Topline
A luxury superyacht that once belonged to Russian steel billionaire Dmitry Pumpyansky is up for sale in Gibraltar in the first public auction of a yacht seized from an oligarch because of sanctions over Russia’s unprovoked invasion of Ukraine.
The ‘Axioma’ yacht that once belonged to Dmitry Pumpyansky.
Key Facts
The 236-foot yacht Axioma has a built-out gym, a full service spa, a steam room, a cinema and an infinity pool on across its five decks, along with room for 12 guests in six cabins and separate quarters for 20 staff members, according to boat dealer Howe Robinson Partners, which is handling the sale.
By Tuesday morning, the yacht had received 63 bids, according to Bloomberg.
More than 30 prospective buyers flew into Gibraltar ahead of the auction to see the yacht, a broker told The Guardian, adding that because the boat is going through the judicial sale process they are “convinced they’re going to get a bargain.”
The Axioma is worth $42 million, yacht valuation experts VesselsValue said in March.
An overhead view of the yacht, which is estimated to be worth around $42 million.
A view of the master suite on board.
The yacht has plenty of sitting room and quarters for up to 12 guests.
The boat has a jacuzzi and an infinity pool on board.
The ‘Axioma’ has its own private 3-D cinema room for passengers.
The yacht’s gym is fully quipped with weights and other exercise equipment.
What To Watch For
Once the winning bid has gone through and the transaction is completed, more information about the sale will be published two weeks later, the Office of the Admiralty Marshall told Bloomberg.
Forbes Valuation
We estimate Pumpyansky is worth $2 billion.
Key Background
The Axioma was seized in March by authorities in Gibraltar after JPMorgan claimed Pumpyansky broke terms of a $20.4 million loan agreement, according to court documents seen by Reuters. It was among the first superyachts impounded over their connections to sanctioned Russian oligarchs. Before it was renamed Axioma, it was called Red Square and was available for charter for $558,500 per week..
(Photos courtesy of YachtCharterFleet.com)
Further Reading
Sanctioned Billionaire’s Yacht Attracts 63 Bids at Auction (Bloomberg)
Superyacht linked to sanctioned Russian oligarch is auctioned in Gibraltar (Reuters)
Gibraltar prepares for first auction of a Russian oligarch’s detained superyacht (The Guardian)
UPDATE: Gibraltar And France Freeze Three Yachts Owned By Sanctioned Russian Billionaires (Forbes)
Source: https://www.forbes.com/sites/carlieporterfield/2022/08/23/heres-the-superyacht-once-belonging-to-a-russian-billionaire-thats-been-seized-and-up-for-auction/