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Lee-Chin selling yacht

Michael Lee-Chin is selling his Ahpo superyacht for US$355 million ($55.03 billion) as the Jamaican-Canadian billionaire continues to offload more of his assets.

The 377.6-foot superyacht was delivered in December 2021 after being built by German shipbuilder Lürssen. According to luxurylaunches.com , the asset has been listed for a US$55-million premium to the US$300-million purchase price. The yacht has a capacity for 16 passengers and has a crew of 36 people.

The sale of Lee-Chin’s yacht is one in a string of disposals to have taken place since the COVID-19 pandemic in March 2020. Lee-Chin, through AIC (Barbados) Limited, sold CVM Television Limited in September 2022 to Verticast Media Group at an undisclosed price. This was preceded by the sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Limited which is managed by Barita Investments Limited. That 250-acre property was reportedly valued at US$50 million ($7.75 billion).

First Rock Real Estate Investments Limited disclosed to the Jamaica Stock Exchange last July that it was part of a consortium seeking to acquire both the property and operating entity Medical Associates Hospital and Medical Centre. Portland Holdings Limited lists Medical Associates as being an acquisition/investment in July 2006. It’s unknown if Lee-Chin has sold any other assets.

Lee-Chin has expressed interest in promoting nuclear technology following a memorandum of understanding with the Canadian Nuclear Laboratories in November 2022. This is based on the applications in medicine and energy production.

However, Lee-Chin’s asset sales also coincide with the lack of cashflow from his most prized Jamaican jewel, NCB Financial Group Limited (NCBFG), which has only paid a $0.50 dividend or $648.07 million since March 2020. While it has continued to grow its asset base to a historic $2.11 trillion or US$13.69 billion, its stock price has not fared as well since then. The stock which peaked at $249 on July 22, 2019 has since hit a new 52-week low of $72.01. That’s the lowest NCBFG has traded for since July 2017.

This has put pressure on different AIC and Portland entities that borrow against the NCBFG stock. An example can be with the Portland (Barbados) Limited US$5-million fixed rate secured notes issued in August 2021. The security attached to the notes was pledged ordinary shares of NCBFG — that is 1.50 times the outstanding principal. The term sheet referenced the issuer agreeing to place in reserve additional NCBFG shares, with the market value equating to 0.25 times.

This was at a time when NCBFG’s share price was trading around $133.15 and closed at $78.45 on Tuesday, a 41 per cent drop.

With no dividends paid by NCBFG since May 2021 there was no dividend income going to the interest reserve account held with the trustee. Tranche A of the secured notes had a tenure of three years, and five years for tranche B, with the interest rates on both notes fixed between 6.25 to 6.75 per cent.

This means that some related entities are likely to have been impacted by the absence of dividends, which used to be paid quarterly before the pandemic. NCBFG is currently strengthening its capital base to prepare for regulatory changes facing its core Jamaican bank and Trinidadian insurance arm.

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Jamaican\Canadian Billionaire Michael Lee-Chin Mega Yacht Sold for US$362 Million 

After announcing months ago that his luxurious yacht was up for sale, Michael Lee-Chin finally got an offer he did not let pass. Based on numerous reports, the AHPO mega yacht was sold for US$362 million, which equates to a US$62 million profit for the billionaire.

The buyer of the super yacht is Pro Hockey billionaire turned businessman Patrick Dovigi. Moran Yacht & Ship represented both the seller and the buyer on the sale of AHPO, which was arranged by both sides of the deal. US$355 million was the asking price for the Lürssen superyacht measuring 378 feet.

In addition to the vessel’s massive structure, it features many breathtaking amenities, including a gigantic IMAX cinema, a duplex owner’s suite, a Turkish Hammam, two helipads, and a winter garden.

The vessel can accommodate a large group of nearly twenty people with over 20 crew members. Aside from the eight staterooms on the yacht, it also has a large gym fully equipped for full-body exercises. The stunning superyacht was renamed Lady Jorgia following the completion of the brokerage deal. 

RELATED: Lee Chin’s Ahpo Superyacht Selling for US$355 Million

According to reports, Michael Lee-Chin purchased the  A hpo mega yacht in December 2021.

