The arrested megayacht of Dmitry Pumpyansky was sold at auction for $ 37.5 million. Axioma became the first of the yachts seized from sanctioned businessmen, which was sold after the arrest. Organizers of the auction for the sale of the vessel received 115 inquiries from potential buyers or their representatives. As a result, the ship was sold at about half the cost of construction.
Superyacht Axiomaowned by the former co-owner of TMK Dmitry Pumpyansky (in 2021 Forbes rated his fortune of $ 2.4 billion), auctioned in Gibraltar for $ 37.5 million. This was announced by the representative of the Admiralty Marshal of Gibraltar, reports the Gibraltar Chronicle. He added that the deal was closed after the completion of a thorough due diligence of the new owner, whose identity was not disclosed.
The yacht itself under the Maltese flag was released from the arrest of the Admiralty. Now, within 60 days, creditors must submit claims for repayment of the debt, after which the Supreme Court of Gibraltar will determine the priority of payments, as well as the fate of the remaining money.
The British territory detained the 72-meter Axioma of a businessman in March. This was demanded by the American bank JPMorgan as part of a claim to recover a debt from a sanctioned entity: the boat management company Pyrene Investments owed JP Morgan $21.5 million. According to court documents, JPMorgan provided a loan quite recently, in December 2021, and Pumpyansky acted as a guarantor. In March he came under EU sanctions, after which his accounts were blocked. The arrest of the boat and its sale at auction became in fact the only way for the bank to return the money.
At the same time, it was the yacht itself that was sold, but not its contents – the boat management company Pyrene Investments statedthat the interior of the yacht belongs to her and was not offered for sale. It includes water sports equipment such as jet skis and diving kits (estimated at around €250,000); bar contents, including vintage whiskeys and collection wines with a total value of €153,000; tableware, silverware and cutlery, the value of which is unknown. Now the Gibraltar Chronicle clarifies that the marshal also accepted a payment of €505,000 for a number of items that were on the ship but did not participate in the auction.
The auction was held by the Admiralty Court in Gibraltar in an “as is, where is” format with no starting price on 23 August. A total of 63 applications were submitted, information about potential buyers is not disclosed, notes Bloomberg. It is only known that the Americans took part in the auction – the Office for Foreign Assets Control of the US Department of the Treasury issued a corresponding license.
Nigel Hollier, Gibraltar High Court Admiralty Broker who ran the auction, told the Guardianthat interest in the vessel was surprisingly high. A few days before the auction, he told the newspaper that more than 30 people had inspected the yacht, which Hollier described as “an unexpected late surge of potential buyers.” “These are people who own or have owned boats of a similar size, and they were drawn to this yacht because of the opportunity to buy it at auction – they are convinced that they will get a good price,” he said.
Axioma was built in 2013 by the Turkish shipyard Dunya Yachts and was originally named Red Square. The cost of building the yacht was $75 million. The businessman used the yacht for himself and rented it out. In the winter season, it could be rented for €295,000 per week for three seasons, and in the summer for €450,000.
The boat can accommodate up to 12 guests in six cabins with a crew of 20. In 2020, a full-scale repair of the vessel was carried out, as a result of which it received a new bright hull color – turquoise. On board there is a lounge with a 3D cinema and a swimming pool on the aft deck overlooking the swimming platform. On the upper deck aft there is a second Jacuzzi, as well as many outdoor areas, including several covered ones. The interiors of the yacht were created by the legendary designer Alberto Pinto. The Axioma is powered by two Caterpillar engines giving a top speed of 18 knots and is ABS rated.
In autumn 2021, as Forbes wrote, Pumpyansky began building a new boat called My Bro, which belongs to the so-called support vessels and was supposed to be able to go along with the businessman’s main yacht. A YPI spokesman explained that the need to build the vessel arose because Axioma was often rented out and was in demand among larger companies that lacked a main vessel to accommodate guests. Completion of construction was scheduled for 2023.