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THURSDAY, NOVEMBER 26, 2009
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SOS: Historic Queen Mary Needs Saving

Ship's developer hits financial iceberg

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(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.

An advertisement for a sale of Save the Queen's interest in the iconic ship's lease was placed Friday in the Wall Street Journal. The sale is scheduled to take place Jan. 28 in New York City.
An advertisement for a sale of Save the Queen's interest in the iconic ship's lease was placed Friday in the Wall Street Journal. The sale is scheduled to take place Jan. 28 in New York City.   (Getty Images)
LONG BEACH, CA - MARCH 21: The Queen Mary, a historic ocean liner that was docked and turned into a tourist attraction 37 years ago, is seen where it still serves as a hotel and exhibit March 21, 2005 in Long Beach, California. The ship's operator, Queen's Seaport Development, filed...
LONG BEACH, CA - MARCH 21: The Queen Mary, a historic ocean liner that was docked and turned into a tourist attraction 37 years ago, is seen where it still serves as a hotel and exhibit March 21, 2005...   (Getty Images)
Save the Queen bought the ocean liner's lease in 2007 for $43 million after the previous operator went bankrupt. That bankruptcy added to a long list of disappointments and little profit at the ship.
Save the Queen bought the ocean liner's lease in 2007 for $43 million after the previous operator went bankrupt. That bankruptcy added to a long list of disappointments and little profit at the ship.   (Getty Images)
Save the Queen LLC, the development company that took over the Queen Mary's lease in November 2007, is facing financial difficulties and could be forced to relinquish its stake in the ship.
Save the Queen LLC, the development company that took over the Queen Mary's lease in November 2007, is facing financial difficulties and could be forced to relinquish its stake in the ship.   (Getty Images)
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Aboard the the Queen Mary in Long Beach, California.   (ChinaBarny)

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radnip
Jan 21, 09 5:23 AM CST
Take the ship out of the water and turn it into low income housing. Reply
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