It looks like Dutch yacht builder Oceanco cannot keep itself away from controversies. Celebrity superyacht owners often insist on keeping their pleasure vessels out of the public eye to avoid unnecessary attention to their decadent lifestyle. It’s especially true for those who are often found lecturing others on climate change and carbon footprint. However, unforeseen controversies often inadvertently make life tough for these yacht-owing one-percenters. Jeff Bezos’ $500 million superyacht Koru built by Oceanco is the perfect example, which has constantly been grabbing headlines for more than a year despite all efforts to keep it away from public attention. Now, another Oceanco superyacht has found its way into trouble, dragging its celebrity owner into the mess. We are talking about Steven Spielberg’s $250 million Y720 (named Seven Seas) megayacht which has been embroiled in a lawsuit and the celebrated film director might have to appear in a Dutch court as a witness.
US-based luxury brokerage firm Merle Wood & Associates has filed a lawsuit in the Netherlands against Oceanco claiming they’re owed a 5% commission on the value of Spielberg’s new megayacht that was delivered last year. The brokerage firm has represented Spielberg since 2008. In fact, it introduced the American filmmaker to Oceanco, which ultimately led to Spielberg commissioning his first superyacht, also called Seven Seas, from the shipyard. The 86-meter luxury vessel was delivered to him in 2010.
According to court documents, Merle Wood & Associates claims it learned that Oceanco started negotiating with Spielberg on the purchase of a new superyacht, the Y720, in 2015. The broker then met with the officials from Oceanco during the Monaco Yacht Show in September 2015, during which they claim a verbal agreement was reached in which the Dutch shipyard would pay a commission of 5% for the sale of the Y720. With a reported price of $250 million, the commission comes to about $12.5 million.
The 109-meter Y720 megayacht was delivered to Spielberg in 2022, which was also named Seven Seas. However, the filmmaker sold the smaller Seven Seas superyacht in 2021 for a reported $160 million through the same brokerage firm, which was renamed Man of Steel upon sale. The brokerage firm claims they also facilitated Spielberg’s second Oceanco luxury megayacht, which should have netted them a 5% commission according to the verbal understanding reached during the 2015 Monaco Yacht Show.
Merle Wood & Associates claim they’ve repeatedly tried to contact Oceanco to receive the commission they are owed, but they never heard back from the Dutch yacht builder. As a counterclaim, Oceanco says it never had any kind of contract or agreement with the brokerage firm on the Y720 and doesn’t owe any money to them. They even said that the broker is abusing its authority. “The client [Spielberg] is also not looking forward to having to come over to the Netherlands to give a witness statement in a dispute about a non-existent commission agreement. Even less, now that the presence of the customer will not go unnoticed by the media,” Oceanco said in court documents. The Dutch court overruled the request to deny preliminary hearings and ruled that Merle Wood & Associates may call witnesses, including Spielberg.
Oceanco Y720
Before being delivered to Spielberg, Oceanco Y720 was rolled out of the shed and launched in Alblasserdam in March 2022. The futuristic-looking megayacht measures 109 meters in length, making it much bigger than the filmmaker’s previous superyacht. Dutch studio Sinot Yacht Architecture and Design is responsible for designing both the exterior and interior design of the vessel. According to Oceanco, Spielberg played an integral role in the design of the yacht. The yacht features three deckhouses on the main, bridge, and upper decks all surrounded by large glass windows. The naval architecture and propulsion system were done by Lateral Naval Architects and the vessel is said to feature technologically advanced environmental systems that reportedly exceed current regulations. The megayacht has been named Seven Seas after Spielberg’s original superyacht.
