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Steve Jobs’ Yacht Impounded Over Unpaid Bill

Its Dutch designer claims he hasn't been paid his full commission


Steve Jobs would not be pleased. Venus, the high-tech luxury yacht that the late co-founder and CEO of Apple (NASDAQ:AAPL) spent years collaborating with French designed Philippe Starck to build, has been seized by Dutch authorities over failure to pay the designer’s bill, Reuters notes.

The yacht had been in development since 2007, but was finished only after Jobs’ death late last year. Its price tag has been reported at more than $132 million.

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However, Starck claims that he has been paid only $7.9 million of the $11.9 million commission that Jobs agreed to.

Details of the actual arrangement between the Jobs and Starck are a little murky. An attorney for Starck conceded that there “wasn’t a very detailed contract” between the billionaire CEO and the minimalist designer.

Lawyers for Starck are now pressing legal claims to obtain the remainder of the fee he claims he’s owed from Jobs’ estate.

Article printed from InvestorPlace Media,

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