axioma yacht sold

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Russian oligarch’s seized superyacht sold for $37.5m

Axioma, which had been owned by Dmitry Pumpyansky, auctioned after being impounded in Gibraltar

A luxury superyacht taken from a Russian oligarch facing sanctions has been sold to an undisclosed buyer for $37.5m (£35m) in the first sale of its kind since Russia invaded Ukraine.

The 72.5-metre Axioma was seized from the steel billionaire Dmitry Pumpyansky in March after sanctions by the UK, EU and the US .

However, the yacht, which features a swimming pool, a 3D cinema room, a gym, a Jacuzzi and a fully equipped spa – was not sold for the benefit of the Ukrainian people but for a US investment bank, JP Morgan , which claims Pumpyansky owes it €20.5m.

The yacht was impounded by the Gibraltar authorities in March, after a court claim from JP Morgan. The Office of the Admiralty Marshal, a branch of Gibraltar’s supreme court, oversaw its auction in August, which attracted 63 bids.

“The Admiralty Marshal has today sold the MY Axioma following payment into court of $37.5m by the successful bidder,” the court said in a statement on Tuesday. “The bid was selected after completion of an enhanced due diligence process, but the Admiralty Marshal will not be disclosing the identity of the buyer.”

Pumpyansky was until March of this year the owner and chair of the steel pipe manufacturer OAO TMK, a supplier to the Russian state-owned energy company Gazprom. The UK said the billionaire, who it said had built up an estimated £1.84bn fortune, was one of the oligarchs “closest to Putin” .

The yacht was detained by the Gibraltar government after a legal claim from JP Morgan , which said Pumpyansky’s holding company Pyrene Investments owed it €20.5m.

JP Morgan said the fact the billionaire had been subjected to sanctions meant the terms of the loan had been breached because it legally could not accept repayments from Pyrene, and asked the Gibraltar courts to detain and sell the yacht.

The yacht, the work of the superyacht designer Alberto Pinto, was built by Dunya Yachts in Turkey in 2013. The boat, which was originally named Red Square before being renamed Axioma, was available for other millionaires to charter for $558,500 a week.

“With its luxurious interiors, vast array of onboard facilities and a highly trained and professional crew, a luxury yacht vacation onboard motor yacht Axioma promises to be nothing short of spectacular,” the charter listing states.

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A Russian Oligarch’s $75 Million Superyacht Just Got Auctioned Off in Gibraltar

It's the first public sale of an oligarch's seized asset since russia invaded ukraine., rachel cormack.

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Rachel Cormack's Most Recent Stories

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What becomes of a sanctioned Russian billionaire’s superyacht after it’s seized ? In the case of the $75 million Axioma , the end result was an auction for way below its market value.

The lavish 236-footer, which was seized from Russian steel magnate Dmitry Pumpyansky in March, attracted 63 bids at a sale in Gibraltar. A true watershed moment, it is the first public auction of an oligarch’s asset since Russian forces invaded Ukraine in February.

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The superyacht, which boasts six luxurious guest cabins, an infinity pool, a spa and a 3-D cinema, was detained by the Gibraltar government after a legal claim from JP Morgan said Pumpyansky’s holding company Pyrene Investments owed the bank more than $20 million.

The Office of the Admiralty Marshal in Gibraltar confirmed on Tuesday that 63 bids were received for Axioma , but refused to reveal the value of the bids, as reported by the Guardian .

“Axioma” docked in Marseille, France in June.  Gerard Bottino / SOPA Images

“The successful bidder will be selected by the Admiralty Marshal but details of the bidder and the value of the offer will remain confidential,” the court said in a statement. “Details about the sale value of the vessel will be made available once the transaction has been completed which could take place in approximately 10 to 14 days.”

James Jaffa, a lawyer for British firm Jaffa & Co, told the Guardian that he expects Axioma to sell for “way below” $20 million.

The west has confiscated billions worth of assets since March. British and American authorities have previously said they would seek to funnel the proceeds of sold assets back into Ukraine. This auction has attracted controversy, though, because Axioma has been sold not for the benefit of the Ukrainian people, but for the US investment bank.

Still, the has set a “benchmark” for other banks looking to recoup losses by auctioning assets.

“ Axioma will be a watershed moment for assets that have bank financing against them because all the other banks will realize that the asset can be sold and that they can get some or all of their money back,” Jaffa adds.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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Gibraltar sells Russian oligarch's yacht for $37.5 million

September 27, 2022 / 7:37 PM EDT / CBS/AFP

Gibraltar on Tuesday sold a superyacht belonging to Russian oligarch Dmitry Pumpyansky for $37.5 million following its seizure in March under Ukraine war sanctions, judicial authorities said.

