Paspaley ‘steals’ bankrupt Island Escape

Island Escape - Island Escape Cruises As previously reported on Expedition Cruising, NZ’s Island Escape Cruises abandoned scores of passengers out of pocket after cancelling Kimberley coast voyages last year without notice.

The company subsequently went into receivership and the brand new luxury 53m superyacht was seized by authorities at Broome Port.

It has been revealed that pearling dynasty, Paspaley Group, purchased Island Escape at the ‘fire sale’ price of $5.5 million, a mere fraction of its estimated value of $40 million.

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