Auction of the Indian Empress failed

95-metre Indian Empress was confiscated in Malta for unpaid wages. In June, 2018 95-metre billionaire’s superyacht Indian Empress was sold in auction to pay off debts.

Auction, ordered by the court has found the winner, which had payment deadline, but he failed to meet it. Iranian buyer needed to pay €43.5 million till the 5th of July and then asked the Maltese court for a 15 day prolongation, but the court rejected the request.  What will happen next with the yacht is a new auction. The previous one started with the bids starting from €25 million, and just 3 bids were made during it.  It’s a real good opportunity to get the superyacht of this size for this price, but not so many people are ready to pay such amount of money in such a short period.

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. The current owner 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. Vijay Mallya, a supposed owner of the Indian Empress denied being the owner of the yacht.