Months ago, it was revealed that the Jamaican\Canadian billionaire was looking to auction off some of his prized possessions.

RELATED: Lee Chin now valued at US$1.5 Billion by Forbes

RELATED: Michael Lee-Chin Shares Message Encouraging Risk-Taking to Achieve Success – See Post

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Jamaican Billionaire Michael Lee-Chin New AHPO Superyacht Docks In Portland

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The billion-dollar superyacht was spotted traveling to Portland, where it docked close to the residence of one of Jamaica’s richest men- Lee-Chin.

Chin, who owns the National Commercial bank and a range of related companies, is often given idol status by Jamaican entertainers like Vybz Kartel , who once sang, “me waan get a billion dollar like Mr. Lee Chin.”

The self-made billionaire is just one of 13 black billionaires in the world, and he’s a big deal in Jamaica because of this.

The luxury yacht is docked in Port Antonio, Portland, and is pretty impressive. A video shows the 377-foot yacht sailing while a helicopter seems to land on a helipad right on the deck of the vessel.

According to recent reports, the superyacht AHPO recently completed sea trials and was finally delivered to Chin this week. With his superyacht docked in Jamaican waters, it presented new inspiration for Jamaican people as the business magnate is one of the first black billionaires listed by Forbes’ in 2001 and often referred to as the wealthiest Jamaican.

Michael Lee-Chin’s fortune is mostly his 60% stake in National Commercial Bank Jamaica. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica.

Like every other billionaire, the tycoon has been described as a “yacht connoisseur.” The AHPO was built by the German Lurssen shipyard and was designed by the famous Nuvolari Lenard studio.

The vessel comes with six decks, including a gym and a beauty salon, as well as a spa, swimming pool, and jacuzzi.

The 70-year-old billionaire who is private about his life also seems keen to entertain as the luxury vessel has a dancefloor with a piano and comes equipped with a movie theater.

There are seven luxurious suites on board for guests to get a good night’s sleep. Other functionalities include Wi-Fi connectivity and a premium underwater lighting system.

The shipyard says the yacht has eco-friendly features, including a Dynamic Positioning capability that helps “preserve delicate marine environments” and a heat recovery system for heating the swimming pool.

Meanwhile, Jamaicans took to Twitter to comment on the news of the yacht in Jamaica.

“Lee Chin yacht a motivate me,” one person tweeted.

“For perspective, the largest private yacht in Jamaica is 92+ft. Lee Chin’s vessel is 377 ft! That’s longer than an NFL football field or a soccer field.”

The billionaire previously owned the ‘Quattroelle’ valued at $250 million prior to owning the AHPO. According to the Jamaica Observer, that vessel was 283 ft long and was one of the most impressive yachts at the annual Monaco Yacht Show.

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Michael Lee-Chin, one of the world’s Black billionaires, sells megayacht for $362 million

Lee-Chin has also put his luxurious mansion, Coconut Walk Private Estate, up for sale for $35 million.

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Michael Lee-Chin, a Jamaican-Canadian billionaire and philanthropist , has reportedly sold his megayacht, AHPO, to professional hockey player turned billionaire businessman Patrick Dovigi for a whopping $362 million.

The sale of the 378-feet Lurssen superyacht, built as a replacement for the Quattroelle, has brought the Jamaican-Canadian businessman a gross profit of $62 million from the latest transaction, excluding the costs that were incurred during the time that he owned the yacht.

Michael Lee-Chin has been on a selling spree since March 2020

Lee-Chin purchased the six-deck luxury vessel for $300 million in 2021 but has been on a selling spree since March 2020. In September 2022, he sold CVM Television Limited to Verticast Media Group for an unspecified amount.

He also sold his 250-acre Reggae Beach property in St. Mary to MJR Real Estate Holdings Limited for around $50 million.

The Jamaican-Canadian billionaire has also put his luxurious mansion, Coconut Walk Private Estate, up for sale for $35 million . The estate boasts a stunning beachfront location and sits on almost 75,000 square feet of prime real estate.

