superyacht equanimity cost

Take a look inside the glitzy, 300-foot superyacht involved in the 1MDB scandal that Malaysia just sold at a $124 million discount

• Malaysia sold the Equanimity — the superyacht involved in the 1MDB scandal — for $126 million, reports The Guardian .
• It had previously been up for sale for $130 million — about half its purchase price, according to Bloomberg .
• The yacht is one of many assets seized in the multibillion-dollar 1MDB scandal and previously belonged to the Malaysian fugitive Low Taek Jho.
• The 91.5-meter (300-foot) yacht can hold 22 passengers in 11 cabins and has an array of amenities , including a spa and a helipad.

Malaysia has sold the Equanimity — the superyacht involved in the 1MDB scandal — for $126 million, according to a report from The Guardian .

The yacht can fit up to 22 passengers, has a helipad, and boasts a variety of wellness amenities.

It gained some notoriety last year when it was impounded during the investigation into the 1Malaysia Development Berhad (1MDB) scandal, in which $4.5 billion from the 1MDB fund was misappropriated. It previously belonged to the fugitive Malaysian banker Low Taek Jho, who is believed by US authorities to be the mastermind behind the scandal .

Read more : Take a look inside the 7-cabin superyacht with an underwater lounge that was just named best in class for interior and exterior design

According to Bloomberg , the Malaysian government had been spending up to $500,000 per month to maintain the yacht.

The yacht specialist Burgess was the broker for the sale. Its $126 million price tag is a significant cut from the $250 million that Low reportedly paid for it.

Burgess CEO Jonathan Beckett said in a company-released Q and A that the yacht has been on the market since the end of October 2018.

Here's a look inside the ultra-luxurious yacht.

Equanimity is a 91.5-meter (300-foot) superyacht.

Source : Burgess

The yacht was built in 2014 in the Netherlands and has an exterior design created by Oceanco, a privately owned custom-yacht builder.

Source : Burgess , Oceanco

The boat has a cruising speed of 15 knots and a maximum speed of 18.5 knots.

The yacht can accommodate up to 22 guests across nine suites in varying arrangements ...

... one of which is a master suite with a study that can convert into a second double room as needed.

The boat also has 17 crew cabins that can accommodate up to 31 crew members.

Among the yacht's many wellness-oriented amenities are a massage room ...

... a gym ...

... a sauna ...

... and a spa.

Read more : Take a look at the 14 superyachts with the best interior and exterior design in 2019

The boat's interior design was created by Winch Design and, according to Reuters, features an interior that's clad in marble and gold leaf.

Source : Burgess , Reuters

Neutral tones can be seen throughout its various seating areas and lounges ...

... one of which has a piano ...

... and in its dining areas, too.

It also has its own art gallery, as well as an elevator and a movie theater.

Source : Burgess , Bloomberg , Reuters

The yacht's sleek look carries over onto its deck ...

... which offers more lounging opportunities ...

... and a circular swimming pool on the upper deck.

Source : Burgess , Bloomberg

Two 34-foot Hodgdon tenders come with the yacht.

The superyacht's $126 million price tag is a significant cut from the $250 million its previous owner paid for it. Burgess said it has "cruised extensively" since its launch and "needs some time in the yard and a repaint but otherwise is in good condition."

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TRANQUILITY Yacht – Elite $150M Superyacht

The TRANQUILITY yacht is a luxury yacht formerly known as Equanimity, constructed by Oceanco in 2014.

She can host over 28 guests and over 33 crew members.

TRANQUILITY yacht interior

The interior of the TRANQUILITY yacht was designed by Winch Design and exudes luxury. She features 1 master cabin, 3 VIP cabins (one that is extra special), 3 double cabins, and two twin cabins.

There is a large indoor lounge and group dining room, as well as a private dining area. 

One space that makes the TRANQUILITY yacht extra special is its spa suite, which comes equipped with a sauna, experiential showers, Hammam facilities, plunge pool, and massage facilities.

There is also a fully equipped balcony gym that doubles as a beach club. She features all of the luxury trimmings you would expect from a yacht of this quality. 

Specifications

The TRANQUILITY yacht measures 91 meters (300 ft) in length, with a beam of 14.5 meters (47.6 ft) and a draft of 4 meters (13 ft). She has a maximum speed of 19.5 knots and an average cruising speed of 16 knots. 

She is powered by two MTU diesel engines and is faster than other yachts her size, achieving 0.37 knots higher than the average top speed, and an average cruising speed of 0.59 knots above the average of yachts of a similar size. 

The draft is impressive considering her size, but she also comes with two Hodgson Tenders that are 10.5m in length giving passengers ease of access to the shore for excursions. 

