As the Villa Vie Odyssey makes its way from Cambodia toward Singapore, residents of the “forever cruise” are actively seeking ways to rescue the vessel from a potential auction by its lender. While an initial attempt to secure the ship faltered after financing was denied, a second, separate effort led by a different group of residents remains ongoing. However, a second effort to buy the ship is still very much active, according to two sources familiar with the matter. According to petterson, He believed he had an operational partner to rescue the ship, but that did not pan out, which led to the ship being taken by its lender.
This second initiative to purchase the ship at auction is moving forward without the involvement of Mike Petterson, the founder and executive chairman of Villa Vie Residences.
Petterson previously noted that a planned partnership to save the ship failed, ultimately resulting in the lender taking possession of the vessel. Despite this, he claims he remains hopeful about finding new investors to reclaim the ship or potentially raising the capital required to initiate Chapter 11 bankruptcy proceedings to sell the firm. Another option would be to raise the funds to file for Chapter 11 bankruptcy and sell the company.
Addressing his future with the company, Petterson stated that he no longer intends to serve as the public face of the organization. He acknowledged the frustration among passengers, noting, “I’m not going to be the front face person of a company any time soon.” He no longer wants to be involved in company leadership.
Beyond the struggle to keep the ship afloat, a contingent of residents is contemplating legal action regarding a fuel loan program established in April. During that time, passengers reportedly raised over $2 million to assist the company with mounting fuel expenses. The program incentivized residents to contribute funds by promising interest returns of up to 24%. The fuel loan program promised up to a 24% return if residents invested more money to help with the rising cost of fuel.
Documents obtained regarding the loan program characterize the debt as “unsecured” and lacking any specific collateral or guarantees. For passengers like Craig and Cindy Voight, who departed from Belfast in October 2024, the situation is increasingly dire. The couple invested more than $300,000 in cabin costs and monthly dues, while also contributing $100,000 to the fuel loan initiative. Craig and Cindy Voight were on board the ship from October 2024 when the Odyssey departed Belfast, Northern Ireland, for its voyage around the world.
“So we thought, alright, we’re going to get 18% interest,” Craig Voight explained, noting that the promised payments never materialized. “First payment’s supposed to start a month later. So between then and now they owe us over $113,000. They’ve never paid one penny.” This story published first on at 8:28 a.m. on Nov.
In response to the mounting pressure, Petterson stated he takes the residents’ concerns seriously. He explained that the financing structure was handled via the parent company, Residential Cruise Holdings, because of existing restrictions that barred Villa Vie Residences from securing loans directly. He emphasized that the funds were solicited during a critical period to manage immediate operational requirements. Thomas Markle Sr., Meghan’s father, arrested in Florida.
Regarding the possibility of litigation, the executive declined to discuss specific claims or draw conclusions while the matter is under potential legal review. “I recognize that residents want clear answers about how the loans were structured and handled,” Petterson said, adding that further information would be shared through proper legal channels. Ukrainian official sees hope for eventual Putin-Zelenskyy meeting.
