A high-end superyacht valued at £240 million is slated to be auctioned off at a discounted rate, albeit with a significant caveat. The vessel, named Amadea, was confiscated by the US Department of Justice in 2022 following claims by US authorities that it was owned by sanctioned Russian billionaire Suleiman Kerimov.
The ownership dispute arises as another Russian businessman, Eduard Khudainatov, who is not subjected to sanctions, asserts ownership rights over the yacht. Despite legal efforts by Khudainatov to reclaim ownership, the yacht is now up for sale through a sealed bid auction set to close on Wednesday.
Adam Ford, representing Khudainatov, highlights the uncertainty surrounding the yacht’s ownership, suggesting that potential buyers might face prolonged legal battles in foreign courts outside the US, impacting the yacht’s market value.
Interested bidders must place £7.45 million in escrow and demonstrate a minimum net worth of £370 million to participate in the auction. However, legal experts caution that buyers may be deterred by the risk of the 106-meter yacht being seized if it leaves US waters.
Paul Stephan, a law professor, characterizes the yacht as a “floating lawsuit” due to the complexities surrounding its ownership. He emphasizes that the legal risks associated with the yacht could make the transaction more complicated and costly for any prospective buyer.
Despite the challenges, some individuals may still be willing to take the risk and purchase the yacht at a favorable price, according to Stephan. Ford, on behalf of Khudainatov, maintains that the sale is premature and improper, vowing to appeal the forfeiture ruling in court to regain ownership rights over the vessel.
The ongoing legal battle and uncertain ownership status of the superyacht could dissuade potential buyers and lead to further scrutiny on the new owner. However, there remains a possibility that an entrepreneur willing to take a gamble might find the yacht appealing at the right price.
In response to the auction, Ford asserts that they will continue to contest the sale, emphasizing the importance of upholding Khudainatov’s rightful ownership claims and seeking reparation if successful in court.
