Throw your current lifestyle overboard! boasts the advert for Victoria Cruises Line (VCL), which bills itself as the world's first affordable residential cruise.

Cabins typically go for US$3,840 (£2,858) a month for a three-year voyage to 115 countries, and travelers from all over the world have the option of doing the route for as long as they like.

For Australians Dennis and Taryna Wawn from Perth, excited by the prospect of a home at sea, the advert on Facebook couldn't have come at a better time as they planned their retirement.

Three years later, the ship has yet to sail. In fact, they and other would-be cruise residents have found that VCL does not even own or have a lease on the ship that is being advertised.

The Wawns are just two of dozens of people who have been waiting for VCL to refund their deposits, the BBC has learned.

Other would-be residents told the BBC they sold their homes, rehomed cats and put their belongings into storage. One woman said she had put down her sick dog, believing she would be gone for years.

Another couple have now had to move into a retirement community because of their advanced ages and failing health. They could no longer commit to a residential cruise that might or might not ever sail.

The people that put down a deposit for this cruise were sold a dream... and it has turned into nothing short of a nightmare, said Adam Glezer, who runs a consumer advocacy company. What VCL has done is disgusting.

Those affected have contacted the company, some have launched legal cases, and others have filed consumer complaints to government agencies. One even wrote to the FBI.

VCL told the BBC that it still needs more customers before a vessel can be chartered and so is continuing to advertise the cruise.

The company said customers knew about the occupancy condition when booking and the company denies targeting or harming anyone, adding that it advised some clients not to sell homes to pay deposits.

Many of those who signed up have given up hope of the ship ever sailing, or of getting their money back.

'All above board'

Taryna, 64, said that in May 2022, she and Dennis were starting to think about their future and what it could look like when they came across the residential cruise. The couple feel they did their due diligence.

Taryna said the company had a well-built and detailed website, they also spoke to a man from the company who answered all the questions, and they joined a Facebook group made up of other cruise residents.

We did some checking, thought it was all above board, she said.

Within a month, they took the step of paying a deposit of US$10,000 (£7,450). Their bank transfer has been viewed by the BBC.

But weeks before they were due to set sail in May 2023, VCL postponed the scheduled departure date.

VCL said the cruise hadn't reached a roughly 80% occupancy — something the company said it needed in order to charter a vessel.

When VCL postponed twice more, the couple started to think something was up.

VCL's marketing promised a fully-fledged cruise liner that could house 1,350 guests, with pools, tennis courts, and an Italian restaurant.

We do have a beautiful, seaworthy ship, the former Holland America Veendam, now the Majestic, VCL's US representative wrote on the company's Facebook page.

But the BBC has learned that on being contacted by some would-be residents, the firm that owns the ship denied any association with VCL.

Graham Whittaker, a former journalist based in Australia, estimates that VCL has taken money that goes into the millions.

It got dirty because we started to find scores and scores more people who had never been refunded, who had asked for their money back, who had been lied to, Whittaker said.

When passengers pushed harder — asking about refunds and talking to the media about the case — they were threatened with legal action. The BBC has seen dozens of such emails.

Despite all of this, VCL continues to advertise its cruise on Facebook and Instagram, showcasing glossy brochures of the ship's decks, menus, and cabins, even while the reality of the voyage remains a distant dream for many.

It was a dream for us and we were really focusing on it as a lovely adventure. It's been traumatizing, Taryna reflected on their fractured expectations.