Billionaire’s Seized $75 Million Superyacht Sells at Auction at Half Its Value

Axioma is a stunning, 236-foot (72-meter) superyacht delivered by Dunya Yachts in 2013, previously owned by oil magnate, billionaire, and known Putin associate Dmitry Pumpyansky. He was included on sanctions lists in March, and the vessel was arrested in Gibraltar days later when it docked to refuel. However, the reason for its arrest was an outstanding loan Pumpyansky had taken with J.P. Morgan, which the bank could no longer recoup because his funds had been frozen.

After months of legal disputes, it was determined that Gibraltar could sell the superyacht at auction, so the bank would recover the $21.5 million they’d loaned Pumpyansky. An additional $8 million would be required for taxes and fees incurred during the vessel’s stay, and the rest of whatever the auction would fetch would probably go into the state coffers.

In August, a closed-bid auction for Axioma took place, attracting 63 bids. It took local authorities until now to finally determine the winning bid. The Office of the Admiralty Marshal, a branch of Gibraltar’s supreme court, says that the mysterious owner paid $37.5 million for the vessel, which is estimated at $75 million or more, so whoever they are, they got a very good deal. The Admiralty says that the identity of the buyer will not be disclosed to the media.

As noted above, this money will cover the outstanding loan and the incurred costs, but only after another waiting period of 60 days. “Any person with a claim against the vessel, or the proceeds of sale thereof, needs to submit a claim before the expiration of the said period,” a statement says. Meanwhile, “the funds will remain in Court.”

The latest unconfirmed reports on Axioma claim that the mystery buyer is someone from Dunya Yachts, the same shipyard that built it as a bespoke commission for Pumpyansky, which may or may not be partially funded by Russian oligarch money. Next year, Axioma is due for its 10-year review, and this would be the perfect occasion to have it sail out of Gibraltar and into Turkey, where – you guessed it – it would be out of reach of sanctions and back into the original owner’s hands.