The exterior of the TRANQUILITY yacht was designed by Oceanco, the same company responsible for the build. It features a steel hull that has been strengthened to Ice Class E. 

The design features a combination of dark materials complimented by elegant, off-white furnishings. 

She is home to a fully functioning helipad, a swimming pool, a movie theatre, an outdoor on-deck jacuzzi, and an on-deck lounging area. The activities aren’t limited to the onboard facilities, however. 

For those seeking some adventure, there are the previously mentioned Hodgson tenders, she offers multiple kayaks, Yamaha jet skis, wakeboards, paddleboards, Seabob F5s, and a trampoline amongst other facilities.

The TRANQUILITY yacht offers guests the chance to relax and play in equal amounts. 

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If you have any questions about the TRANQUILITY information page below please contact us .

Launched in 2014, luxury motor yacht TRANQUILITY (ex EQUANIMITY, Y709, Project PA164) is an impressive 91.5m/300ft explorer, constructed by the prestigious Dutch builder, Oceanco. With naval architecture by Azure Naval Architects and the yard's in-house team, this superyacht boasts beautiful interior design by renowned Andrew Winch. She represents the industry’s first superyacht designed and built to be fully Passenger Yacht Code (PYC) compliant. Luxurious and comfortable accommodation is provided for an impressive number of 22 guests.

NOTABLE FEATURES: ~Accommodation for up to 22 guests ~ Ice-classed hull ~ Massive 20sqm swimming pool ~ Spa center ~ Beach club ~ Multi-faceted beauty salon ~

TRANQUILITY Specifications

Among her special features are the spa and beach club, which is complete with sauna, hammam, experiential showers, plunge pool, and. The spa area leads on to a fully equipped gym and Pilates studio that can be extended through a fold-down platform at sea level, creating an indoor-outdoor wellness area that is unequaled afloat. In addition, there are two Zodiac Fast Rescue Ribs and two 10,5-metre custom Hodgdon tenders, as well as an amazing 20m² swimming pool with jets. The upper deck also boasts a fully certified helipad, in accordance with CAP437 regulations as adapted for the PYC.

Oceanco megayacht TRANQUILITY Y709 (Project PA164) features a steel hull and aluminum superstructure. She is run by twin 4,828hp/3,600kW MTU 20V 4000 M73L engines that enable her to reach a top speed of 20+ knots.

Yacht Accommodation

Accommodation is provided for 26 guests in a variety of flexibly configured staterooms — a generous master suite, three VIP cabins, three double cabins and two twin staterooms. There is also accommodation for a friendly and dedicated crew of 28 professionals.

Amenities and Extras

Tenders & Toys: 2 x Hodgson Tenders (10.5m each able to welcome 12 guests and 2 crew) one sport, one limousine 4 x kayaks 3 x Jet skis 1 x Yamaha Wave Runner Cruiser SVHO (brand new), 1 x Yamaha Wave Runner VXR (brand new), 1 x Yamaha VX Cruiser 2014 2 Wakeboards, 4 Paddle boards 1 trampoline with the runway. The yacht will rent the following in the event of a charter (summer season only) 2x Seabobs F5S 1x Quick Charger 1x Radinn Electric Wakeboard The helipad is available during charter. The helipad has a max mass landing of : MAUW 3650Kg Audio Visual Equipment and Deck Facilities: ~Magnificent SPA including sauna, steam room, experiential showers and plunge pool, massage and hair & beauty salon ~Helipad- touch & go- equipped with refuelling capabilities and heli-fire fighting equipment, ideal for remote cruising ~Elevator accessing lower, main and upper decks ~TVs in ALL Guest Cabins – 40” screens ~1 x Upper Deck Salon – 120” screen ~Crestron movie system Communications: ~2 x V sat units ~1 x Iridium fixed ~1 x Iridium handheld ~2 x Inmarsat fleet phones ~VHF radios ~UHF radios ~Gym equipment: The gym is located on the lower deck close to the beach club and Spa. The side door opens fully to allow guests to exercise at water level and easily cool off with a dip in the sea. ~Pro Elliptical ~Cybex Bravo training system ~Technogym treadmill ~Technogym Excite Bike ~Technogym Kinesis ~Helix lateral trainer ~Stott Pilates reformer ~Yoga mats and blocks ~A good selection of hand weights and dumbbells ~Kettle bells

TRANQUILITY Disclaimer:

The luxury yacht TRANQUILITY displayed on this page is merely informational and she is not necessarily available for yacht charter or for sale, nor is she represented or marketed in anyway by CharterWorld. This web page and the superyacht information contained herein is not contractual. All yacht specifications and informations are displayed in good faith but CharterWorld does not warrant or assume any legal liability or responsibility for the current accuracy, completeness, validity, or usefulness of any superyacht information and/or images displayed. All boat information is subject to change without prior notice and may not be current.

