Oops! $10 million yacht sinks after launch

The company that built the boat blames the launch apparatus. Still, it suspends production and lays off staff.

By MSN Money Partner Jun 4, 2014 5:50PM
Courtesy of Deane Hislop
Luxury yacht ‘Baden’ capsized after a failed launch in Anacortes, WABy CNBC.com staff

A $10 million, 90-foot yacht was being launched in Washington state when it suddenly capsized.

The yacht, named Baden (pictured), had already been lowered into the water in Anacortes, Wash., when it slowly tilted and then sank, according to media reports.

The cause of last month's accident is under investigation, but New World Yacht Builders, which built the yacht under the Northern Marine brand, said the problem appeared to be in the launch apparatus, not with the boat.

"The physical evidence on, and adjacent to, the launch ramp suggests that the dolly carrying the weight of the port stern of the yacht may have suddenly dropped off the edge of the boat ramp during the launch, causing the vessel to experience a sudden list to port, from which it could not recover in its light condition for launch," Northern Marine said in a press release.

A YouTube video from YachtVid shows someone at the launch ceremony breaking the ritual champagne bottle on the hull before the boat slid into the water.

As it entered the water, the vessel started to lean to the port side, and then quickly capsized. Six people were on board and all escaped serious injury, according to reports.

Northern Marine said it has launched more than 35 vessels at the same ramp with no previous problems. Baden is a so-called "explorer yacht," designed more for remote expeditions than leisure.

The company added that it has "complete confidence" in its designs. According to a local media report, New World Yacht has since laid off its staff of 52 and production has been suspended.

--Image credit: Deane Hislop

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Jun 4, 2014 9:08PM
Jun 4, 2014 6:28PM
Launch apparatus, sure.....They probably forgot to screw the plug in before they slid it off of the trailer!!!  ;^)
Jun 4, 2014 9:51PM
Best movie title?  Failure to Launch or Gone in 60 Seconds?
Jun 4, 2014 7:00PM
A metaphor for the country, should have named it the SS Obama...
Jun 4, 2014 6:17PM
Fifteen bucks an hour down the drain
Jun 4, 2014 8:11PM
What do you expect for a mere 10 million dollars?
Jun 4, 2014 6:34PM
Some where on Wallstreet, "My wittle boat sank." *a tear rolls down a chubby cheek*
Jun 4, 2014 6:52PM
Reminds me of a small version of our current Presidency.
Jun 4, 2014 7:08PM
I'm sorry, but I can't keep from smiling. I didn't laugh tho, but I did smile, when reading this article. I guess money, sometimes can't bring happiness.
Jun 4, 2014 9:50PM
Why would you lay off your staff of 52 if you have complete confidence in your designs? Maybe because the only thing you are completely confident of is eventual bankruptcy from this major fubar.
Jun 4, 2014 6:53PM
Jun 4, 2014 8:55PM
This is sad to see. As a boat builder I can relate. This accident broke a lot of hearts. A ton of work went into building this boat by a lot of skilled boat builders. My thoughts are with the boat builders during this tough time.
Jun 4, 2014 6:44PM

Oh well, just refloat it and let dry no harm done. Looks like the boat still needed to be completed after launch.

Someone lost their job though.

Jun 4, 2014 6:43PM
Took our bayliner out over memorial day weekend and hit a log in the river underwater that took a chunk out of the propeller and got a new one yesterday delivered by fedex,  $110 dollar fix.  Before we bought a boat we watched tons of boating fails on youtube to learn what NOT to do when launching and putting it up on the trailer. 
Jun 4, 2014 8:15PM
Some rich guy paid a bunch of not-so-rich guys to build this boat and now the insurance company gets to hire them again to replace it .  Compared with the Obama stimulus plan, at least this screw up created some jobs without costing the taxpayers.
Jun 4, 2014 7:11PM
Maybe they should of named it Molly Brown ?
Jun 4, 2014 8:14PM
The yacht builders were smoking pot. 
Jun 4, 2014 7:03PM
It was $13 million. All the interior was ruined and stripped because electrical equipment, high end cloth and water don't mix well.  It started out as the "Blood Baron".
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