The first public auction of seized property belonging to Russian oligarchs has begun, as the war in Ukraine prompted these assets as fair game for the taking by local authorities. The ship’s previous owner has a stained reputation, as billionaire Dmitry Pumpyansky has now been sanctioned by the E.U & the U.K. for his business affiliation with the Russian oil & gas industry. A serious interest in the upscale yacht has taken place, as it received 63 bids.
According to court documents, JPMorgan provided a loan for the yacht as recently as December 2021, with Pumpyansky listed as the guarantor. However, a few days after the invasion, the billionaire switched his ownership of the holding company involved to a different individual, allowing JPMorgan to demand payment.
After JPMorgan Chase & Co. called in the 20.5 million-euro ($20.4 million) loan related to the 72-meter (236-foot) yacht Axioma, it was brought up for auction. Authorities on British soil seized it at the gateway to the Mediterranean Sea during the beginning of the Ukraine war in March. The amenities on the superyacht are almost endless. Retrofitted in 2020, The Axioma now boasts an infinity pool, a 3D theater, a sauna, a steam room, and a gym.
Those involved with the auction state that all bids relating to the auction, as well as the bidders will remain under seal.