Content Section
Drama at Sea Presidential Yacht in Legal Battle YURI GRIPAS / AFP

Presidential Yacht in Legal Battle

For decades it was the extravagant floating haven for U.S. presidents, but now the USS Sequoia is embroiled in a legal tug-of-war. Once called the “floating White House,” the Sequoia, which was used by every president from Herbert Hoover to Gerald R. Ford, was auctioned off in 1977. Now, it's owner is suing a company called FE Partners, which lent the Sequoia money last year but is now allegedly seizing on a technicality to buy the ship for half its worth and possibly sell it overseas. The company claims that the ship's owner mishandled the loan and the vessel has been mismanaged. Thar she blows. 

January 24, 2013 3:00 PM