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The life and times of ‘Equanimity’

Each superyacht’s story should be full of romance and adventure on the High Seas but for  Equanimity  her journey so far feels something more akin to a Greek tragedy.

Built in 2014 by OceanCo, the 91 metre, 2,998 GT,  Equanimity  can take up to 22 guests. The interior was designed by Winch Design and it comes with a beach club, a swimming pool, helipad, a gym, steam room and a Turkish bath. She was widely admired when launched and reportedly cost $260 million. However, in 2018 the dream for  Equanimity  came to an abrupt end when she was seized by Indonesia authorities at the request of the High Court of Malay.

Unbeknownst to  Equanimity  she had been caught up in a political scandal and her alleged owner Jho Low was in deep trouble for purportedly misappropriating funds from the state investment company 1MDB.

Earlier this month the  court appointed  Burgess Yachts to be the selling agent of the superyacht. It also decided that the sale would take place thought a sealed bid auction. The minimum bid is based on an undisclosed appraisal conducted by Winterbothams.

One concern for any bidder is whether the yacht will be caught up in other 1MDB litigation (and there is a lot going on).

“The ship will be clean of all claims that may have existed before. Once she is sold by the Sheriff of the court then the purchaser gets a clean title,” says Sitpah Selvaratnam, a shipping law specialist and co-founder of Malaysian law firm Tommy Thomas who is advising on the sale. She says so far there have been no competing claims.

“Of course, there are many suits all over the world in regard to the 1MDB but they are based on other properties, art work etc. But to the vessel — No,” says Ms Selvaratnam. “We have not seen any party contest the Admiralty action because it’s really sound.”

The final chapters in the life and times of  Equanimity  have not yet been written and there are perhaps more twists and turns to come.

With her future in the hands of finding a potential buyer the saga of the intrepid yacht rages on.

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Jho low's superyacht equanimity of 1mdb notoriety is available for charter as tranquility, at us$1.25 million a week.

Equanimity, the US$250 million superyacht and trophy in one of the world's biggest financial heists, is now available for charter under its new name Tranquility, after its seizure and subsequent fire sale to one of Malaysia's wealthiest men.

The 91.5-metre yacht, currently moored at Le Vieux Port at Cannes on the French Riviera, is available for US$1.25 million a week, not including fuel and extra charges, according to its agent Camper & Nicholsons. The vessel is owned by Orient Peace, the Cayman Islands-registered unit of Genting Group, one of Malaysia's biggest conglomerates with businesses from casinos and cruises to plantations to power plants.

For that price, the client gets a glimpse at the lifestyle of its previous owner Low Taek Jho , better known as Jho Low, whose taste for luxury and lavish parties were the fodder of entertainment headlines from Hong Kong to Hollywood .

"Everything you can think of is found there, and many things that you don't think about is also there," Malaysian Prime Minister Mahathir Mohamad said in August 2018 during a visit to the yacht that his government had impounded from Low. "It is not really a yacht, but a huge ship."

The 91.5-metre Tranquility, formerly Equanimity, is one of the world's most expensive charter yachts. Photo: Handout alt=The 91.5-metre Tranquility, formerly Equanimity, is one of the world's most expensive charter yachts. Photo: Handout

Launched by the Dutch builder Oceano in 2014, the vessel's highlights include a "beach club" with folding platforms at the stern and the sides that drop down to the water, an on-board gymnasium, a massage room, a sauna and a 200-square foot plunge pool. A circular jacuzzi with a clear bottom is on the upper deck, visible from the deck below.

A grand piano sits in the main saloon, bedecked in bamboo, marble, gold leaf and wenge wood, which comes from an endangered tree species. The interior decoration was done by Andrew Winch Designs of the UK, known for designing the private jets, superyachts and mansions of the world's billionaires.

Low Taek Jho, also known as Jho Low, during an interview with South China Morning Post on 11 March 2015 at the office of Jynwel Capital in Hong Kong. Photo: SCMP alt=Low Taek Jho, also known as Jho Low, during an interview with South China Morning Post on 11 March 2015 at the office of Jynwel Capital in Hong Kong. Photo: SCMP

Powered by two 4,828 horsepower engines giving it a range of approximately 5,000 nautical miles, Tranquility arrived at the French Riviera on July 1 from Singapore via Sri Lanka.

