Many Russian billionaires have their assets seized by governments looking to impose sanctions over their alleged ties to Vladimir Putin and Russia’s invasion of Ukraine. Now, the Guardian reports that one of the ships, which the Gibraltar government has already seized via legal request from investment bank JP Morgan, has finally made it to the auction arena, selling for well below its appraised value.
An unnamed buyer secured a lifetime deal in Axioma, which was previously owned by sanctioned Russian oligarch Dmitriy Bombiansky. The 72.5-meter vehicle is packed with amenities such as a swimming pool, 3D movie theater, gym, and more, but this did not provide auction opportunities from a huge discount. Axioma, estimated at about $75 million, was sold for exactly half that amount – $37.5 million.
Mikhail Svetlov / Getty Images
Since it was JP Morgan who called for the takeover after Pumpyansky automatically defaulted on a $19.6 million loan following JPMorgan’s sanction, $19.6 million of the sale price would pay off that loan. The Admiralty Office of the Field Marshal Gibraltar said in a press release that the court will determine what to do with the remaining funds.
Axioma is the work of famous luxury yacht designer Alberto Pinto, and was built in Turkey in 2013. It was previously made available for charter by those who could afford $558,500 per week. The charter list described the boat as follows:
“With its luxurious interiors, a wide range of onboard facilities and a highly trained and professional crew, a luxury yachting vacation on board the Axioma Yacht promises to be amazing.”
Now, the five-story, six-cabin Axioma belonging to an anonymous buyer, has won against 63 other presenters. There are no plans at this point to reveal the identity of the buyer, according to Admiralty Marshall’s office.
[ad_2]
