Gibraltar is set to auction the £65m superyacht Axioma, owned by sanctioned Russian oligarch Dmitry Pumpyansky, on Tuesday. This marks the first sale of a detained luxury vessel since sanctions were imposed on wealthy Russians following the invasion of Ukraine.
The 72.5-metre yacht, which features six guest cabins, a swimming pool, a 3D cinema, gym, jacuzzi, and spa, was detained in Gibraltar in March after docking. However, proceeds from the sale will go to US investment bank JP Morgan, not to Ukraine, as Pumpyansky's holding company owes the bank over $20m.
JP Morgan argued that sanctions prevented it from accepting loan repayments, leading to a breach of terms. The Gibraltar Supreme Court ordered the detention and sale. The Admiralty marshal has not disclosed the expected sale price or the number of interested parties.
Broker Nigel Hollyer reported a late surge in interest, with over 30 prospective buyers from around the world inspecting the yacht. The sealed-bid auction closes at 1pm local time on Tuesday.
The yacht, originally named Red Square, was built in 2013 by Dunya Yachts and designed by Alberto Pinto. It was previously available for charter at $558,500 per week.
