In what will become a world first, the Feadship-built superyacht Royal Romance will be sold off at auction, with proceeds going directly to Ukraine. The superyacht was seized in 2022 in Croatia and is, as of January 2024, property of Ukraine.
Before it got entangled in the international drama it played no active part in, Royal Romance was one of the most recognizable, luxurious, and secretive vessels of its category. It was delivered in 2015 as a fully custom commission for the "dark prince of Ukrainian" politics Viktor Medvedchuk, a known Putin ally who now lives exiled in Russia after a 2022 prison swap.
Royal Romance is 92.5 meters (303.5 feet) long, has four decks, accommodation for as many as 14 guests and 22 crew, and top-of-the-line amenities that have never been revealed to the public.
It was never offered for charter, which means that its owner was wealthy enough to pay for maintenance throughout the year without having to turn to chartering to cut down expenses. The closest estimation for a yacht's yearly maintenance is 10% of its value – and Royal Romance is believed to have cost €200 million or approximately $217 million at the current exchange rate. That's nearly $22 million in annual expenses, regardless of whether it's being taken out to sea or not.
Photo: ARMA
Royal Romance was seized in 2022 in Croatia, where it had docked for minor repairs, as part of a joint operation between Ukraine's Asset Recovery and Management Agency (ARMA) and the FBI. In November last year, ARMA announced its intention of force-selling the superyacht and diverting the proceeds to Ukraine to assist in the war effort.
Since then, Royal Romance has become official Ukrainian property, with a court in Croatia transferring ownership earlier this year after buoyancy and engine checks. Everything onboard Royal Romance is in working order, and with no other party claiming ownership, ARMA is free to do with it what it wants. And ARMA will be going ahead with plans to sell it to the highest bidder.
Last week, ARMA announced that an international competition would be held to determine a bidding organizer, with applications open between March 21 and April 18. The winner will be announced on April 23, after which that organizer will start putting together the details of the bidding. It goes without saying that Royal Romance is not yet ready to go to its next owner, whoever he or she might be, and that the process will be a long one.
For its part, ARMA is determined to do everything it can to prevent Medvedchuk from recovering his superyacht through a straw owner, preferably at half its value, hence the decision to find an international bidding organizer with experience and no ties with Putin. ARMA is also hoping to get at least $200 million for Royal Romance, which is very close to its 2015 estimation but would make sense if it's been well cared for all these years.
Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends. Full profile
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