Gibraltar's Admiralty Marshal, a specialist British maritime court that handles the sale of ships, did not release the buyer's name.

The 72-metre (236-foot) vessel, MV Axioma, was seized on March 22 following a complaint filed by the U.S. bank J.P. Morgan, authorities in the tiny British enclave at the southern tip of Spain said at the time.

The move came shortly after Pumpyansky — head of TMK, Russia's biggest manufacturer of steel pipes — was added to the list of tycoons targeted by EU and U.K. sanctions after Russia invaded Ukraine in February.

Gibraltar's Supreme Court had in June ordered that the yacht be sold at auction, with the Malta-flagged Axioma attracting 63 bids.

The funds raised will be used to compensate the oligarch's creditors.

In December 2021, J.P. Morgan granted a loan of 20.5 million euros ($21.7 million) to a company registered in the British Virgin Islands whose shareholders included a Cypriot firm owned by Pumpyansky.

But the bank saw Pumpyansky's inclusion on Britain's sanctions list as a breach of the loan contract since it led to the freezing of his assets.

Dozens of yachts allegedly tied to Russian oligarchs have been seized since Russia began its offensive in Ukraine seven months ago. In April, Dutch authorities seized 14 yachts , 12 of which were still under construction. U.S. and Spanish authorities took a $90 million super-yacht docked in Palma de Mallorca with ties to Viktor Vekselberg; and the U.S. also seized a $300 million vessel in Fiji.  Italy froze a $700 million mega-yacht linked to "prominent elements of the Russian government."

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Superyacht linked to sanctioned Russian oligarch auctioned in Gibraltar

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Joan is a Barcelona-based correspondent reporting on politics, economics and social issues, such as migration and the car industry’s green transition, and also conducting investigative pieces. With over 15 years of experience, Joan previously worked as Washington correspondent for Spain’s leading newspaper EL PAÍS, closely covering the Obama and Trump administrations, electoral campaigns and major news; at Spanish newspapers Ara and Público in Madrid, and at EFE news agency in Buenos Aires and Barcelona. He is a journalism graduate from Barcelona’s Autonomous University, including an exchange program in Amsterdam and New York, and holds a business executive degree from IESE Business School

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Russian oil billionaire’s seized $75 million Axioma has become the first seized superyacht to be auctioned by authorities. With no reserve, the 236 feet long vessel may be sold for a throwaway price.

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Take a look inside this floating moneybag before it goes under the hammer. 

The five-deck, glass elevator-equipped Axioma yacht will soon be sold to the highest bidder after being removed from the possession of its former owner, the Russian oligarch Dmitry Pumpyansky. 

The 236-foot vessel (originally known as Red Square) was seized by Gibraltar in March, following Russia’s invasion of Ukraine. It has the dubious honor of being the first Gibraltar-seized, Russian-owned superyacht to go up for auction since the start of the war, Insider reports . 

Built in 2013, the Axioma is currently valued at $75 million, costs about $7.5 million to run annually and — before being seized to repay Pumpyansky’s debt to JPMorgan — was available to charter for approximately $633,000 a week, reports the website SuperYachtFan . The ship features a steam room, a sauna, a bridge deck gym, a glass elevator, a helipad and a 3D movie theater — and comes with its own water skis, scuba diving equipment, snorkeling equipment and kayaks, according to its YachtCharterFleet profile . 

Alfresco dining areas abound, and there’s also a double-height salon with mezzanine and an “uber-chic infinity pool on main deck.”

There are five staterooms (one VIP suite, two doubles and two convertible twin cabins), each with their own color scheme, in addition to the skylit primary suite.

“Once in the Master bedroom, you will immediately be awestruck by the 180 degrees of panoramic windows,” the auction website boasts. “The ceiling can also be opened to reveal a glass roof for laying under the stars.”

The overall vibe is intended to be “contemporary beach house style,” the designer said, choosing to rebel against the “stiff formality of a glitzy hotel-inspired interior expected to be found on a yacht,” according to the YachtCharterFleet.

The auction follows JPMorgan winning a court order in Gibraltar this July, approving the boat’s sale after Pumpyansky reneged on a $20.6 million loan associated with the ship, Bloomberg reports . 

