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TheStreet Open House

Steve Jobs' Super-Yacht Is Impounded in Non-Payment Dispute

NEW YORK ( TheStreet) -- Apple's (AAPL) late boss, Steve Jobs, had looked forward to relaxing on a new boat he designed. But the Venus, a 260-foot, all-aluminum super-yacht (with 10-foot-high windows) wasn't completed and christened until the end of October 2011, a few weeks after Jobs passed away.

The custom-made yacht is estimated to have cost more than $138 million -- $12 million of which is the designer's fee. And that's where the problem lies.

The designer is Philippe Starck, famous for creating, among other items, a line of plastic furniture (the Louis Ghost chair, in particular) and restaurant and hotel interiors around the world. He and his design company claim that about $4 million of the design fee has not yet been paid.

So the yacht has been impounded in Amsterdam, where it was built. Starck is suing Jobs' estate for the balance.

Starck's attorney told reporters that the two men worked together for five years to design the craft, but that, since "these guys trusted each other, there wasn't a very detailed contract."

Neither side has yet to comment on the suit.

For the record, BBC said that in the past, Starck had said the Venus "looks strange for a boat," but it's shape originated with design ideas that he had shared with Jobs.

-- Written by Gary Krakow in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

Gary Krakow is TheStreet's senior technology correspondent.

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