Superyacht Alfa Nero sold for US $40M

The government of Antigua and Barbuda has successfully completed the sale of the Alfa Nero, a luxurious yacht that had been abandoned in their waters by a Russian oligarch.

According to reports a Turkish Billionaire bought the vessel after weeks of negotiations with the government.

The Ministry of Finance and Corporate Governance has confirmed that the Antigua Port Authority managed to sell the Alfa Nero for a sum of US$40 million and ensured the yacht’s swift removal from the country’s jurisdiction.

This 267-foot vessel had been anchored in Antigua since February 2022. After seizing the yacht in April 2023, the government decided to put it up for auction. Initially, US tech mogul Eric Schmidt had placed a winning bid of $67 million, but later withdrew from the deal due to legal complications.

While the identity of the new buyer remains undisclosed, the government has expressed its intentions for the proceeds from the sale.

They plan to utilize the funds to settle outstanding debts owed to creditors and the crew since the yacht’s arrival.

Additionally, a portion of the proceeds will be allocated to address a $220 million funding gap recorded for the first half of 2024.

This strategic allocation of funds demonstrates the government’s commitment to ensuring financial stability and addressing critical fiscal needs.

The government also aims to conduct an assessment of the economic impact resulting from the prolonged presence of the vessel.

This evaluation will include determining any damages incurred over the past 24 months, with the goal of ensuring accountability and implementing measures to prevent similar occurrences in the future.