95M Superyacht Indian Empress Sold

In March, 2018 Indian Empress confiscated in Malta for unpaid wages. In June, Indian Empress is sold to pay off debts. Later in Jule, auction of the Indian Empress failed and the court decided that Indian Empress should be re-auctioned.

Now, the court sold the superyacht Indian Empress, after a bank found a private buyer who offered €35 million. The latest bid, from Sea Beauty Yachting Limited came just days before a second auction was due to take place.

The Maltese court has set a new date to re-auction the 95-metre superyacht Indian Empress, as the previous auction failed, because the winner – Crediyacht, representing an Iranian buyer, didn’t pay €43.5 million in time. Auction is set on September 19, but the new requirement is that bidders should deposit a €1 million before the auction.

The yacht was abandoned by her owner – Vijay Mallya, in September 2017. Much of Mallya’s assets in India and elsewhere have been either seized or frozen as he faces charges of money laundering and defrauding a consortium of Indian banks. Indian Empress was targeted by an arrest warrant issued in favour of Melita Power Diesel Limited for outstanding payment of €651,399.

Vijay Mallya purchased Indian Empress in 2006 for $113 million. Originally built for a member of the royal Qatari family, the vessel has also been a very popular charter yacht. Indian Empress had a major €6.4 million refit in 2016, where the interior has swapped deep red and rich gold colours and ornate gilt-work and traditional carpets for contrasting woods, pale neutral colours and large impressive art.