(CNN) — They had signed up for the experience of a lifetime: three years traveling the world from the comfort of a cruise ship, at prices that rivaled regular living expenses.

But now the dream is over for passengers who’d signed up for Life at Sea Cruises’ inaugural three-year voyage. After weeks of silence, the company has acknowledged to passengers that it has no ship, and has canceled the departure, vowing to refund those who’d signed up for cruises costing up to hundreds of thousands of dollars.