Sometimes in life, a man achieves many things; yet in that same life, he may also witness a downfall so severe that he stands to lose it all. That’s the case with billionaire Charles Cohen, a name long associated with sky-high success built on a portfolio of soaring real estate. After buying out his father and uncle, he quietly transformed the family’s holdings, expanding the empire to over 12 million square feet, that resembles the work of a modern-day Midas. What he isn’t typically linked to, however, is the stark opposite.
In a rare reversal, Fortress Investment has seized part of Cohen’s art collection and is blocking the movement of his superyacht after his business defaulted on a $535 million loan, backed by a $187.2 million personal guarantee, according to Wall Street Journal. Things went south, and how! Some men, following orders from the French court rammed into Cohen’s incredible Château de Chausse, the 138-acre home and vineyard producing 70,000 bottles of wine annually in France’s Provence region. Late last year they took what was owed to the Fortress Investment Group, from taking high-priced artworks, furniture, to Cohen’s collection of fine wines, nothing was spared.
Next on the radar is his fleet of 25 luxury cars and also his collection of five yachts. Let’s go back to where it all started. This catastrophe in his life is owing to a 2022 loan with the New York-based investment firm. A $535 million loan was given to Cohen Realty Enterprises and Cohen’s collateral included a Manhattan office tower, the Le Méridien Dania Beach hotel in Fort Lauderdale, Fla., and four other properties, according to records from New York State Supreme Court. However, Cohen personally guaranteed $187.2 million of that loan, a move he must now be regretting; especially because his business defaulted last year. As is fair, Fortress took control of most of the collateral, yet it fell short.
Unfortunately for Cohen, the unyielding sights are now set on his personal possessions. Among them is a 220-foot yacht that an Italian judge ruled couldn’t leave the Port of Loano without court approval. The superyacht, valued at $50 million, is one of five yachts that Fortress is trying to seize from the real-estate mogul. Now owned by his wife, the Benetti Seasense is a real classic beauty, one that we will delve into below, leaving the dilemma aside.
Motor yacht Seasense, a sense of success, peace, and possibilities-
Cohen is an owner of many things in addition to being worth $1.6 billion. From the rights to some 1,000 classic films, as a producer, to historic movie theaters like Paris cinema La Pagode, the Larchmont Playhouse, and the reopened Quad Cinema in Manhattan, to plenty of real estate. He once said, “I think when you set your mind to something, you can overcome it.” Those very words may prove most useful now, as he navigates this difficult chapter. The words were actually said in connection with Seasense and the seasickness that came with her.
A through-and-through winner from Tufts University, he designed Seasense with his first wife Clo. It is like a seaside resort, only on the sea, and took six years to make. The pool aboard Seasense overlooks the sea and was one of the largest pools found on a yacht under 100 m. It can be converted into a basketball court via removable panels when not in use.
Inside, the Benetti yacht sleeps 12 in six cabins and, when awake, guests can enjoy a gym, a Jacuzzi on the sun deck, a bar, and a wood-fired pizza oven. The Cohens built a yacht for family, centered around togetherness, it was a true home away from home.
They journeyed from the French and Italian Rivieras to the coasts of Croatia, Greece, and beyond. The voyage may continue if Cohen can beat the odds, but if not, it will be heartbreaking to see this labor of love taken away.
