Yugoslav President Tito's Yacht Up For Auction

by Deidre Woollard (RSS feed)
May 8th 2006 at 8:09AM

The yacht belonging to former Yugoslav President Tito may end up becoming a museum at a Croatian port. Galeb, a 400-foot yacht once known as the ship of peace has had a rough road since its owner John Paul Papanicolau (who also owns the Christina O) bought the boat from the government of Montenegro. He had intended to turn it into a luxury yacht but the work never started. Eventually debts for maintenance piled up and the boat is set for auction on May 9. The estimated value is $275,000 but it could cost over $40 million to repair the rusting hull and damage caused by humidity. The yacht was once a luxury palace that hosted world leaders and movie stars like Elizabeth Taylor and Sophia Loren. Croatian authorities have made a preservation order on the ship and Vojko Obersnel, the mayor of Rijeka is behind the plan to buy the yacht and turn it into a museum.

Tags: croatia, galeb, tito, yacht, yacht auction