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Sale of yacht of Russian oligarch confirmed

The government of Antigua and Barbuda has successfully sold the 'Alfa Nero' for more than €36 million. The Ministry of Finance and Corporate Governance confirmed that the Antigua Port Authority "has successfully completed the sale and the expeditious removal of the yacht from our jurisdiction. The vessel had been anchored in Antigua since February 2022. It belonged to a Russian oligarch targeted by Western sanctions. After seizing it in April 2023, the government put it up for auction. The American tech mogul Eric Schmidt initially won the bid with a $67 million offer, but later pulled out, citing legal complications. The new buyer’s name has not been disclosed. The proceeds from the sale will be used to meet various obligations, including the settlement of outstanding debts to creditors and crew since the yacht's arrival. In addition to covering these debts, a portion of the proceeds will be allocated to cover the $220 million funding gap recorded for the first half of 2024. The government also planned to assess the economic impact of the vessel's extended presence. An assessment that will determine all damages incurred over the past 24 months, with the aim of ensuring accountability and preventing similar events in the future.

Ill-fated vessel seems to be now entangled in fresh lawsuits

Abandoned since March 2022, the sale of the 'Alfa Nero' was momentous for the island nation of Antigua, it was followed by yet another lawsuit filed by the original owners. They seemed to be unwilling to watch the yacht sail away or see Antigua’s taxpayers relieved of the $30,000 weekly burden it has become. Despite the ongoing legal battle, the authorities seemed to be unfazed. Cabinet Secretary Lionel Hurst stated that an undisclosed buyer had already paid the revised $40 million price tag. He also highlighted the intended use of the funds, with the first priority being to reduce the national debt. The lawsuit, the cabinet agreed, would not prevent the government from fulfilling its obligations incurred while the vessel was under its ownership; nor would it deter the administration from investing the surplus in constructing a hotel. The cabinet agreed that an investment in a tangible asset will serve as a reminder of the immense difficulties this lawful seizure and sale caused the people and government of Antigua and Barbuda. The vessel remains moored near Falmouth Harbor fo the time being.

Abandoned yacht finally sold

The 'Alfa Nero' has been sold for $40 million with Northrop & Johnson's Richard Higgins bringing the buyer and assistance from FEMA Management (Federal Emergency Management Agency) on the side of the seller. The yacht was on the market just ten days before closing. The sale brings two years of legal wrangling and issues around unpaid crew wages to an end, following the yacht's arrest in 2022. At that time, she was put under investigation amid allegations that her owner was sanctioned and was later declared "abandoned" by the government of Antigua and Barbuda. The proceeds from the sale will be used to fulfill various obligations, including settling outstanding debts owed to creditors and the crew since the yacht’s arrival. In addition to covering these debts, a portion of the proceeds will be allocated to address the $220 million funding gap in the local government recorded for the first half of 2024.