Lee-Chin purchased the estate for $12.5 million in 2018, and if sold at the present asking price, he will pocket a profit of almost $22.5 million.

Michael Lee-Chin’s net worth has decreased by $600 million since 2020

Despite the pandemic’s adverse effects on the global economy, Lee-Chin still ranks among the wealthiest black billionaires worldwide.

According to Forbes , with a fortune of $1.4 billion, he holds the 2,054th position on the list of the world’s wealthiest individuals.

The Jamaican-Canadian billionaire accumulated his $1.4 billion fortune through investments in financial companies such as National Commercial Bank Jamaica and AIC Limited.

The sale of the AHPO superyacht to Dovigi demonstrates Lee-Chin’s business acumen in the luxury scene as he continues to dispose of some of his assets.

Given the uncertainties surrounding the global economy, his decision to sell off his assets could be a strategic move. However, his net worth has decreased by $600 million since 2020, going from $2 billion to $1.4 billion.

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The superyacht market is so hot that a billionaire is flipping his luxury vessel at a profit of $55 million. Longer than a football field, it was purchased for $300 million and was delivered in 2021.

[ AHPO listing on Moran Yachts ]

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Jamaicancanadian billionaire michael lee-chin mega yacht sold for us$362 million .

After announcing months ago that his luxurious yacht was up for sale, Michael Lee-Chin finally got an offer he did not let pass. Based on numerous reports, the AHPO mega yacht was sold for US$362 million, which equates to a US$62 million profit for the billionaire.

The buyer of the super yacht is Pro Hockey billionaire turned businessman Patrick Dovigi. Moran Yacht & Ship represented both the seller and the buyer on the sale of AHPO, which was arranged by both sides of the deal. US$355 million was the asking price for the Lürssen superyacht measuring 378 feet.

In addition to the vessel’s massive structure, it features many breathtaking amenities, including a gigantic IMAX cinema, a duplex owner’s suite, a Turkish Hammam, two helipads, and a winter garden.

The vessel can accommodate a large group of nearly twenty people with over 20 crew presenters. Aside from the eight staterooms on the yacht, it also has a large gym fully equipped for full-body exercises. The stunning superyacht was renamed Lady Jorgia following the completion of the brokerage deal. 

RELATED: Lee Chin’s Ahpo Superyacht Selling for US$355 Million

According to reports, Michael Lee-Chin purchased the  A hpo mega yacht in December 2021.

Months ago, it was revealed that the Jamaican\Canadian billionaire was looking to auction off some of his prized possessions.

RELATED: Lee Chin now valued at US$1.5 Billion by Forbes

RELATED: Michael Lee-Chin Shares Message Encouraging Risk-Taking to Achieve Success – See Post

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• December 14, 2021

Lee-Chin’s new billion-dollar yacht docks in Portland

Photo: @HalsallDoug/Twitter

70-year-old Jamaican Billionaire Michael Lee-Chin has had his new billion-dollar yacht doing the rounds on social media after the 377-foot Apho was seen in the waters on the east coast of the island.

The superyacht is a culmination of a collaboration with world-famous shipyard Lurssen Yachts and with the prestigious Nuvolari Lenard design studio. The masterpiece is equipped with six decks, a beauty salon, gym, swimming pool, and jacuzzi. The luxury yacht also boasts an entertainment section, that comprises a dancefloor, piano, and a movie theatre.

Lee-Chin has been a prominent name in business over the last few decades, not only in Jamaica but in the wider region. His fortune mostly comes from a majority stake in the National Commercial Bank of Jamaica as well as other investments which include his ownership of Portland Holdings, an investment company based in Ontario, Canada. In 2001, Michael Lee-Chin became one of the first black men to be listed on Forbes’ annual billionaires’ list back in 2001.

Unknowing to most, the Jamaica-Canadian tycoon is a fond admirer of yachts and is a repeat client of the German shipyard.

One of the most striking features of his latest project is the underwater lights feature that creates a mesmerizing atmosphere in the evening. The yacht was also built to be eco-friendly, including features like Dynamic Positioning capability that aids to preserve at-risk marine elements.

