Aussie billionaire Trevor Lee sues insurance company QBE after his yacht ... trends now An Aussie billionaire beef baron is suing an insurance company after he coughed up $1.2million to repair his 55-metre superyacht - one of the biggest luxury vessels in the country. Trevor Lee, 73, owns the $25million motor yacht, Keri Lee III, which he named after his award-winning fashion designer wife, Keri Craig-Lee. The couple established red meat supply chain Australian Country Choice, while Mrs Craig-Lee also founded the fashion label, Keri Craig, and famously designed and coordinated Sir Elton John's wedding in Sydney in 1984. Mr Lee is suing insurance firm QBE through his charter company, Keri Lee Charters Pty Ltd, in federal court in Brisbane in a move to get the insurer to pay for the $1,224,072 he spent on fixing the damage to Keri Lee III, reports the Courier Mail. The vessel was being transported to Brisbane when it allegedly sustained a dent, scratches to the hull, damage to the bow capping rail and the rubbing stripe on both sides of the vessel. Inside, Mr Lee claims there were cracks in several interior shower recesses, marble vanities and windows. Australian beef baron Trevor Lee owns the $25million superyacht, Keri Lee III (pictured), which he has spent more than $1.2million on to repair damages Mr Lee and his award-winning fashion designer wife, Keri Craig-Lee, established red meat supply chain Australian Country Choice The Keri Lee III was built by Trinity Yachts in the U.S. in 2001. It has accomodation for up to 12 people in six suites that include a master suite, one VIP cabin and four double cabins. There are six beds on the yacht, with four king beds and two doubles. The superyacht features a state-of-the-art movie theatre, beauty salon, bar, deck jacuzzi, gym and two tenders. Guests can also enjoy using the two waverunners, waterskis, scuba diving equipment, wakeboards, kayaks and beach games on board. The Keri Lee III has room for up to 12 crew members including a chef and masseuse. The yacht had a refitting in 2016 and was refurbished in 2020. Mr Lee charters his superyacht for up to $365,000 a week through his company. The Keri Lee III was constructed by Trinity Yachts in the U.S. in 2001 and was refurbished in 2020 The yacht has room for up to 12 guests who can choose from six suites that include a master suite, one VIP cabin and four double cabins The vessel features a state-of-the-art movie theatre, beauty salon, bar, deck jacuzzi, gym and two tenders Mr Lee charters his superyacht for up to $365,000 a week through his company, Keri Lee Charters Pty Ltd The beef boss alleges the damage to the Keri Lee III occurred on May 10, 2020, in a port in the city of Genoa, Italy. Keri Lee Charters claims the boat was being loaded onto a transport ship for its journey back to Brisbane when it was damaged. The yacht allegedly came into 'contact' with the ship on its starboard side and two steel mooring poles on its port side as it was being loaded. Two days later, the claim alleges that the yacht fell on its port side off a 'timber support' and the hull's underside slammed into several steel supports. Its alleged the Keri Lee III sustained damage when it was being transported from Genoa in Italy to Brisbane via a large transport ship (pictured, Cartier Lee, the daughter of Trevor Lee and Keri Craig-Lee) Mr Lee had originally filed a claim for $1.06million through his charter company on August 11, 2020. QBE accepted liability and agreed to compensate the beef baron Keri Lee Charters is continuing its repairs of the superyacht stemming from the incident back in 2020. Mr Lee had originally filed a claim for $1.06million on August 11, 2020 - only three months later. QBE accepted liability and was set to compensate Keri Lee Charters but has only paid $170,000 for the repairs so far. There is no date set for court hearing over the matter yet. All rights reserved for this news site (dailymail) and under his responsibility