Update on the Auction of the Confiscated Superyacht Royal Romance
The auctioning of the impounded ultra-luxury yacht, Royal Romance, is still scheduled to happen, albeit with a modification in the auction house coordinating the sale. Issues with the originally chosen company, Troostwijk Auctions, have prompted a shift to Boathouse Auctions to oversee the auction process.
Issues with Troostwijk Auctions emerged in April as they were unable to supply the essential information for the auction within the prescribed five-day period. As a result, Ukraine’s Asset Recovery and Management Agency (ARMA) halted any further discussions with them and proceeded with Boathouse Auctions, which was their second preference.
Auction house in the US, Boathouse Auctions, which specializes in the sale of boats and yachts, has a history of successful auctions. This includes the sale of the classic yacht Ariadne and an incomplete Trinity 168. Currently, they are partnering with ARMA to ensure all legal facets of the auction procedure are addressed.
ARMA has also signaled its readiness to collaborate with governmental bodies to prolong the yacht’s detention if required. However, there has been a notable advancement as Royal Romance has been formally registered under the Ukrainian flag. This marks a distinguished occasion, as it is the first asset confiscated overseas to be state registered in Ukraine.
The Royal Romance, a 303-foot (92-meter) ship manufactured by Feadship in 2015, has been in the possession of ARMA in Croatia since April 2022. The yacht was confiscated due to its link to Viktor Medvedchuk, a former Ukrainian politician with pro-Kremlin views who is currently under international sanctions. The money raised from the auction will go towards the budget of the Ukraine government.
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