06/18/2026
In April 2025, Catalina Yachts was acquired by Michael Reardon, founder of Daedalus Yachts, under a provisional asset purchase agreement. Following the acquisition, Sharon Day retired from the company and Patrick Turner was appointed president. Concurrently, the sale sparked an internal civil lawsuit filed in California federal court between members of the Butler estate and legacy company executives over the handling of corporate assets.
Within months of the purchase, Reardon defaulted on the $1 million promissory note, $1.425 million in outstanding corporate payables, and rental payments for the manufacturing facility in Largo, Florida, which was still owned by the Butler family. In early October 2025, management publicly announced a “temporary production pause” citing short-term financial challenges.However, the facility was completely locked down after a Pinellas County court granted an eviction notice against Reardon on October 22, 2025, following a breach-of-lease lawsuit filed by the sellers.
The closure left the workforce abruptly unemployed and without pay; in February 2026, the Pinellas County Office of Human Rights found Reardon’s holding company guilty of wage theft, ordering double financial compensation to affected workers. On January 30, 2026, a Florida Superior Court judge entered a $1 million default judgment against Reardon for the failed asset purchase.
To recover financial losses resulting from the default, the Butler family announced the total liquidation of the factory’s contents in May 2026. On June 9, 2026, the brand’s remaining physical assets, manufacturing tooling, and unfinished hulls were sold piecemeal at a public auction, marking the end of the company’s 57-year history. ****not my story, straight from Wikipedia****
yachtbuilding catalinayachts
