Russian Billionaire Dmitry Pumpyansky’s Seized $74 Million Superyacht Auctioned Off To Pay Off His Defaulted Loan
, 2022-08-30 06:16:13,
By this time you are used to reading about massive and luxurious yachts being seized by western governments from Russian oligarchs with business and political ties to President Vladimir Putin and the Russian invasion of Ukraine. Now, the BBC reports that one such seized yacht, the $74 million luxury craft that was once owned by billionaire Dmitry Pumpyansky, recently made its way to the auction block, with the money going towards paying off a loan he took out to buy the ship and then defaulted on.
Despite its estimated value of $74 million and features like an infinity pool and 3D movie theater, the craft was expected before the sale to go to the winner of the auction at a significant discount. Now, the proceeds are going to JP Morgan Chase & Co, the bank which Pumpyansky reportedly failed to pay back a loan of more than $20 million which is linked to the ship, according to a Bloomberg report on the matter, and the value of the winning bid has not been publicly disclosed, reports the Guardian.
This was the first time any of the superyachts seized by authorities in response to the invasion of Ukraine have been put up for public auction, following a court order in JP Morgan’s favor last month. Per that court order:
“The successful bidder will be selected by the Admiralty Marshal but details of the bidder and the value of the offer will remain confidential…Details about the sale value of the vessel will be made available once the transaction has…
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