Saudi Princess Deema Bint Sultan Bin Abdulaziz Al Saud must be grinning from ear to ear now that justice has finally caught up with the man who swindled her out of a $25 million investment fund. Ronald Gibbs, a boat enthusiast (who has owned five yachts over the years) and former top lawyer, betrayed the royal’s trust, but his deceit didn’t go unnoticed. A Cayman Islands Grand Court judge has ordered the freezing of up to $45 million in assets linked to him.
The 66-year-old ex-partner at Linklaters, one of Britain’s top law firms, went to great lengths to hide the princess’s money, even purchasing a Sunseeker 131 Yacht named Elysium. The vessel, along with his other assets, was seized as part of the legal proceedings.
Now, according to The Yacht Report, the 131-foot luxury yacht has been auctioned and renamed Lady G. Originally valued at $18 million, it was listed for nearly $14 million, though the final auction price remains undisclosed.
The sale took place on January 28 through Howe Robinson Auctions in Gibraltar, a month after Elysium was impounded in Spain. Following an English High Court judgment against the yacht, it was transferred to Gibraltar and is now en route to the Mediterranean.
What makes this case even more ironic is that Gibbs, who fancies calling himself “Captain Gibbs,” stood before the court claiming he was penniless and scraping by as a yacht captain. The man who insisted his only possessions were “a small laptop and a $50 printer” conveniently failed to mention his extravagant lifestyle, including Elysium, a $3.5 million luxury apartment at the Regent Hotel in Porto Montenegro, and shares in a boat-building company under his control. In reality, his assets are believed to be worth nearly $50 million.
Karma has clearly come knocking, and Lady G just answered the call!
