Yahoo Finance Steve Jobs' Yacht Row Settled With Payout
Steve Jobs' yacht is free to set sail after the late Apple (NasdaqGS: AAPL - news) co-founder's estate paid a deposit to resolve a dispute with the designer.
The boat, which reportedly cost more than £80m to build, was impounded after Philippe Starck said Mr Jobs' estate still owed him around £2.5m for his contribution to its design.
Mr Starck said he was to be paid a fixed sum of £7m, while lawyers for Mr Jobs' estate said he was to be paid a percentage of the project's cost - equal to £5m.
"The Venus is no longer impounded, we have found a solution," said lawyer Gerard Moussault.
"A security deposit was paid into a bank account, but I cannot say for how much."
The designer was supposedly "very close" to Mr Jobs during the period the design was agreed and construction went ahead.
That was said to be one of the reasons there was no formal agreement on the job.
The Dutch-built yacht was unveiled in October, just over a year after Mr Jobs died of respiratory problems related to his pancreatic cancer.
Although the boat is no longer impounded, it remains in Amsterdam harbour because of bad weather.
The yacht will reportedly be taken to the United States, where Mr Jobs' family, including his widow Laurene Powell Jobs and their three children Reed, Erin and Eve, are to take charge of the boat.
The aluminium-hulled 70-metre (230-foot) yacht was built by shipbuilder Royal De Vries in Aalsmeer, just south of Amsterdam, with the interiors designed by Mr Starck.
He described the vessel as "sleek and minimalist", with teak decks.
The bridge features a control panel made up of an array of seven iMac computers.
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