Ukraine Auctions Seized Russian Yacht Royal Romance

The winning bid for the vessel valued at $217 million will be announced next month, with the proceeds being used for the reconstruction of Ukraine.

The Ukrainian Asset Recovery and Management Agency (ARMA) has undertaken the formidable task of putting up for sale the $217 million super yacht Royal Romance. This marks a truly historic moment, as many countries still grapple with seized super yachts, their rising costs, and uncertain futures. The auction for Viktor Medvedchuk's super yacht, Royal Romance, is open for representatives to assist in the sale until April 18, 2024. Grigol Katamadze, Deputy Head of ARMA for European integration, described the achievement and decision as "truly historic" as it is the first instance of selling seized property located abroad.

Thanks to a Croatian court's decision in December 2022, Medvedchuk's romance with the yacht ended in favor of Ukraine. The rest was led by Olena Duma, Head of the Ukrainian Agency for Asset Recovery and Management. ARMA has been managing the luxury vessel since April 2022. In January 2024, a Croatian court ruled that ownership of Royal Romance be transferred to Ukraine, and Olena Duma issued a statement that the transfer would occur "as soon as possible."

Grigol Katamadze, the Competition Commission President, highlighted this historical achievement for ARMA and Ukraine, initiating the sale of Viktor Medvedchuk's yacht, enabled by Olena Duma's efforts. Stanislav Petrov, a commission member, emphasized that this is the first of many seized assets to benefit Ukraine. According to ARMA, documents from potential global auction organizers will be accepted until April 18, 2024, with the winner to be announced on April 23, 2024.

The appropriately named beauty from the Feadship shipyard, built in 2015, spans six floors with two elevators aiding guests and owners in navigating the massive ship. It features a huge 39-foot pool, enhanced by a waterfall cascading over the stern. Royal Romance, designed by De Voogt Naval Architects with interior design by Seymour Diamond, boasts an incredible 50 multipurpose rooms across its six floors and four decks. It accommodates 14 guests and 22 crew members. The custom yacht is equipped with a comprehensive wellness area that includes a gym, salon, and spa, as well as a cinema for classic entertainment.

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