The yacht will eventually become available for charting early next year.

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According to Forbes magazine, which counts the number of billionaires in the world every year, only 15 of the 2,755 billionaires, or less than one percent, are Black, and one of them was born in Jamaica. Nine of the 15 Black billionaires are Americans; only two of the 15 are women, which includes the world’s newest billionaire, superstar recording artist/entrepreneur Rihanna.

The Jamaican Canadian billionaire is Michael Lee-Chin, a businessman and philanthropist whose fortune totals $1.6 billion in 2022. Lee-Chin reached his billionaire status by investing in National Commercial Bank Jamaica, AIC Limited, and various other companies. Lee-Chin, who holds dual citizenship in Jamaica and Canada, is the chair and CEO of Portland Holdings Inc., a privately held investment firm based in Ontario , Canada. He was named the chair of the Government of Jamaica’s Economic Growth Council in 2016 and was appointed to the Order of Ontario in 2017. He has made numerous large donations to the Royal Ontario Museum, McMaster University, and the Joseph Brant Hospital Foundation. He also served as chancellor of Wilfrid Laurier University.

He made a $10 million gift to the University of Toronto’s Rotman School of Management to establish the Michael Lee-Chin Family Institute for Corporate Citizenship. The mission of the Institute is to help current and future business leaders combine corporate citizenship with their business strategies and practices.

Michael Lee-Chin was born in 1951 in Port Antonio, Jamaica, to parents Aston Lee and Hyacinth Gloria Chen, both of whom had biracial African and Chinese Jamaican ancestry. His mother, who married Vincent Chen when Michael was seven years old, sold Avon products and worked as a bookkeeper, and his stepfather ran a local grocery. Michael attended Titchfield High School from 1962 to 1969. He had his first job working on a landscaping team at the Frenchman’s Cove Hotel in 1965, and in 1966, he worked for the summer as an engine room cleaner on the Jamaica Queen cruise ship. He traveled to Canada in 1970 under a scholarship program sponsored by Jamaica’s government to study Civil Engineering at McMaster University, graduating in 1974.

After obtaining his engineering degree, Lee-Chin worked for the Jamaican government as a road engineer, but he returned to Canada to pursue graduate studies in business and then worked for two years at Investors Group as a financial advisor. In 1979, he went to work for Regal Capital Planners as a regional manager. In 1983, while working at the firm, he took out a loan for C$500,000 from the Continental Bank of Canada to buy a stake in the MacKenzie Financial Group, forming Kicks Athletics with Andrew Gayle, and four years later, in 1987, his investment was worth C$3.5 million. He went on to own and/or operate many business ventures during his career, including the National Commercial Bank Jamaica (NCB), Radio Jamaica, the Reggae Beach and Trident Hotel resorts in Jamaica, Total Finance Bank of Trinidad and Tobago Ltd., and Wallenford Coffee.

The other 14 Black billionaires in the world include American actor, producer, and screenwriter Tyler Perry with $1 billion; American hip-hop mogul Jay-Z with $1.4 million; mobile phone entrepreneur Strive Masiyiwa of Zimbabwe with $1.5 billion; American basketball superstar Michael Jordan with $1.6 billion; recording star Rihanna of The Bahamas with $1.7 billion; American recording artist and entrepreneur Kanye West with $1.8 billion; American Alex Karp, co-founder and CEO of the Palantir Technologies software firm; American media mogul and entrepreeur Oprah Winfrey with $2.7 billion; Patrice Motsepe, founder and chair of African Rainbow Minerals and the first Black African to be listed by Forbes with $2.9 billion; American David Steward, co-founder and chair of World Wide Technology with $3.7 billion; Abdulsamad Rabiu of Nigeria, founder of BUA Group with $4.9 billion; American Robert F. Smith, founder of private equity firm Vista Equity Partners with $6 billion; Nigeria ’s second-richest man and telecom/oil production entrepreneur Mike Adenuga with $6.1 billion; and Nigeria’s Aliko Dangote, named richest man in Africa and founder and owner of almost 88 percent of publicly-traded Dangote Cement.

