A retired Montana car dealership owner who was among the passengers on the troubled Villa Vie Odyssey is considering buying the cruise ship herself in an effort to restart its around-the-world voyage.
Whitney Olson, 47, said she remains determined to return to the vessel despite its multiyear journey ending abruptly last week, leaving approximately 200 passengers stranded in Cambodia.
The ship, which was promoted as a permanent home at sea with more than 400 destinations worldwide, is now heading to Singapore, where it is expected to be auctioned.
Speaking to The New York Times, Olson said she intended to monitor the auction and explore whether she could acquire the vessel at a reduced price.
“It was so special. I’m not ready to be done,” she said.
Financial Crisis Brings Multiyear Voyage to an End
The Villa Vie Odyssey departed Northern Ireland in October 2024, promising passengers an extended journey around the world.
However, the company’s financial difficulties reportedly intensified over time, with passengers eventually being warned that the business had only two weeks of money remaining.
By April, executive chairman Mikael Petterson was reportedly asking residents to provide the company with a $3 million loan to cover fuel expenses.
The proposal offered annual interest rates ranging from 12 to 24 per cent as the company struggled to maintain operations.
The financial problems eventually contributed to the collapse of the voyage, leaving hundreds of residents facing uncertainty about their accommodation and future travel arrangements.
Olson Invested More Than $1.5 Million in the Cruise Ship
Olson’s connection to the vessel extended beyond that of an ordinary passenger.
The retired businesswoman was one of the ship’s original founders and had invested additional funds in exchange for an equity stake in the company, according to The New York Times.
Her total expenditure exceeded $1.5 million, covering two cabins, her ownership interest and additional financial contributions intended to support the business.
Despite the company’s mounting difficulties, Olson reportedly considered providing another $2 million in April to help keep the voyage operational.
However, she wanted a comprehensive financial audit and assurances that her investment would be protected if the company entered bankruptcy proceedings.
She said Petterson declined to provide the information she requested.
“He was more interested in taking the money from the residents at these exorbitant interest rates than giving me what any investor would ask for,” Olson said.
Passengers Considered Taking Control of the Vessel
Rather than abandon the project, Olson explored an alternative ownership arrangement that would place the cruise ship under the control of its residents.
She partnered with two other passengers to establish an investment company that would combine residents’ financial contributions, settle outstanding debts and introduce a new operating structure.
The proposal was modelled partly on The World, a residential cruise ship that operates using a different ownership arrangement.
Olson and her partners wanted to introduce a system in which passenger fees could be adjusted according to changing operational expenses, including fuel, port charges and crew salaries.
According to The New York Times, the approach was intended to eliminate the company’s dependence on external loans.
However, the rescue proposal encountered difficulties when potential investors discovered millions of dollars in unexpected liabilities.
The group also failed to secure an agreement with the ship’s primary lender, NRP Maritime Asset Management AS.
Investors warned that taking over the vessel could expose residents to substantial financial and legal obligations, with debt repayments and legal expenses potentially reaching $3 million within the first two months.
Residents Questioned the Company’s Pricing Model
The financial difficulties also raised questions about how Villa Vie had structured its residential cruise packages.
The company offered several ownership arrangements, including lifetime suite purchases ranging from $120,000 to $440,000, alongside monthly charges of between $3,500 and $11,000.
Five-year ownership packages started at approximately $50,000, while passengers who preferred shorter commitments could arrange temporary stays aboard the ship.
However, some residents believed the company’s pricing structure had failed to account adequately for inflation and rising operational expenses.
Canadian passenger Mary Ann Demsar, 67, previously questioned whether the business had charged enough to sustain its operations.
“Unfortunately, it was not expensive enough,” she told the Daily Mail.
“It did seem too good to be true that it could cover its costs, and we kind of felt that way,” she added.
Petterson Blames Rising Fuel Costs for Financial Collapse
Petterson attributed the company’s financial difficulties largely to increasing fuel expenses, which he linked to Trump’s war with Iran.
He maintained that before the conflict began in February, Villa Vie’s sales performance had been strong enough to put the company on course for profitability in early 2026.
However, some residents disputed his account of how much information had been shared about the company’s financial position.
Benjamin Schatz, a Harvard-educated lawyer who travelled aboard the vessel, said even passengers who had invested as founders knew surprisingly little about the company’s finances.
“Founders knew surprisingly little about the state of the finances,” he told The New York Times.
Schatz also said few passengers understood that money received from cabin sales was being spent immediately to keep the ship operational.
Petterson, however, maintained that financial updates had been provided to founders every few months.
Passengers Make Alternative Travel Plans as Ship’s Future Remains Uncertain
With the Odyssey’s future unresolved, stranded residents have begun making individual arrangements while waiting for news about the vessel.
Some are planning to travel around Asia, while others have chosen to remain in Cambodia.
Olson intends to travel to Vietnam, where she plans to place her belongings in storage before joining her family in India.
She already had arrangements to visit the Taj Mahal and see Bengal tigers during the trip.
Despite the immediate travel changes and the failed attempt to organise a passenger-led takeover, Olson remains interested in acquiring the Odyssey when it goes to auction in Singapore.
She has indicated that she will continue monitoring the sale for an opportunity to purchase the vessel and potentially revive the voyage.
