Florida AG Probes Ferretti Group Over Fort Lauderdale Yacht Site

Florida Attorney General James Uthmeier has opened an investigation into whether Ferretti Group’s Fort Lauderdale yacht facility complies with a state law restricting real estate ownership by companies controlled by “foreign principals” from countries of concern, including China. The Real Deal reported the probe on October 30, and Florida’s Voice first reported it two days earlier, tying the review to Ferretti’s site inside the Lauderdale Marine Center, less than a mile from Port Everglades and Fort Lauderdale-Hollywood International Airport.

Why it matters

The trigger is ownership, not the property itself. China’s state-owned Weichai Group holds a 39.5% stake in Ferretti and is its largest shareholder. Weichai’s slate carried roughly half the vote at a May 14 shareholder meeting, enough to seat eight of nine board seats, and the company moved quickly to install Stassi Anastassov as chief executive, closing out Alberto Galassi’s 12 years in the job. Florida state Rep. David Borrero pushed for the review, arguing the facts already clear the bar for a reasonable-suspicion inquiry. Uthmeier announced the probe on social platform X: “Our office is launching an investigation. Unacceptable to have a CCP-controlled corporation operating in Florida!” Both outlets note Ferretti did not respond to requests for comment, and neither outlet nor the AG’s office has published a case number or formal findings.

The numbers

Broward’s Property Appraiser lists Ferretti Group of America LLC, care of Robert Allen Law, as owner of the 1445 SE 16th St parcel and two adjoining folios, all carried for 2026 at a combined just value in the low millions on the lead parcel: $3,217,990 across $1,818,720 in land and $1,399,270 in building value on 30,312 square feet zoned B-1 Boulevard Business. The site last sold in a 2008 bulk deed at $8.8 million. Ferretti bought into the shipyard there for $15 million in 2020. The 2023 Florida law at issue presumes a “controlling interest” at 25% or more of voting or profit interests, grandfathers property bought before July 1, 2023 subject to registration, and can require divestiture for later acquisitions found in violation.

What’s next

No charges, subpoena, or formal AG filing has surfaced publicly as of this writing; Uthmeier’s office has confirmed only that a review is underway. Ferretti is separately absorbing weaker numbers, with 2026 adjusted EBITDA guidance cut to a range of €174 million to €185 million from €186 million to €197 million, and nine-month adjusted core profit down 7.8% to €130.6 million on a 13.8% drop in order intake. Whether the Weichai board shift itself triggers the 2023 law’s divestiture provision, or whether the probe stops at a records review, is the open question for the South Florida marine industrial market watching the Lauderdale Marine Center’s largest tenant.