The U.S. Justice Department is poised to auction one of the world’s largest yachts, the 348-foot Amadea. This luxury vessel was seized three years ago from a purportedly sanctioned Russian billionaire.

The Amadea, said to be worth over $300 million, was taken into custody in Fiji in 2022. Reports indicate that U.S. dollars and financial institutions were used for its maintenance, despite sanctions against the supposed owner, Suleiman Kerimov, a magnate in the gold mining industry. According to reliable sources, Florida contractors National Maritime Services and Fraser Yachts will oversee the auction.

The specifics of the auction include a requirement for bidders to have a net worth of at least $500 million and a readiness to deposit $10 million for the luxury ship. This opulent vessel comes equipped with a helipad, a pool, heated floors, a “cinema setup,” and assorted water sports gear among other amenities.

This development follows earlier reports that the Amadea’s seizure was part of the Justice Department’s “Operation KleptoCapture.” This task force, disbanded after President Trump assumed office this year, aimed to penalize sanctioned Russian oligarchs for their country’s invasion of Ukraine.

The ownership of the yacht is disputed. A holding company linked to the vessel maintains it belongs to another Russian, Eduard Khudainatov, not under any sanctions. This claim has been dismissed by the Justice Department. In a 2022 court filing, an FBI agent contended that Khudainatov, an oil executive, lacks the financial clout to own the Amadea.

Another ship associated with Khudainatov, the Scheherazade, valued at up to $700 million, was seized by Italy in 2022 and remains impounded. Khudainatov’s legal representation has cautioned prospective bidders about the potential for complex litigation regarding the ship’s ownership.

Khudainatov is appealing a recent court decision mandating the ship’s forfeiture. If successful, the U.S. government will be obligated to refund the vessel’s full value. This raises important questions about the future of the yacht and its potential sale.

Amid geopolitical tensions and legal disputes, the fate of a single luxury yacht takes on a greater symbolism. We’ll continue to monitor this situation closely and keep you informed.