Medvedchuk's luxury yacht sale faces difficulties: what will happen to the auction now

Darina GertsevaNews
Problems arose with the sale of Medvedchuk's yacht
Problems arose with the sale of Medvedchuk's yacht. Source: Marine Trafic

The Asset Recovery and Management Agency (ARMA) has started negotiations with the American auction house Boathouse Auctions on the sale of Medvedchuk's seized yacht Royal Romance, after the previous winner of the auction, Troostwijk Auctions, refused to sell. The sale of the yacht, valued at more than $200 million, is the first time in Ukraine's history that it is being held abroad, and the proceeds will be used to strengthen the country's defense capabilities.

This was reported by the ARMA on Telegram. "A new Winner of the auction has been selected and is negotiating with the auction house Boathouse Auctions (USA) on the sale of the yacht Royal Romance," the statement said.

For the first time in the history of Ukraine, the state has put up for sale an asset seized abroad – the Royal Romance yacht, which belongs to collaborator Viktor Medvedchuk. The auction house Troostwijk Auctions (Netherlands), which initially won the tender for the sale of the yacht, refused to continue negotiations. Negotiations on the sale of the yacht are currently underway with the American auction house Boathouse Auctions.

On April 30, 2024, Troostwijk Auctions officially notified ARMA of its refusal to continue negotiations on signing an agreement on the organization of the auction. The reasons for the refusal remain confidential.

In accordance with the terms of the tender, the offer for the sale of the 92-meter yacht Royal Romance was transferred to the second-place bidder with 108 points – Boathouse Auctions. This is confirmed by an official announcement from Boathouse Auctions about the start of negotiations with ARMA representatives.

Head of the National Agency Olena Duma said: "We are discussing in detail all legal issues and legal safeguards for the auction. This is the first time that Ukraine is facing the issue of selling a seized asset of this magnitude abroad. The yacht must be sold, and the proceeds from its sale should strengthen Ukraine's defense capabilities."

The Royal Romance yacht owned by Viktor Medvedchuk was arrested in Croatia. Troostwijk Auctions was initially selected to sell the asset. However, after their withdrawal, the right to conduct the auction was transferred to Boathouse Auctions, an American auction house specializing in the sale of high-quality yachts.

Royal Romance is estimated at over $200 million. This is a five-deck yacht with a length of 92.5 meters, built by the Dutch company Feadship. The vessel has an elevator and a 12-meter swimming pool that turns into a waterfall. The yacht can accommodate 14 guests and 22 crew members at a time. Medvedchuk owns the vessel through Fregata Marine Ltd, a company registered in the Marshall Islands and associated with his wife Oksana Marchenko.

As OBOZ.UA previously reported, Ukraine has started the process of transferring the seized assets of Mezhyhirya, formerly the residence of President Viktor Yanukovych, to state management. After that, the property will be transferred to the management of the newly created state institution Park-Monument of Landscape Gardening Art of National Importance "Mezhyhirya".

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