By Alyssa McMurtry
OVIEDO, Spain (AA) - A superyacht, which once belonged to the sanctioned Russian billionaire Dmitry Pumpyanskiy but was seized by British authorities, was auctioned in Gibraltar on Tuesday.
According to Bloomberg, the first public auction of an asset seized from a Russian since the start of the war in Ukraine drew in 63 bids.
The proceeds from the auction will not feed the war efforts.
Instead, the money will go to US bank JP Morgan, which says the Russian billionaire owes it more than $20 million.
JP Morgan said it lent money to Pumpyansky’s holding company, but repayment could no longer be legally accepted after several countries sanctioned the billionaire.
In July, the bank won a court order to have the vessel seized and auctioned off to repay the loan.
Pumpyanskiy was the owner and chairman of TMK, a prominent Russian manufacturer of steel pipes for the oil and gas industry.
After sanctions were slapped on Pumpyanskiy in March, along with his wife and son, TMK announced that he was stepping down and no longer a beneficiary.
Forbes still estimates that he has a net worth of around $2 billion.
Howe Robinson Partners, acting as the auction broker, describes the billionaire’s yacht as a “beautifully designed and stylishly appointed 72-meter (236-feet) vessel boasting luxurious furnishings and well laid out decks.”
“Stepping off the tender on the swim platform, guests proceed up one flight of stairs, past the infinity pool and into the large outdoor lounge area. This is the most versatile outdoor space onboard and can be transformed from a casual lounge to a dance floor, to an intimate dining experience or to an exciting pool party. The only limitation is your own imagination,” the description continues.
The yacht sleeps 12 guests and 20 crew. Built in 2013, it is reportedly valued at around $75 million.
Although the auction closed at noon on Tuesday, the broker still must do due diligence on the highest bidder, meaning the sale will not be completed for several days.