SOS: Historic Queen Mary Needs Saving

Ship's developer hits financial iceberg
By Wesley Oliver,  Newser Staff
Posted Jan 17, 2009 1:00 PM CST

(Newser) – The Queen Mary needs a new lease on life now that a developer is selling its interest in the iconic ship’s lease, the Press-Telegram reports. One of the partners of Save the Queen, which bought the Queen Mary’s lease for $43 million in 2007, is having financial issues, forcing the company to cut its ties to the Long Beach-owned ship.

“This isn’t a property issue, this is a partnership issue,” said one partner. Despite the ship’s meager profits, renovations and development plans will continue. “The project itself is well-funded and well-capitalized,” the partner explained. “Who ultimately will be running the project, I honestly don't know myself.” Whatever happens, “the city is still the owner,” said a Long Beach official.