. 6% of $138.7 million is obviously less than what Jobs and Starck agreed upon, and so a legal firm representing Phillipe Starck petitioned to have the yacht impounded:

The project has been going since 2007 and there had been a lot of detailed talk between Jobs and Starck. These guys trusted each other, so there wasn’t a very detailed contract.

Starck’s company is now seeking the difference of 6% of the projected cost and the actual cost, which comes out to six million euros ($8 million).

It’s certainly an interesting situation, but it sounds as if it is more of a miscommunication than anything else. Hopefully it will be resolved quickly – it’s a shame to see such a fantastic work of art sitting unused because of legal issues.


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