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A good buy?
USS Sequoia in happier times
A judge has ruled the USS Sequoia, dubbed America’s most famous boat, can be sold for nothing.
The yacht has been laid up since 2014 following a contract dispute reportedly over a $7.5m loan between the yacht’s owner, Sequoia Presidential Yacht Group and investment group FE Partners.
Under default terms of the agreement, FE Partners could exercise an option to purchase the yacht for $7.8m, but lawyers argued over how much the option price should be reduced because of repairs needed.
The ruling says FE Partners does not owe any money for the yacht that served five decades of American presidents from Herbert Hoover in 1933 to Jimmy Carter in 1977.