A Gibraltar court announced on Tuesday that a luxurious superyacht linked to a Russian billionaire currently under EU and U.K. sanctions was sold at an auction last month for $37.5 million.
The 237.8 feet (72.5-meter) long vessel, Axioma, which had been owned by oligarch Dmitry Pumpyansky, was docked in Gibraltar on March 21 and was subsequently detained by authorities following a complaint filed by U.S. creditor JP Morgan.
The American bank said the yacht’s alleged owner, steel pipe manufacturing company, OAO TMK, owned by Pumpyansky, had reneged on the terms of a €20.5 million loan ($21.7 million).
Gibraltar’s Admiralty Marshal, the branch of the U.K. overseas territory that handles the sale of ships, said an unidentified buyer had been selected….