Florida Attorney General James Uthmeier has opened an investigation into whether a Fort Lauderdale property tied to Italian luxury yacht builder Ferretti Group runs afoul of the state's restrictions on foreign ownership of real estate. The property in question sits at 1445 Southeast 16th Street, within less than a mile of Port Everglades, the Fort Lauderdale U.S. Coast Guard Station, and Fort Lauderdale-Hollywood International Airport. The scrutiny comes as Ferretti's largest shareholder is now a Chinese state-owned company holding a controlling grip on its board.
According to The Real Deal, Uthmeier has launched the investigation into the yacht maker over the parcel, which has been held by a Ferretti-linked entity since it was acquired for $8.8 million in 2008 — well before Florida's foreign property law took effect. Ferretti Group of America has held the 1445 S.E. 16th Street address for years, according to Florida's Voice, which also reports the site sits less than a mile from Port Everglades and the airport. The investigation's precise status and whether it will result in any enforcement action have not been established publicly, Florida's Voice reported.
A Chinese State-Owned Firm Took Control of the Boardroom
The scrutiny traces back to a corporate boardroom battle earlier this year. Ferretti's largest shareholder is China's state-owned Shandong Heavy Industry Group – Weichai Group, which holds a 39.5 percent stake in the company, per The Real Deal. In May, Weichai's proposed board slate won about 52 percent of the shareholder vote and secured the right to appoint eight of the company's nine board seats, according to Reuters.
That vote pitted Weichai against rival investor KKCG Maritime, which had sought to keep Alberto Galassi on as chief executive, Bloomberg reported. Instead, Stassi Anastassov, previously chief executive of Duracell, replaced Galassi as Ferretti's CEO following the shareholder meeting, The Real Deal noted. KKCG had argued that Ferretti's small security division, which produces patrol vessels and which the company has deemed non-core and sought to sell, brought Ferretti within the scope of Italy's golden power rules — regulations that give Rome the right to veto or set conditions on corporate deals involving companies considered strategically important to national security, according to Reuters and Baird Maritime.
What Florida Law Restricts
The investigation hinges on a Florida law signed by Gov. Ron DeSantis in 2023 that restricts foreign ownership of real estate. Under Section 692.204 of the Florida Statutes, the state prohibits the purchase or acquisition of real property by the People's Republic of China, which the statute designates as a foreign country of concern alongside the Russian Federation and the Islamic Republic of Iran. The Executive Office of the Governor has said the law limits the ability of individuals and businesses affiliated with China or the Chinese Communist Party to acquire Florida real property and requires them to register property they already own, with covered interests owned before July 1, 2023 required to be registered by the end of that year or face a civil penalty of $1,000 for each day the registration was late.
Separately, a federal appeals court cleared the way for Florida to enforce its broader law restricting real estate and land purchases by Chinese citizens, rejecting claims that it violates federal law or discriminates against Asians, Reuters reported. Ferretti's property ownership has raised concerns among critics that it conflicts with the state's restrictions on countries of concern owning real estate, though the evidence has not established whether Ferretti Group or Ferretti Group of America actually violated the law.
Pressure Builds Around the Boat Show
The controversy flared up during the 67th annual Fort Lauderdale International Boat Show, which began the week of October 26, where Ferretti exhibited eight yachts at Face Dock 15 and the Pier Sixty-Six Marina. U.S. Rep. Randy Fine criticized Ferretti in a post on X on October 27, calling for answers and for the company's influence to be removed from Florida. The next day, Florida state Rep. David Borrero held a news conference outside Ferretti's showroom calling for authorities to examine the company's holdings, according to Florida's Voice.
Borrero said Florida should not be under the influence of the Chinese Communist Party or somewhere it can spy, per the same account. Members of the Miami Young Republicans and Fort Lauderdale Young Republicans gathered outside the boat show's main entrance that day to demand action, and Armando Ibarra said he was concerned about CCP-linked companies taking control of Ferretti Group and properties near critical infrastructure. A Florida's Voice reporter was also removed from Ferretti's facility after asking about Chinese influence and the property's proximity to the Coast Guard station, the outlet reported. Uthmeier announced the probe in a repost on X referencing that incident.
Financial Headwinds and Data Concerns
The political pressure comes as Ferretti faces financial strain. The company lowered its 2026 adjusted EBITDA guidance for the second consecutive quarter, now projecting 174 million to 185 million euros, down from a prior range of 186 million to 197 million euros, Florida's Voice reported. Adjusted core profit for the first nine months fell 7.8 percent to 130.6 million euros, while order intake declined 13.8 percent, according to the same report.
Separately, activists have raised concerns that Ferretti's connected yachts — which include its Riva and Pershing lines — collect and transmit engine data, GPS routes, satellite communications traffic and navigation inputs that could expose information about military installations, according to the Floridian Press, which described the vessels as floating data centers that put national security and owners' personal data at risk. U.S. Republican politicians have questioned Ferretti Group since May, and the company's board fight continues to draw scrutiny even as the Fort Lauderdale property investigation moves forward.
