Seized Superyacht Axioma -A $75 Million Auction Saga

Seized Superyacht Axioma -A $75 Million Auction Saga

The Gibraltar Supreme Court has ruled that the seized $75 million superyacht Axioma may be sold for less than its market value. This luxury vessel features six decks, an infinity pool, and a cinema.

Navigating the ownership and sale of superyachts is complex, often involving a maze of shell companies and lengthy legal battles. Unlike the Amadea superyacht, which faced ownership disputes, Axioma’s sale is straightforward due to a Supreme Court ruling in Gibraltar that mandates its sale, revealing ties to Pyrene Investments.

Ownership and Legal Issues

Ferdberg Holding Ltd., a Cypriot company owned by Russian billionaire Dmitry Pumpyansky, is a key shareholder of Pyrene Investments. Axioma was impounded in March while en route to Turkey but diverted to Gibraltar, complicating matters due to Pumpyansky’s sanctions status. Upon arrival, officials boarded the yacht.

The situation escalated when JPMorgan Chase provided a $22 million loan to Pyrene Investments. Pumpyansky’s sanctions listing breached the loan agreement, freezing his assets and preventing JPMorgan from accepting repayment. Thus, selling the 236-footer became the best option to settle the debt.

Court Ruling and Auction Details

JP Morgan successfully obtained a court order to seize Axioma. According to a Gibraltar government spokesperson, “JPMorgan is acting pursuant to its mortgage rights,” while enforcing sanctions. The yacht is allowed into British waters to assist creditors with valid claims. Although valued at $75 million, it is unlikely to sell for that amount, yet it may fetch more than the debt owed, potentially allowing Pumpyansky to regain ownership.

Axioma’s Luxurious Features

Previously named Red Square, Axioma was delivered by Dunya Yachts in 2013. This stunning 236-foot yacht features a striking blue exterior designed by Sterling Scott and modern interiors by Alberto Pinto. The guest cabins and lounge areas showcase contemporary aesthetics, highlighted by a double-height atrium with a wave-like ceiling.

Axioma boasts amenities such as an open mezzanine, an elevator, a swim-up bar, an infinity pool, a fitness center, and a movie theater, accommodating 12 guests in six luxurious cabins with expansive views.

Performance and Celebrity Connections

Powered by twin Caterpillar engines, Axioma can cruise up to 6,000 nautical miles at 12 knots. As one of the few Russian-owned superyachts available for charter, it has hosted numerous celebrities, including a memorable 2015 Instagram moment featuring Kendall Jenner, which garnered 3.2 million likes.

About Dmitry Pumpyansky

Dmitry Pumpyansky, worth $2.2 billion, started as a metals trader before acquiring the Sinarsky Pipe Factory and growing it into the pipe conglomerate TMK. By 2006, he was the sole owner, significantly increasing his wealth. Pumpyansky also owns a modern art gallery in Ekaterinburg, showcasing primarily Russian artists. He holds a Candidate of Sciences (Engineering) and a Ph.D. in economics, with over 70 published scientific works.