Dmitrievich Pumpyansky’s $75 million Axioma was the first seized superyacht to be auctioned by authorities. The 236-footer has been sold for precisely $37,500,055 by the Admiralty Court of Gibraltar. The yacht went under the hammer nearly a month ago, on August 23, and the sale was finalized yesterday. It is astonishing that after being expected to be sold for crumbs, the six-decker with an infinity pool and a cinema sold for a dignified $37.5 million. Axioma was impounded in March when it was heading to Turkey.
The vessel took a detour to Gibraltar, where officials immediately boarded it. It sounds pretty straightforward until now, but that’s hardly the case. Dmitry Pumpyansky’s beautiful blue boat was embroiled in a $12.5 million loan-related controversy with Investment bank JP Morgan Chase.
The best way to reimburse the massive loan was by selling the 236-footer. As per the Gibraltar Chronicle, the Admiralty Marshal received 63 bids for the $75 million superyacht at auction. The ship’s captain admitted to the Axioma yacht having fetched roughly $41 million.
The dynamic motoryacht finally sold to a mysterious owner who paid $37.5 million for the $75 million vessel, a stellar deal! The dues with the JP Morgan bank are completely settled with interest and costs. An additional $8 million would go to Gibraltar state coffers for taxes and fees incurred during the vessel’s stay.
According to unconfirmed reports, the mystery buyer is someone from Dunya Yachts, the shipyard that built Axioma for Pumpyansky. It won’t be a complete shocker if Axioma lands back in the lap of her original owner. It is too good an asset to lose anyway! If this happens to be the case, then the UK, US, and EU authorities would’ve fallen for an ingenious loophole, hook, line, and sinker.
Why was 236-feet Axioma the only seized superyacht to sail under the hammer?
Multiple megayachts were seized, impounded, and frozen, but Axioma created a history of sorts by becoming the first, and till now, only superyacht to have hit the auction block. It was the result of Investment bank JP Morgan Chase winning a court order that authorized the seizure of Axioma. Business Insider shared, “JPMorgan is acting pursuant to its mortgage rights,” a spokesperson for the Gibraltar government said. “Her Majesty’s Government of Gibraltar is exercising rights to enforce freezing sanctions also.”
It was also mentioned that Axioma was only allowed to enter British territorial waters “in the interests of creditors with proper claims against the vessel and who seek the assistance of the Admiralty jurisdiction of the Supreme court to enforce such claims.” The chances for this stunning luxury boat selling for its high $75 million market value were always unlikely. The luxury yacht did manage to gather an amount much higher than what was owed to the bank- $21.5 million.
Being included on the sanction list meant Pumpyansky’s assets were frozen, and even if he did manage to repay the loan, the bank wasn’t allowed to accept his money. The auction wasn’t off-limits, and who knows it is, in fact, Pumpyansky winning his prized possession back via Dunya Yachts. A win-win for the billionaire and his bank!