A £65MILLION RUSSIAN superyacht is to be sold after its oligarch owner was sanctioned.
Axioma will become the first Russian luxury ship to be sold off after the oligarchs’ fleet was sanctioned following the invasion of Ukraine.
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The Titanic was seized in March after US bank JP Morgan said its owner, Russian steel magnate Dmitrievich Pumpyansky, owed them more than $20 million.
Despite being valued at over £60m, the superyacht is expected to sell for less than its estimate as it will be on sale for just one day.
Stretching over 230 feet, the yacht can sleep 12 people in 6 cabins, along with room for 20 additional crew members.
Axioma is a floating mansion and boasts some luxurious amenities including a swimming pool, jacuzzi, spa and gym on board.
Its new owners will also get a 3D cinema, jets and diving equipment.
Originally named Red Square when it was built in 2013, the ship was also available for charter despite being owned by one of Russia’s richest businessmen.
But would-be holidaymakers will have to splash out over half a million pounds a week to enjoy their summer at The Axioma.
Capable of cruising 6,000 nautical miles at 12 knots thanks to its twin Caterpillar engines, the superyacht has played host to its fair share of celebrities, including Kendall Jenner.
The billionaire superyacht’s former owner has now been forced to give it up after it was impounded by the Gibraltar government in March.
The vessel is one of a number of luxury superyachts that have been seized following a wave of sanctions over the bloody invasion of Ukraine.
Russia’s richest man, Alexei Mordashov, detained his £45m yacht in an Italian port in March, while another oligarch’s vessel was seized later that month at Canary Wharf.
But now Axioma will become the first of the impounded Russian superyachts to be sold at auction.
US bank JP Morgan claims the oligarch has defaulted on a £17million loan and the monster yacht will be auctioned on Tuesday to pay off the debt.
Despite calls from several governments for proceeds from Ukraine-related sanctions to go to refugees from the conflict, the sale of Axioma is expected to go to JP Morgan instead.
Pumpyansky is the owner and chairman of steel pipe manufacturer OAO TMK, a supplier to Russian state energy company Gazprom.
The 58-year-old is worth an estimated £1.84bn but has been heavily sanctioned by the UK, EU and US.
The billionaire has been described by the UK government as one of the oligarch’s “closest to Putin” in the tyrant’s inner circle.
The man who will lead the auction for Gibraltar’s Admiralty Court, Nigel Hollier, told The Guardian there had been an “unexpected late surge of prospective buyers” in recent days.
He said more than 30 potential owners had flown to Gibraltar to inspect the yacht in person.
He said: “They are people from all over the world.
“They are people who own or have owned boats of a similar size and have been attracted to this boat because of the legal sale process – they are convinced they are going to get a good deal.”
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