Since the start of the war in Ukraine in February this year, billions of dollars worth of luxury assets have been seized or arrested from Russian businessmen believed to be allies of Russian President Putin. As of the time of press, all these assets remain in custody with local authorities but cannot be monetized.
All except one. Axioma, a gorgeous, instantly-recognizable $75 million superyacht delivered in 2013 and owned by gas and steel billionaire Dmitry Pumpyansky, will sell at auction on August 23, 2022, Boat International informs. The Admiralty Court has set the date and determined that the vessel will change hands without reserve, in a single-day auction event.
Axioma was arrested in Gibraltar at the end of March, due to a standing loan due to J.P. Morgan. The international management company that manages Axioma had defaulted on a $12.5 million loan to J.P. Morgan, which alerted the authorities as soon as Pumpyansky was included on sanctions lists – and revealed to be the direct beneficiary (i.e. owner of the vessel).
Last month, the court in Gibraltar ruled that Axioma will sell at auction to allow J.P. Morgan to recover the loan. The fact that it will sell at no reserve further fuels previous reports that it will probably change hands well below its current value, which is estimated at $75 million. The auction will be on an “as is, where is” basis.
Axioma is one of the few Russian-owned superyachts to be offered for charter when not in use by the owner, and it was a very popular platform for it, too. Offering accommodation for 12 guests and a crew of 20, 236-foot (72-meter) yacht offers amenities like a jacuzzi on the sun deck, a pool, owner suite with private deck, 3D private cinema, a packed garage of water toys, and a multitude of lounge areas, both indoors and outdoors.
Built by Dunya Shipyard and delivered under the name Red Square, it was most recently refitted in 2020, when it also received the striking turquoise-blue paintjob on the hull.
Axioma was arrested in Gibraltar at the end of March, due to a standing loan due to J.P. Morgan. The international management company that manages Axioma had defaulted on a $12.5 million loan to J.P. Morgan, which alerted the authorities as soon as Pumpyansky was included on sanctions lists – and revealed to be the direct beneficiary (i.e. owner of the vessel).
Last month, the court in Gibraltar ruled that Axioma will sell at auction to allow J.P. Morgan to recover the loan. The fact that it will sell at no reserve further fuels previous reports that it will probably change hands well below its current value, which is estimated at $75 million. The auction will be on an “as is, where is” basis.
Axioma is one of the few Russian-owned superyachts to be offered for charter when not in use by the owner, and it was a very popular platform for it, too. Offering accommodation for 12 guests and a crew of 20, 236-foot (72-meter) yacht offers amenities like a jacuzzi on the sun deck, a pool, owner suite with private deck, 3D private cinema, a packed garage of water toys, and a multitude of lounge areas, both indoors and outdoors.
Built by Dunya Shipyard and delivered under the name Red Square, it was most recently refitted in 2020, when it also received the striking turquoise-blue paintjob on the hull.