Russian oligarch Dmitry Pumpyansky at Russia's St. Petersburg International Economic Forum in 2021. Photo: Andrey Rudakov/Bloomberg via Getty Images
A superyacht formerly owned by sanctioned Russian tycoon Dmitry Pumpyansky sold at auction in Gibraltar on Tuesday, according to Reuters.
Why it matters: The sale is believed to be the first of its kind since numerous superyachts were seized as part of sanctions on Russian oligarchs over Russia's invasion of Ukraine.
The 240-foot, five-deck ship, named Axioma, was once valued at $75 million, though it is unknown how much it went for in Tuesday's auction.
- The yacht, which features an infinity swimming pool and 3D cinema, was seized in Gibraltar last March as the United Kingdom and European Union added Pumpyansky to its sanctions list.
- JPMorgan successfully argued in a court in the British overseas territory at the time that Pumpyansky did not pay a $20.6 million loan.
The big picture: The yacht was auctioned by the Gibraltar Admiralty Court through a system of closed and confidential bids that were sent electronically, according to Reuters.
- The ship attracted at least 63 bids, and information on the sale will be released in around two weeks after the sale is completed, according to Bloomberg.
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