The Ukrainian Asset Recovery and Management Agency (ARMA) has announced that the superyacht that was seized from pro-Russian politician Viktor Medvedchuk will be auctioned. Dutch Troostwijk Auctions has been selected to auction the 92.50-metre Feadship yacht Royal Romance.

Feadship delivered the yacht in 2015. According to the yacht builder, the Royal Romance is a ‘pure custom creation with a steel hull and aluminium superstructure’. The yacht can accommodate the owner and twelve guests and a crew of 22.

The interior of Royal Romance was designed by Seymour Diamond while the exterior styling and naval architecture is from Feadship De Voogt Naval Architects. Special features according to Feadship are a 12-metre-long pool and a waterfall connected to the pool that flows over the stern.

Also read: Netherlands donates vessels to Ukraine

Proceeds to Ukraine

ARMA states that the funds from the auction ‘will replenish the budget of Ukraine’. It took ten months to get to the point to be able to auction the yacht. The organisation adds: ‘Sale of Medvedchuk’s yacht is not only symbolic, as it can be the first impetus and demonstration to the entire community that the assets of traitors to Ukraine will be used for the benefit of Ukraine.’

ARMA hopes ‘this precedent may also inspire other countries to take steps towards confiscating assets from corrupt individuals’.

100 to 200 million euros

Troostwijk director Arno Hendrikse tells Dutch newspaper De Telegraaf that this is the most expensive object his auction house has ever auctioned. He hopes for proceeds between 100 million and 200 million euros. Hendrikse says to De Telegraaf: ‘But the buying public is not very big. So I don’t know if it will succeed.’

Picture: The Feadship-built superyacht Royal Romance (by Bernhard Holub, Wikimedia Commons).

Also read: First hybrid electric Feadship superyacht gears up for trials