US

Judge to weigh value of historic presidential yacht Sequoia

  • FILE - In this Sept. 6, 2013 file photo, the yacht Sequoia motors on the Anacostia River in Washington. A Delaware judge is holding a hearing Wednesday, May 11, 2016, to determine a price at which a lender can exercise an option to purchase the former presidential yacht Sequoia or cede possession to its current owners. (AP Photo/Alex Brandon, File)

    FILE - In this Sept. 6, 2013 file photo, the yacht Sequoia motors on the Anacostia River in Washington. A Delaware judge is holding a hearing Wednesday, May 11, 2016, to determine a price at which a lender can exercise an option to purchase the former presidential yacht Sequoia or cede possession to its current owners. (AP Photo/Alex Brandon, File)  (The Associated Press)

  • FILE- In this June 19, 1973, file photo, president Richard Nixon, center left, is engaged in a conversation with Soviet leader Leonid Brezhnev, center right, while sailing down the Potomac River aboard the yacht Sequoia. A Delaware judge is holding a hearing Wednesday, May 11, 2016, to determine a price at which a lender can exercise an option to purchase the former presidential yacht Sequoia or cede possession to its current owners. (AP Photo, File)

    FILE- In this June 19, 1973, file photo, president Richard Nixon, center left, is engaged in a conversation with Soviet leader Leonid Brezhnev, center right, while sailing down the Potomac River aboard the yacht Sequoia. A Delaware judge is holding a hearing Wednesday, May 11, 2016, to determine a price at which a lender can exercise an option to purchase the former presidential yacht Sequoia or cede possession to its current owners. (AP Photo, File)  (The Associated Press)

  • FILE- In this Aug. 13, 2003, file photo, Chesapeake Maritime Museum Shipwright apprentice Bob Savage greases the adjacent planks before fitting additional pieces into place during renovations to the yacht Sequoia in St. Michaels, Md. A Delaware judge is holding a hearing Wednesday, May 11, 2016, to determine a price at which a lender can exercise an option to purchase the former presidential yacht Sequoia or cede possession to its current owners. (AP Photo/Don Wright, File)

    FILE- In this Aug. 13, 2003, file photo, Chesapeake Maritime Museum Shipwright apprentice Bob Savage greases the adjacent planks before fitting additional pieces into place during renovations to the yacht Sequoia in St. Michaels, Md. A Delaware judge is holding a hearing Wednesday, May 11, 2016, to determine a price at which a lender can exercise an option to purchase the former presidential yacht Sequoia or cede possession to its current owners. (AP Photo/Don Wright, File)  (The Associated Press)

In its glory days, the yacht Sequoia was a spit-polished, floating mini-palace, on which presidents from Herbert Hoover to Jimmy Carter entertained dignitaries and diplomats. Now, the National Historic Landmark lies rotting under a layer of shrink wrap in a Virginia shipyard as attorneys argue over who should pay to repair it, how much it will cost, and who will ultimately own the vessel.

A Delaware judge Wednesday is trying to determine a price at which a lender can exercise an option to purchase the Sequoia or cede possession to current owners.

Lender FE Partners contends the $7.8 million default value is too high because it will cost about $4 million to repair the wooden-hulled boat.

The current ownership group says it will cost only about $300,000 to address problems.