Taxpayer Money Used To Maintain Million-Dollar Yacht

LOS ANGELES (CBS) — With the city going broke you may be surprised to find out that Los Angeles is the proud owner of a million dollar yacht and it is about to undergo hundreds of thousands of dollars in renovations at taxpayer expense.

As the head of the Port of Los Angeles raced down the hall, they tried to block our camera and dodged our questions, not wanting to talk about a yacht owned by the port, which is a city agency.

But the mayor said that it is not what we think.

“It’s not a yacht. It’s a boat,” Mayor Antonio Villaraigosa said.

But whatever you call it, the Angelena II is 73 feet long and worth about a million bucks — according to a boat broker we contacted — and it is all your money.