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So it's plainly ironic when the Bayesian — the boat, not the term — met its watery doom in the face of the unstoppable, irrational force of Mother Nature during an epic storm, leaving a mess of an investigation with too few knowns and a lot of unknowns.

It's hard not to wonder: did Bayesian reasoning take any part in the decision to take a very expensive yacht into a storm with a crew that may have been grossly unprepared ?

Probably not, because Lynch was intent on celebrating his acquittal from fraud charges stemming from selling his business to Hewlett Packard in 2011 .

Hear us out: maybe Lynch should have named the boat something else. Talk to any seasoned sailor and you'll hear that it's tradition to name boats after women , such as goddesses , to evoke their divine protection during perilous sea voyages.

What you don't do is name your boat with something arrogant or presumptuous , lest you temp the wrath of the gods.

Tech denizens may think this is totally irrational — anti-Bayesian even — but the proof is in the pudding if you look at Lynch's fate. Perhaps naming the boat the Bayesian was like waving a red cape at whatever irrational immortal being or amoral force lurks in the dark depths of the Mediterranean.

And herein lies an important lesson that tech bros should heed as they impose their views on larger society . It's easy to talk about rationality, such as when Tesla CEO Elon Musk sounds off about his views on society and politics. But it's much harder to be rational, as Musk has learned during his financially disastrous acquisition of Twitter.

That's not an uncommon fate in the tech world. Silicon Valley's latest obsession, AI, keeps falsely accusing people of crimes or prompting users to kill themselves — and that's when it's not suggesting that users eat rocks and put glue on pizza .

"Clearly, we want people in power to be rational," Rothman wrote in the  New Yorker . "And yet the sense that rationalists are somehow unmoored from direct experience can make the idea of a rationalist with power unsettling. Would such a leader be adrift in a matrix of data, more concerned with tending his map of reality than with the people contained in that reality?"

In that sense, Bayesian the luxury boat is a metaphor: a shiny, expensive and state-of-the-art vessel that served as a symbol of untold wealth and power — until it met a force greater than its own.

More on the tech billionaire Michael Lynch: Billionaire Yacht Was Piloted Recklessly Before Deadly Sinking, Its Builder Warns

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Western sanctions over moscow's invasion of ukraine led to many luxury vessels being detained in europe.

March 23, 2022

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Hot on the trail of 56 superyachts owned by Russian oligarchs and subject to seizure

• Published: Mar. 06, 2022, 2:04 p.m.

French authorities have seized the yacht Amore Vero linked to Igor Sechin, a Putin ally who runs Russian oil giant Rosneft, as part of EU sanctions over Russia's invasion of Ukraine. The boat arrived in La Ciotat on Jan. 3 for repairs and was slated to stay until April 1 and was seized to prevent an attempted departure. (AP Photo/Bishr Eltoni) AP

• The Associated Press

The massive superyacht Dilbar stretches one-and-a-half football fields in length, about as long as a World War I dreadnought. It boasts two helipads, berths for more than 130 people and a 25-meter swimming pool long enough to accommodate another whole superyacht.

Dilbar was launched in 2016 at a reported cost of more than $648 million. Five years on, its purported owner, the Kremlin-aligned Russian oligarch Alisher Usmanov, was already dissatisfied and sent the vessel to a German shipyard last fall for a retrofit reportedly costing another couple hundred million dollars.

That’s where she lay in drydock on Thursday when the United States and European Union announced economic sanctions against Usmanov — a metals magnate and early investor in Facebook — over his ties to Russian President Vladimir Putin and in retaliation for the invasion of Ukraine.

“We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets,” President Joe Biden said during his State of the Union speech Tuesday night, addressing the oligarchs. “We are coming for your ill-begotten gains.”

But actually seizing the behemoth boats could prove challenging. Russian billionaires have had decades to shield their money and assets in the West from governments that might try to tax or seize them.

Several media outlets reported Wednesday that German authorities had impounded Dilbar. But a spokeswoman for Hamburg state’s economy ministry told The Associated Press no such action had yet been taken because it had been unable to establish ownership of the yacht, which is named for Usmanov’s mother.

