Residents of the Villa Vie Odyssey, the luxury “forever cruise” ship, are trying to reclaim the vessel as it heads from Cambodia to Singapore, where it could be auctioned off by its lender, CBS News reported.
One resident-led effort recently failed after a lender declined to fund it. A second group hoping to buy the ship at auction is still active, two sources told CBS News. That effort would not include Villa Vie Residences founder and executive chairman Mike Petterson.
Petterson said he believed he had found an operating partner to rescue the ship, but the deal fell through, which led to the lender taking it. He told CBS News he is still looking for investors and is considering raising money to file for Chapter 11 bankruptcy and sell the company. “I’m not going to be the front face person of a company any time soon,” he said.
Some residents are also considering legal action over fuel loans made to the company in April, when residents said they raised more than $2 million to keep the ship running. The program promised returns of up to 24%, and an agreement obtained by CBS News describes the loan as unsecured.
Craig and Cindy Voight, who boarded when the Odyssey left Belfast, Northern Ireland, in October 2024, said they spent more than $300,000 on their cabin and monthly dues and put $100,000 into the fuel loan program. “They’ve never paid one penny,” Craig Voight said.
In a statement, Petterson said he takes residents’ concerns seriously and that the matter will be addressed “through the appropriate legal process.”
For travelers, the saga is a reminder to read the fine print before committing big money to long-term travel deals.
Sources: CBS News. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Wilfredor / CC0 via Wikimedia Commons.
