Photo: Yacht Charter Fleet
When we think of superyachts, we tend to only associate them with a lavish lifestyle, pure bliss, and total relaxation. But they can also become a huge burden. Not only do luxury yachts require millions for regular maintenance alone, but they can also become the object of major financial disputes.
We tend to only focus on the privileges that royalty offers, but it also implies bigger risks and potentially huge losses. Prince Fahad Bin Sultan, governor of the Tabuk province in Saudi Arabia, is having legal trouble because of his superyacht and luxury mansion. According to Bloomberg, Credit Suisse Group, one of the largest banks in Europe, has filed a lawsuit in London, asking the prince to pay back a whopping $78 million he allegedly owes in interest and loans.
Apparently, Fahad Bin Sultan took out a loan to refinance his megayacht and mansion in London. He was the guarantor for the loans that two companies took out and the beneficiary of the assets. According to the bank documents, the companies failed to pay interest and fees for the British Virgin Islands-based yacht, as well as providing evidence that the prince possessed at least $25 million in liquid assets, as it had been agreed.
Similarly, the prince allegedly failed to pay part of the loan, plus interest, for the property estate outside London, estimated at $47 million.
The superyacht at the center of this legal scandal is called Sarafsa, a luxury vessel that was custom-built 15 years ago. At 269 feet (82 meters), the megayacht has enough room for up to 12 guests, across six luxurious cabins, with a huge crew of 20 people catering to their needs. Built by Devonport, Sarafsa features exterior and interior design by the world-famous British brand Winch Design.
In addition to a large swimming pool and beauty salon, this luxury yacht also boasts an impressive range of 6,000 nautical miles (6,900 miles/11,100 km). Its interior and other assets remain a mystery because Sarafsa has never been shared but enjoyed exclusively by its royal owner.
It’s too early to say whether the prince risks losing his superyacht unless he repays the $78 million that Credit Suisse demands. It would be a shame to see Sarafsa on the market after so many years of private ownership.
Apparently, Fahad Bin Sultan took out a loan to refinance his megayacht and mansion in London. He was the guarantor for the loans that two companies took out and the beneficiary of the assets. According to the bank documents, the companies failed to pay interest and fees for the British Virgin Islands-based yacht, as well as providing evidence that the prince possessed at least $25 million in liquid assets, as it had been agreed.
Similarly, the prince allegedly failed to pay part of the loan, plus interest, for the property estate outside London, estimated at $47 million.
The superyacht at the center of this legal scandal is called Sarafsa, a luxury vessel that was custom-built 15 years ago. At 269 feet (82 meters), the megayacht has enough room for up to 12 guests, across six luxurious cabins, with a huge crew of 20 people catering to their needs. Built by Devonport, Sarafsa features exterior and interior design by the world-famous British brand Winch Design.
In addition to a large swimming pool and beauty salon, this luxury yacht also boasts an impressive range of 6,000 nautical miles (6,900 miles/11,100 km). Its interior and other assets remain a mystery because Sarafsa has never been shared but enjoyed exclusively by its royal owner.
It’s too early to say whether the prince risks losing his superyacht unless he repays the $78 million that Credit Suisse demands. It would be a shame to see Sarafsa on the market after so many years of private ownership.
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