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Jefferies CEO sold $65 million in stock to buy a yacht from a client

• Jefferies CEO Rich Handler sold $65 million in company stock to buy a luxury yacht.
• He's said to be buying a Westport 164 from his friend Tilman Fertitta, a Jefferies client.
• Handler said on Wednesday that he wasn't planning any more stock sales.

Jefferies CEO Rich Handler sold $65 million of his stock in the company to buy himself a gift — a luxury yacht.

Handler sold 1.5 million shares , or 7% of his holdings, to purchase a "personal boat and to pay tax obligations," the investment bank said in a Wednesday statement.

"My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares," Handler said in the statement. "I remain extremely bullish on Jefferies."

Related stories

A source told the Financial Times the boat was a Westport 164 yacht and was being purchased from Handler's longtime friend Tilman Fertitta, a Jefferies client.

Fertitta is the billionaire CEO of the hospitality company Landry's and owns the Houston Rockets, an NBA team. The two men jointly own Landcadia Holdings, a blank-check company.

Jefferies said in the statement that Handler, who's been with the bank since 1990, had received about 70% of his pay in the form of company shares. The bank said he'd previously sold shares only for tax purposes and charity.

Jefferies didn't immediately respond to a request for comment from Business Insider.

Investors often view executives' stock sales as signaling a lack of company confidence, so any sales are carefully messaged.

In October, JPMorgan Chase CEO Jamie Dimon said he would sell 1 million of his 8.6 million shares, his first sale since becoming CEO in 2006. The filing announcing the planned sale said that Dimon chose to sell the stocks "for financial diversification and tax-planning purposes" and that he "continues to believe the company's prospects are very strong."

Dimon sold the first of the sets of shares in February for $150 million and sold the remainder earlier this month, pocketing $183 million in total proceeds.

Watch: Truth Social just brought Trump a $4 billion windfall, but experts aren't sold

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Money Report

Bored Ape Yacht Club NFTs sold for millions in 2021—prices have dropped 90% since then

By cheyenne devon,cnbc • published may 2, 2024 • updated on may 2, 2024 at 5:51 am.

Yuga Labs, the creator of the viral Bored Ape Yacht Club non-fungible tokens, announced a new round of layoffs on Friday as the NFT frenzy appears to cool.

Greg Solano, YugaLab's CEO, announced that the startup would lay off an unspecified number of employees as it undergoes "restructuring."

"To put it simply: Yuga lost its way," he wrote in a statement posted on X . "Getting ourselves centered and on the right path means being a smaller more agile and cryptonative team."

Bored Ape Yacht Club floor price declines

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The news comes as the floor price for the popular NFT collection once touted by celebrities like Justin Bieber and Paris Hilton sinks to lows not seen since it was released in 2021.

The floor price is the lowest price an NFT in a given collection will sell for. As of May 1, Bored Ape Yacht Club's floor price hovered around 13.395 ETH, according to OpenSea , which would be worth nearly $40,000 at the time of publication. That's down from a peak floor price of 128 ETH on May 1, 2022, according to NFTPriceFloor , which would have been worth around $354,000 at that time.

That's a far cry from the top prices Bored Apes once sold for. In September 2021, a Bored Ape was auctioned by Sotheby's for a little over $24 million .

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But despite Bored Ape Yacht Club's substantially lower floor price, the NFT market is still showing some signs of life. On April 25, an anonymous collector shelled out close to $12 million worth of ETH for a CryptoPunk NFT, according to OpenSea .

How YugaLabs got started

YugaLabs' Bored Ape Yacht Club collection launched in April 2021 with 10,000 NFTs depicting the cartoon apes with various colors, clothing and facial expressions.

The startup went on to release several other NFT collections, including Mutant Ape Yacht Club and CryptoPunks. In 2022, YugaLabs raised $450 million in seed funding and was valued around $4 billion, according to its website.

However, the startup has faced its share of controversy over the past three years. In December 2022, YugaLabs was sued by investors who allege they were tricked into purchasing Bored Apes by celebrities who were promoting the NFTs without disclosing they had been paid to do so.

Collectors and investors should do their research

When it comes to digital assets such as NFTs, investors should do their homework.

Similar to collectibles like trading cards or Beanie Babies, NFTs can hold sentimental value. However, their monetary value only goes as high as someone else is willing to pay for it.

There's no guarantee that you'll earn a profit from selling an NFT, which is why financial experts advise against spending more money on them than you're willing to potentially lose.

Want to make extra money outside of your day job?  Sign up for CNBC's new online course  How to Earn Passive Income Online  to learn about common passive income streams, tips to get started and real-life success stories.

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