A Florida court has served an eviction notice on Michael Reardon, the new owner of Catalina Yachts from a manufacturing plant in Largo, Florida.
According to court documents filed with Pinellas County court, Michael Alexander Reardon, who acquired the assets of Catalina Yachts and sister brand True North Yachts earlier in 2025, had failed to pay the rent owed under the agreement.
The landlord – Catalina Yachts Inc (Catalina) – filed a complaint in September 2025 seeking possession of the property due to lease violations.
The complaint also seeks to to recover damages for breach of a commercial lease, a promissory note, and other loan documents, and to foreclose on a security interest in collateral pledged by Reardon to Catalina.
Court documents state that in April 2025, Catalina entered into an asset purchase agreement with Reardon.
The purchase price was $1 million and in addition, Reardon agreed to pay around $1.425 million of Catalina’s payables.
Furthermore, as part of the purchase agreement, the parties entered into a lease agreement for the factory which Catalina now states Reardon has breached.
It is alleged that Reardon owes $113,000 in back rent with court documents stating that Reardon paid rent for May 2025 but subsequent months have not been paid in full.
$1 million in damages
As a result of Reardon’s breaches and default, Catalina says it has sustained and continues to sustain damages including the loss of the $1 million purchase cost plus interest.
Consequently, Catlina is also sueing for damages of $1 million, plus interest, attorney fees and monetary damages.
Reardon has not reponded to the suit and now the Pinellas County court clerk has ordered Reardon to be evicted from the site.
The claim for damages is still outstanding.
Pausing production
In August 2025, it was announced that three further yacht brands – Tartan Yachts, Freedom Yachts and AMP Carbon Spars – had been acquired by Reardon, founder and CEO of Daedalus Yachts.
It was stated that Tartan Yachts and AMP Carbon Spars would continue their operations in Ohio, while Catalina Yachts, True North and Freedom Yachts would be produced at Catalina’s Largo facility.
Earlier in October, president Patrick Turner announced Catalina Yachts was pausing production due to short-term financial reasons and a reorganisation of key areas of operation.
Catalina Yachts was founded in 1969.
