New Crew Acquires Historic Queen Mary Cruise Ship

The Los Angeles County office of Old Republic Title Company closed the $43,000,000 sale of the historic Queen Mary cruise ship to a real estate development group known as Save the Queen, LLC. The Queen Mary is moored in Southern California's famous Long Beach Harbor and is owned by the City of Long Beach, along with certain contiguous properties totaling approximately 75 acres. The Queen Mary is subject to a long-term leasehold and had been under the jurisdiction of the United States Bankruptcy Court, pursuant to a Chapter 11 proceeding for more than a year. By virtue of the bankruptcy court's competitive bidding process and its court order, Save the Queen, LLC became the successful bidder. Thus, the course was set for The Queen Mary to "sail away" with its new owners when the escrow was closed by the very capable commercial team at Old Republic.

The nature of such a monumental transaction involved a complex set of circumstances, sophisticated financing and unexpected delays along the way. Not only did Old Republic perform the escrow and traditional title services, it also issued UCC policies as part of the closing. The recipe for success: a cooperative professional team effort by all involved, positive attitudes in the face of seemingly impossible demands, and several 36 hour days. The positive "we can do this" environment was the essential hallmark of this multi-tiered transaction closing within the strict mandates of the Bankruptcy Court.

Save the Queen, LLC will give The Queen Mary a $6 million face lift to bring her back to her former glory and begin a new chapter to the Los Angeles Old Republic Commercial Team for a job well done!