Villa Vie Odyssey "forever cruise" residents want their ship back
Some residents of the Villa Vie Odyssey cruise are trying to reclaim the ship, which could potentially be auctioned off by its lender, CBS News has learned.
As the Villa Vie Odyssey cruise ship journeys from Cambodia to Singapore, where it may eventually be sold by its lender, CBS News has uncovered two resident-led efforts to reclaim the vessel. Initially, a lender denied funding to the luxury ship's residents, but a second effort to purchase the ship at auction is actively pursuing the matter.
This second attempt would not include Villa Vie Residences founder Mike Petterson, who had hoped to rescue the ship with the help of an operational partner. However, the partnership fell through, leading to the ship's seizure by its lender. Petterson now believes he can still acquire the ship and is searching for potential investors to assume ownership permanently.
Alternatively, residents could raise funds to file for Chapter 11 bankruptcy and sell the company. A group of residents is contemplating legal action regarding fuel loans provided to Villa Vie in April. These loans, which promised a 24% return, were intended to cover the rising fuel costs. The agreement states that the loan is unsecured with no collateral or guarantees.
Craig and Cindy Voight, who were aboard the ship from October 2024, spent over $300,000 on their cabin and monthly dues, along with $100,000 as part of the fuel loan program. They claim they plan to pursue legal action over the program, as Villa Vie has not paid any of the agreed-upon interest. Petterson acknowledged residents' concerns about the fuel loans, stating that the financing was arranged during an urgent period for the vessel and was intended to support immediate operating needs, including fuel.
He added that Villa Vie's parent company, Residential Cruise Holdings, structured the financing due to existing restrictions that prevented Villa Vie Residences from borrowing directly. Petterson emphasized that he will not discuss individual claims or draw conclusions in the media, as legal action is being considered and the matter will be addressed through the appropriate legal process.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