Dilbar is flagged in the Cayman Islands and registered to a holding company in Malta, two secretive banking havens where the global ultra-rich often park their wealth.

Still, in the industry that caters to the exclusive club of billionaires and centimillionaires that can afford to buy, crew and maintain superyachts, it is often an open secret who owns what.

Working with the U.K.-based yacht valuation firm VesselsValue, the AP compiled a list of 56 superyachts — generally defined as luxury vessels exceeding 79 feet in length — believed to be owned by a few dozen Kremlin-aligned oligarchs, seaborne assets with a combined market value estimated at more than $5.4 billion.

The AP then used two online services — VesselFinder and MarineTraffic — to plot the last known locations of the yachts as relayed by their onboard tracking beacons.

While many are still anchored at or near sun-splashed playgrounds in the Mediterranean and Caribbean, more than a dozen were underway to or had already arrived in remote ports in small nations such as the Maldives and Montenegro, potentially beyond the reach of Western sanctions. Three are moored in Dubai, where many wealthy Russians have vacation homes.

Another three had gone dark, their transponders last pinging just outside the Bosporus in Turkey — gateway to the Black Sea and the southern Russian ports of Sochi and Novorossiysk.

Graceful, a German-built Russian-flagged superyacht believed to belong to Putin, left a repair yard in Hamburg on Feb. 7, two weeks before Russia invaded Ukraine. It is now moored in the Russian Baltic port of Kaliningrad, beyond the reach of Western sanctions imposed against him this past week.

Some Russian oligarchs appear to have not gotten the memo to move their superyachts, despite weeks of public warnings of Putin’s planned invasion.

French authorities seized the superyacht Amore Vero on Thursday in the Mediterranean resort town of La Ciotat. The boat is believed to belong to Igor Sechin, a Putin ally who runs Russian oil giant Rosneft, which has been on the U.S. sanctions list since Russia annexed Crimea in 2014.

The French Finance Ministry said in a statement that customs authorities boarded the 289-foot Amore Vero and discovered its crew was preparing for an urgent departure, even though planned repair work wasn’t finished. The $120 million boat is registered to a company that lists Sechin as its primary shareholder.

On Saturday, Italian financial police in the port of San Remo seized the 132-foot superyacht Lena, which is flagged in the British Virgin Islands. Authorities said the boat belongs to Gennady Timchenko, an oligarch close to Putin and among those sanctioned by the European Union. With an estimated net worth of $16.2 billion, Timchenko is the founder of the Volga Group, which specializes in investments in energy, transport and infrastructure assets.

The 213-foot Lady M was also seized by the Italians while moored in the Riviera port town of Imperia. In a tweet announcing the seizure on Friday, a spokesman for Italian Prime Minister Mario Draghi said the comparatively modest $27 million vessel was the property of sanctioned steel baron Alexei Mordashov, listed as Russia’s wealthiest man with a fortune of about $30 billion.

But Mordashov’s upsized yacht, the 464-foot Nord, was safely at anchor on Friday in the Seychelles, a tropical island chain in the Indian Ocean not under the jurisdiction of U.S. or EU sanctions. Among the world’s biggest superyachts, Nord has a market value of $500 million.

Since Friday, Italy has seized $156 million in luxury yachts and villas in some of its most picturesque destinations, including Sardinia, the Ligurian coast and Lake Como.

Most of the Russians on the annual Forbes list of billionaires have not yet been sanctioned by the United States and its allies, and their superyachts are still cruising the world’s oceans.

The evolution of oligarch yachts goes back to the tumultuous decade after the 1991 fall of the Soviet Union, as state oil and metals industries were sold off at rock-bottom prices, often to politically connected Russian businessmen and bankers who had provided loans to the new Russian state in exchange for the shares.

Russia’s nouveau riche began buying luxury yachts similar in size and expense to those owned by Silicon Valley billionaires, heads of state and royalty. It’s a key marker of status in Moscow and St. Petersburg, and size matters.

“No self-respecting Russian oligarch would be without a superyacht,” said William Browder, a U.S.-born and now London-based financier who worked in Moscow for years before becoming one of the Putin regime’s most vocal foreign critics. “It’s part of the rite of passage to being an oligarch. It’s just a prerequisite.”

