Yacht sold for €35m was worth €88m million in 2006
A court has, for the second time, authorised the sale of the superyacht Indian Empress, after a bank found a private buyer who offered €35 million.
The 95-metre luxury vessel, which used to be owned by Indian businessman and former politician Vijay Mallya, has been impounded in Malta for months and a court ordered its sale to pay off creditors.
It was sold for €43.5 million in June but since payment was not made by the bidder, Crediyacht Ltd, the sale did not go through.
The latest bid, from Sea Beauty Yachting Limited came just days before a second auction was due to take place.
The yacht had been held under court order in Malta after being targeted by a maritime lien over a million-dollar wage bill.
Since then, several creditors obtained judgments in their favour, placing them in a position to enforce the payment of outstanding debts in their regard.
Maritime workers’ union Nautilus International had reported that the yacht’s owner had abandoned the vessel in September 2017.
The claims of all its creditors will now attach to the purchase price to be deposited in court.
The yacht has seen its value in decline. It was bought from a Qatari sheikh for a reported $113 million (88 million sterling) in 2006.