Goldman Sachs seized a $40M yacht from its billionaire client

 

The Natita (credit: Worth Avenue Yachts)

More money may not necessarily lead to more problems, but more yachts certainly do. Between the cost of keeping staff, mooring fees, and just general upkeep, the boats can cost owners hundreds of thousands of dollars in maintenance costs every year.

And now, Goldman Sachs is the proud owner of a particularly large and impressive specimen– a 217-foot luxury yacht called Natita– after a client failed to repay a loan that was backed by the yacht.

That client was William Kallop, a Texas oilman, who in addition to this yacht, also owned six other yachts (with great names like La Diva, Bad Girl and Honey Fitz), eight residences around the world and three jets. Natita boasts a movie theater, jacuzzi and its own helipad.

(credit: Worth Avenue Yachts)

Goldman is accusing Kallop of owing about $28 million in loans. A federal judge in Miami impounded the yacht in a form of foreclosure, and Goldman is currently trying to sell the yacht for $39.9 million.

First though? They have to buy $67,000 worth of fuel to keep the thing alive; it is reportedly in such bad shape a charter group once refused to board it. [WSJ]