International renowned superyacht brokerage house Burgess Yachts, which was appointed last Friday, will hold the sale through a bidding process for one month.
Lawyer Sitpah Selvaratnam said Burgess Yachts had been appointed as the central broker to handle the sale of Equanimity, which was said to have been bought with 1Malaysia Development Berhad (1MDB) money.
“There is no published ‘asking price’ or reserve price for the yacht at this point in time. The High Court may decline even the highest bid if it falls below the formal court appraised value of the yacht,” said Sitpah, who is a senior shipping and maritime lawyer.
“She is representing 1MDB to handle the sale of the superyacht.”
Sitpah said the appraised value will, however, remain confidential until all bids were received and opened by the court.
She said that Britain-based Winterbothams Ltd had been appointed as the court appraiser.
Winterbothams is reportedly the undisputed leader in the yachting industry which provides tailored and discreet professional surveying and consultancy.
Sitpah said the yacht would be sold to the highest bidder who met the financial criteria.
“If a bid acceptable to the court is received, the anticipated completion of the sale is expected by mid-December.”
A source said Burgess Yachts was known for their auctions and sales of superyachts worldwide.
The company, owned by renowned sailor and single-handed ocean racer, Nigel Burgess, was the world’s top superyacht brokerage house, the source added.
“If anyone can pull off the sale of Equanimity, it would be Burgess,” said the source.
“They have the resources, connections and potential super-rich clients to buy such luxury yacht.”
The sale of the 91.5m superyacht would be handled by Burgess’ Hong Kong and Singapore offices where their brokers were stationed, said the source.
Among Burgess’ clients are Australian billionaires James Packer and Brett Blundy, the Qatar royal family, Silicon Valley legend Jim Clark, American billionaire businessmen Herbert Chambers and property developer millionaire Warren E. Halle.
Equanimity is currently docked at the Boustead Cruise Centre in Port Klang.
It arrived in Malaysia on Aug 7 after being handed over to the Malaysian government by Indonesian authorities.
The vessel was seized off the coast of Bali by Indonesia in February at the request of US authorities as part of a multi-billion dollar corruption probe launched by the US Department of Justice over 1MDB.