A dispute over pending payments recently led to Apple founder Steve Jobs’ yacht being impounded in Amsterdam. However, the dispute has now been settled after Jobs estate settled the pending amount, allowing the yacht to sail once again.
The yacht cost more than €100 million to build, and was designed by French designer Philippe Starck. Jobs owed €9 million to the designer in commission fees for his work on the vessel, but the designer claimed that he only received €6 million after the completion of the project. Jobs never got to use the minimalist vessel called Venus. After Jobs’ death, Starck filed to recover his dues.
So why did Jobs leave the payment pending at the time of his death? The problem seems to have been that both Jobs and Starck engaged in a lot of personal negotiations and discussions about the project. Unfortunately, most of these discussions were completed orally, and were not put down in a formal contract.
The dispute seems to have arisen out of the lack of a formal detailed contract between Jobs and Starck, outlining the payment details, and the payment schedule. In the absence of a proper contract, California business dispute lawyers found that there was confusion clouding many of these financial issues. As a result, Starck had no other option, but to go to court in order to recover his dues.
Jobs’ estate has now cleared the pending dues, and has deposited an undisclosed amount in the bank as a security deposit. The yacht has been ruled free to sail out of the Amsterdam port. The yacht is expected to sail soon to California, where the Jobs family will take custody of the yacht.