A 73-METRE superyacht seized from a blacklisted Russian billionaire is to be sold at auction.
The yacht, named Axioma, will go up for sale without a reserve price on August 23, after being impounded at the end of March following sanctions on Russia.
It is thought to be the first confiscated Russian-owned superyacht to be put up for sale since Russia’s invasion of Ukraine.
The ship will be sold by the Admiralty Court in Gibraltar under an ‘as is, where is’ private auction held by shipping group Howe Robinson.
The funds from the sale are expected to rake in millions of euros and will be held by the Admiralty Court.
Investment bank, JP Morgan Chase was behind the seizure of the Axioma.
The banking giant won a court order allowing the Gibraltar port authority to seize the yacht then owned by Russian oligarch Dmitry Pumpyansky.
The billionaire steel magnante is one of many Russian oligarchs whose assets have been frozen by the British government.
The six-deck yacht, which boasts an infinity pool, a jacuzzi and a cinema, had been on a three week voyage across the Atlantic when sanctions were imposed.
It requested permission to dock in Gibraltar which was granted with the ship being seized shortly after.
A Gibraltar government spokesman said: “JPMorgan won the court order allowing port authorities in Gibraltar to seize the yacht and it is acting pursuant to its mortgage rights.”
The Gibraltar government said that the extraordinary measures were taken in the interests of creditors with claims against the vessel.
JP Morgan is understood to have asked the court to auction the boat despite its reservations that Malta and Luxembourg authorities may want to make a claim.
Having heard nothing from Malta for several weeks, the bank decided to ask for the vessel to be auctioned.
The mega yacht can accommodate up to 12 guests in six cabins and a crew of 20 and underwent a million-euro makeover in 2020 with a 3D cinema room and second jacuzzi added.