As their fortunes ballooned, there was something of an arms race among the oligarchs, with the richest among them accumulating personal fleets of ever more lavish boats.

For example, Russian metals and petroleum magnate Roman Abramovich is believed to have bought or built at least seven of the world’s largest yachts, some of which he has since sold off to other oligarchs.

In 2010, Abramovich launched the Bermuda-flagged Eclipse, which at 533 feet was at the time the world’s longest superyacht. Features include a wood-burning firepit and swimming pool that transforms into a dance floor. Eclipse also boasts its own helicopter hangar and an undersea bay that reportedly holds a mini-sub.

Dennis Cauiser, a superyacht analyst with VesselsFinder, said oligarch boats often include secret security measures worthy of a Bond villain, including underwater escape hatches, bulletproof windows and armored panic rooms.

“Eclipse is equipped with all sorts of special features, including missile launchers and self-defense systems on board,” Cauiser said. “It has a secret submarine evacuation area and things like that.”

Eclipse was soon eclipsed by Azzam, purportedly owned by the emir of Abu Dhabi, which claimed the title of longest yacht when it was launched in 2013. Three years after that, Usmanov launched Dilbar, which replaced another slightly smaller yacht by the same name. The new Dilbar is the world’s largest yacht by volume.

Abramovich, whose fortune is estimated at $12.4 billion, fired back last year by launching Solaris. While not as long as Eclipse or as big as Dilbar, the $600 million Bermuda-flagged boat is possibly even more luxurious. Eight stories tall, Solaris features a sleek palisade of broad teak-covered decks suitable for hosting a horde of well-heeled partygoers.

But no boat is top dog for long. At least 20 superyachts are reported to be under construction in various Northern European shipyards, including a $500 million superyacht being built for the American billionaire Jeff Bezos.

“It’s about ego,” Cauiser said. “They all want to have the best, the longest, the most valuable, the newest, the most luxurious.”

But, he added, the escalating U.S. and EU sanctions on Putin-aligned oligarchs and Russian banks have sent a chill through the industry, with boatbuilders and staff worried they won’t be paid. It can cost upwards of $50 million a year to crew, fuel and maintain a superyacht.

The crash of the ruble and the tanking of Moscow stock market have depleted the fortunes of Russia’s elite, with several people dropping off the list of Forbes billionaires last week. Cauiser said he expects some oligarch superyachts will soon quietly be listed by brokers at fire-sale prices.

The 237-foot Stella Maris, which was seen by an AP journalist docked this past week in Nice, France, was believed to be owned by Rashid Sardarov, a Russian billionaire oil and gas magnate. After publication of an earlier version of this story, AP was contacted Sunday by yacht broker Joan Plana Palao, who said his company represents a U.S. citizen from California who purchased the Stella Maris last month. He declined to disclose the name of the buyer or the person from whom the boat had been purchased.

On Thursday, the U.S. Treasury Department issued a new round of sanctions that included a press release touting Usmanov’s close ties to Putin and photos of Dilbar and the oligarch’s private jet, a custom-built 209-foot Airbus A340-300 passenger liner. Treasury said Usmanov’s aircraft is believed to have cost up to $500 million and is named Bourkhan, after his father.

Usmanov, whose fortune has recently shrunk to about $17 billion, criticized the sanctions.

“I believe that such a decision is unfair and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor, dignity and business reputation,” he said in a statement issued through the website of the International Fencing Federation, of which he has served as president since 2008.

Abramovich has not yet been sanctioned. Members of the British Parliament have criticized Prime Minister Boris Johnson for not going after Abramovich’s U.K.-based assets, which include the professional soccer club Chelsea. Under mounting pressure, the oligarch announced this past week he would sell the $2.5 billion team and give the net proceeds “for the benefit of all victims of the war in Ukraine.”

Meanwhile, location transponders showed Solaris moored in Barcelona, Spain, on Saturday. Eclipse set sail from St. Maarten late Thursday and is underway in the Caribbean Sea, destination undisclosed.

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