£63m Russian superyacht seized in Gibraltar goes up for auction

Image of Gibraltar. Credit: Migel/Shutterstock.com

The £63m Russian superyacht ‘Axioma’ that was seized in Gibraltar earlier this year has been put up for auction.

 

A Russian superyacht that was seized by the authorities in Gibraltar will go up for auction next Tuesday, August 23. The luxury ‘Oxiama’, worth an estimated £63m (€74.2 m) was confiscated this March after it entered the British Overseas Territory.

The boat’s owner, Dmitrievich Pumpyansky, was among wealthy Russians to be sanctioned after the conflict in Ukraine broke out. JP Morgan, the US bank, claimed that Pumpyansky had not repaid a £17m (€20m) loan.

Oxiama’s sale will be the first one of the numerous luxury vessels that were seized throughout Europe by western authorities after the sanctions were announced.

In the wake of the confiscations, several governments – including the UK – called for the proceeds made from selling them should be used to aid Ukrainian refugees. All the money raised from next Tuesday’s auction by Gibraltar’s Admiralty Court will go to JP Morgan.

This huge boat measures 72.5m (almost 238ft), and its six cabins can sleep 12 persons. It also has space for 20 crew members, along with a swimming pool, spa, jacuzzi, a 3D cinema, as well as jet skis. Tuesday’s auction is a one-day sale, and as a result, it is thought that the Oxiama will not sell for her real value, as reported by bbc.com.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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