Villa Vie Odyssey "forever cruise" residents want their ship back
Some residents of the Villa Vie Odyssey cruise are trying to reclaim the ship, which could potentially be auctioned off by its lender, CBS News has learned.
Key points
- At least two resident-led efforts are under way to reclaim the Villa Vie Odyssey as it sails from Cambodia to Singapore.
- One effort failed after a lender denied funding; a second group hopes to buy the ship at auction.
- Some residents are considering legal action over fuel loans that promised up to a 24% return.
Residents of the Villa Vie Odyssey are making at least two efforts to reclaim the cruise ship as it travels from Cambodia to Singapore, where its lender could auction it off, CBS News has learned. One resident-led effort recently failed after a lender denied funding, according to the report. A second effort to buy the ship at auction is still active, two sources familiar with the matter said.
The second effort does not involve Mike Petterson, the founder and executive chairman of Villa Vie Residences, according to sources involved in the discussions. Petterson said he believed he had an operational partner to rescue the ship, but that arrangement did not work out, leading the lender to take the vessel. He said he still believes he could get the ship back and is looking for investors, and that he no longer wants a leadership role in the company.
Residents weigh legal action
A group of residents is considering legal action over fuel loans provided to the company in April, when residents said they raised more than $2 million to keep the ship afloat. The program promised up to a 24% return for residents who invested more to help with rising fuel costs. An agreement obtained by CBS News, which appears to be from Villa Vie, describes the loan as "Unsecured" with no collateral or guarantees.
Craig and Cindy Voight, who were on board from October 2024 when the Odyssey left Belfast, Northern Ireland, said they spent more than $300,000 on their cabin and monthly dues and put $100,000 into the fuel loan program. They said they plan to take legal action. Craig Voight said the company owes them over $113,000 and has not paid any of it.
I'm not going to be the front face person of a company any time soon
— Mike Petterson
What Petterson said
Petterson acknowledged in a statement to CBS News that some residents could take legal action over the fuel loans, saying, "I take their concerns seriously." He said the loan financing was arranged during an urgent period for the vessel to support immediate operating needs, including fuel, and was structured through parent company Residential Cruise Holdings because restrictions prevented Villa Vie Residences from borrowing directly.
Petterson said he recognizes residents want clear answers about how the loans were structured and handled. Because legal action is being considered, he said he would not discuss individual claims or draw conclusions in the media and that the matter would be addressed through the legal process.
