Seized Russian superyacht Amadea has been sold — but it’s not smooth sailing yet

The Amadea, which was seized by the Department of Justice in 2022, has a new owner.

Osman Uras/Anadolu Agency via Getty Images

The superyacht Amadea has been sold.
The Justice Department said it seized the yacht from a Russian oligarch in 2022.
There’s one caveat: The new owner may have to keep the prize out of international waters.

A seized Russian superyacht has a new captain.

The US government has auctioned off the 106-meter yacht Amadea, which it said was formerly owned by sanctioned Russian oligarch Suleiman Kerimov, a spokesperson for the United States Marshals Service confirmed to Business Insider.

The new owner and the yacht’s price have not been disclosed. The sealed bid auction for the yacht closed on September 10.

The yacht was seized by the federal government’s KleptoCapture task force in Fiji in 2022. It was believed to be worth at least $300 million at the time, according to a Department of Justice press release. A later appraisal put its value closer to $230 million, said court documents.

Built by Lürssen — the same shipyard behind the yachts of billionaires like Sergey Brin and Barry Diller — Amadea boasts a suite of luxury features throughout its six decks, including an infinity pool and jacuzzi, a helicopter pad, two spas, and a private cinema. The interiors are ornate; there’s an elaborate piano, a gilded bar, golden elevators, and a lobster tank.

The government has been eager to get Amadea off its hands, as the yacht’s maintenance costs — crew salaries, fuel, insurance, and more — reached nearly $1 million a month for US taxpayers.

Congrats are in order for the new owner, though they are likely not out of choppy waters quite yet.

Taking control of a seized yacht is tricky, as true ownership can be contested.

The Amadea’s ownership has already been called into question: After it was seized, Russian billionaire Eduard Khudainatov said he owned the yacht. Earlier this year, a judge ruled that Khudainatov was among “straw owners of the Amadea, who hold title to it for another party” and could not block its forfeiture to the US government.

Khudainatov has appealed the decision. In a statement to Business Insider at the time of the auction, his lawyer, Adam Ford, said they “will continue the fight until we get our property back,” and called the auction “improper and premature.”

“Even the most basic due diligence conducted by any rational potential purchaser bidding on the Amadea, a $230 million USD asset, will reveal the state of this litigation, and the risks associated with the purchase,” Ford wrote in a letter to the judge after the auction was announced.

In the letter, Ford pointed to the Alfa Nero, a seized yacht sold by the government of Antigua and Barbuda last year for the discounted price of $40 million. At one point, former Google CEO Eric Schmidt was set to purchase the yacht, though he backed out as legal disputes started piling up.

All this may mean that the Amadea’s new owner may not want to stray far from US waters. Locals of Fort Lauderdale and San Diego, keep your eyes peeled.

Read the original article on Business Insider

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