Florida Maritime Lien Foreclosure Filed Against 82-Foot Sailing Yacht S/V Wonder in Key West Federal Court
A Florida-based marine charter company has filed a federal lawsuit in the Southern District of Florida seeking to foreclose on a preferred ship mortgage secured by an 82-foot luxury sailing vessel currently docked in Key West. The case, titled Calypso Water Sports & Charters, Inc. v. S/V Wonder, et al. (Case No. 4:25-cv-10070-DSL), was filed on September 2, 2025, and seeks the judicial arrest and sale of the S/V Wonder, along with in personam damages from its owner and managing member.
The complaint alleges that the vessel’s owners defaulted on a secured maritime loan in excess of $100,000, triggering Calypso’s rights to enforce its lien under the Ship Mortgage Act and federal admiralty law.
Yacht Mortgage Foreclosure Lawsuit Alleges Missed Payments and Neglect of Collateral Vessel
According to the complaint, Calypso Water Sports & Charters, Inc. entered into a $200,000 promissory note with Delaware-based Schooner Sailing, LLC on May 31, 2024. The note was personally guaranteed by Schooner’s managing member, Key West resident Thane Richard. To secure the loan, Schooner granted Calypso a First Preferred Ship Mortgage over the S/V Wonder, an 82-foot 1988 Merritt Walters custom sailing yacht, documented under U.S. Official No. 929281.
The vessel, previously slated to be renamed S/V Albus, remains registered as S/V Wonder and is currently located at Three D Boatyard on Stock Island in Key West. Calypso claims the borrowers stopped making payments after June 1, 2025, and failed to maintain the yacht in seaworthy condition, violating terms of the mortgage and materially diminishing the vessel’s value.
Lawsuit Seeks Arrest and Judicial Sale of 82-Foot Merritt Walters Yacht Under Ship Mortgage Act
The plaintiff invokes the court’s admiralty jurisdiction and proceeds both in rem against the vessel and in personam against Schooner Sailing, LLC and Thane Richard. The verified complaint alleges a breach of the mortgage’s terms, including provisions allowing acceleration of the loan balance, repossession, and judicial foreclosure in the event of default.
Calypso seeks a declaration that its preferred maritime lien is valid and superior to any other interests. The suit requests a court order for the arrest and sale of the S/V Wonder to satisfy the balance due, which totals $101,342.72 as of August 13, 2025, with daily interest accruing at $21.86. Additional claims for attorney’s fees, costs, penalties, and post-judgment interest are also requested, pursuant to the terms of the promissory note and ship mortgage.
The plaintiff also asks the court to bar any competing claimants from asserting rights to the vessel and to authorize a credit bid in lieu of cash at any judicial sale.
Vessel Foreclosure Case Targets Yacht Owner and Personal Guarantor for Contract Breach
In addition to the in rem relief, Calypso brings breach of contract claims against both Schooner Sailing and Thane Richard individually, asserting that Richard’s guaranty binds him to the repayment obligations under the loan and mortgage. The complaint emphasizes that the deterioration of the vessel—along with the borrowers’ missed payments—places Calypso’s maritime collateral at risk and justifies immediate judicial intervention.
The plaintiff points to specific mortgage provisions that allow acceleration and foreclosure if the vessel becomes valueless, the borrower fails to maintain the yacht, or timely payments are missed. These triggers, according to Calypso, were clearly met as of summer 2025, giving rise to their enforcement rights.
Key West Federal Court to Decide Ownership and Disposition of S/V Wonder in Marine Lien Dispute
The lawsuit is now pending before the U.S. District Court for the Southern District of Florida, Key West Division. The outcome of the case could result in the judicial sale of a large, custom-built sailing yacht valued for high-end chartering and private use. If successful, the sale proceeds would be used to satisfy the mortgage debt, legal fees, and related costs. The case highlights the power of preferred ship mortgages in U.S. maritime finance and the legal remedies available to lenders when borrowers default on secured marine loans.
Maritime Lien Enforcement Is a Key Remedy for Vessel Lenders and Charter Operators
In the world of commercial and recreational marine lending, the use of First Preferred Ship Mortgages remains one of the most powerful tools available to lenders and charter operators seeking to secure their investment in a vessel. When borrowers fail to make payments or allow the vessel’s condition to deteriorate, the lender may proceed in rem against the vessel itself, regardless of changes in ownership or registry.
This case underscores the importance of proper documentation, timely recordation of security interests with the U.S. Coast Guard, and swift legal action when default occurs. Vessel foreclosures often play out quickly in admiralty courts, particularly in Florida ports like Key West, Miami, and Fort Lauderdale, where yachts and commercial vessels frequently change hands.
If you are involved in a maritime financing arrangement or vessel ownership dispute, or if you are a creditor seeking to foreclose on a ship mortgage, speak to a maritime law attorney to understand your rights and remedies.
Contact our maritime and admiralty lawyers at Holzberg Legal for a confidential consultation about vessel foreclosure, charter disputes, or marine finance litigation.
Disclaimer: Our firm does not represent the plaintiff in this case and is not involved in the litigation. The information provided is a summary of allegations based on publicly available court filings. We make no representations about the truth of these allegations, are not commenting on the merits of the case, and are not predicting any outcome.
