Russian Oligarch Is Officially Out of a Superyacht

Dmitry Pumpyansky's luxury boat was the first to be auctioned, for $37.5M, over Ukraine sanctions
By John Johnson,  Newser Staff
Posted Aug 22, 2022 6:39 AM CDT
Updated Sep 28, 2022 5:05 AM CDT
For Sale: This Oligarch's Seized Luxury Yacht
Russian billionaire and steel magnate Dmitry Pumpyansky.   (Sergei Ilnitsky/Pool Photo via AP)

Update: The luxury superyacht seized from Russian oligarch Dmitry Pumpyansky and put up for sale in the first auction of its kind related to Russia's invasion of Ukraine ended up selling for $37.5 million in an auction that garnered 63 bids, the Guardian reports. The buyer's identity will not be revealed. Our original story from Aug. 22 follows:

Russian billionaires have seen their superyachts seized around the world since the Ukraine invasion began. Now, for the first time, one is being sold at auction, reports Bloomberg. On Tuesday, the government of Gibraltar will sell the 240-foot Axioma, owned by steel magnate and Vladimir Putin crony Dmitry Pumpyansky. The ship was seized after docking in Gibraltar in March, and banking giant JPMorgan Chase just won a court order clearing the way for the sale. Pumpyansky has a $20 million loan with the bank for the ship, but JPMorgan cannot legally accept payments because of sanctions imposed upon him in the wake of the war, per the Guardian.

As a result, the ship will be auctioned by Howe Robinson Partners. The BBC reports that it's worth an estimated $63 million, but it's expected to fetch less than that in part because the auction will last only one day. Among the perks for the future owner: Room to sleep 12 people in six cabins, a swimming pool, jacuzzi, spa, and a 3D cinema. Pro-Ukraine advocates have called for all such superyachts to be sold, with proceeds going to help people displaced in the war. It's not clear if any money will be so donated in this case, with JPMorgan declining to comment, per Axios. (More Russian oligarchs stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.