Maintenance cost on the yacht is estimated at 2 million ringgit (US$483,000) a month, Mahathir said last year.

Low is a key figure in an international money laundering investigation related to the alleged misappropriation of US$4.5 billion (HK$35.1 billion) from Malaysian sovereign wealth fund 1MDB.

Malaysia's former prime minister Najib Razak was arrested on July 3 last year for his role in what has been described as the biggest corruption scandal in the country's history, with reports of some US$700 million of 1MDB funds flowing into his personal accounts to fund his and his wife's lavish lifestyle.

Low, who has not been seen in public since 2015, has denied all charges . Court documents in 2017 said that the embezzled funds were "laundered through a complex series of transactions, including through bank accounts in Singapore, Switzerland, Luxembourg, and the United States."

Undated file photo of Jho Low partying with Paris Hilton. alt=Undated file photo of Jho Low partying with Paris Hilton.

A global hunt was initiated by the US Department of Justice to seize assets bought with funds from the scandal, including artwork, luxury real estate and jewellery.

US court documents alleged that 1MDB officials diverted more than US$850 million to private entities incorporated in the Seychelles and BVI, and that the funds were used to purchase Equanimity for "Low's personal benefit".

The yacht was seized in Bali in February 2018 by Indonesian authorities on behalf of the US government. The yacht actually had its automatic identification system, which allows vessels to be tracked, turned off while at anchor at Gili Gede near Bali, according to superyacht agents familiar with the matter. But a tourist recognised the yacht, and posted its photos online, alerting the FBI to its whereabouts.

The aft deck bar and jacuzzi, with a clear bottom that's visible from the deck below. Photo: Handout alt=The aft deck bar and jacuzzi, with a clear bottom that's visible from the deck below. Photo: Handout

An Indonesian court subsequently ruled against the seizure, but wouldn't allow the yacht to leave Bali. In July, after a June visit from newly elected Mahathir, Indonesian authorities returned the yacht to Malaysia. Equanimity was moored in a Langkawi marina for sale, where it found no takers for the Malaysian government's minimum asking price of US$130 million.

On April 3, 2019, the yacht was finally sold to Genting for a discounted US$126 million in a private deal.

"The bargain-basement sale price accepted by the Mahathir Government for the yacht Equanimity is the final chapter in yet another tale of the regime's incompetence and disregard for the rule of law," Low said on the same day through his publicist .

The state room on board of the superyacht, with skylights that can be dimmed, comes with an ensuite private study. Photo: Handout alt=The state room on board of the superyacht, with skylights that can be dimmed, comes with an ensuite private study. Photo: Handout

Genting, chaired by billionaire Lim Kok Thay, owns resorts and plantations in Malaysia and is one of two casino operators in Singapore. Through its subsidiary Genting Hong Kong, Lim owns three cruise lines and the Italian yacht builder Wider. Genting Hong Kong also owns the German shipyard Lloyd Werft, which specialises in building large yachts and ships.

The purchase of the superyacht would allow Genting "to differentiate itself from its competitors and provide [Genting Malaysia] with a unique and competitive edge for its premium customers business," the company said.

In 2018, Genting Hong Kong had US$1.6 billion in revenue, up from $1.19 billion in 2017. Losses for 2018 were $213 million. Over the past five years, Genting Hong Kong's stock has declined steadily from HK$3 a share to HK$1 per share. In 2018, Genting Malaysia suffered its first net loss in five years.

This article originally appeared in the South China Morning Post (SCMP) , the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

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Megayacht TRANQUILITY (ex-Equanimity) joins the yacht charter fleet

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By Katia Damborsky   20 June 2019

Formerly known as superyacht EQUANIMITY, the 92m/300ft motor yacht TRANQUILITY has become available for private yacht charters.

A superyacht of epic proportions, TRANQUILITY is the latest vessel to join the international charter fleet. She will be spending her debut charter season exploring the glitzy cruising grounds of the Mediterranean .

YachtCharterFleet previously reported that the mammoth megayacht would be ideal as a charter platform.

Delivered by Oceanco in 2013, she was the first yacht to be built to Passenger Yacht Code (PYC) regulation, meaning she can accommodate up to 22 people on board. She is one of the few charter yachts with this capacity, making her the optimum candidate for charters with large groups.

While she will be transporting her guests around Mediterranean hotspots this summer, we can expect to see her chartering her further afield in the future. The expedition yacht boasts an Ice-Class hull that makes her primed for hosting crewed yacht charters in some of the most remote regions on earth.

Wherever she goes, TRANQUILITY will ensure her guests are living in the lap of luxury. Across her five decks, she houses a 20sqm spa pool and a helipad, which serves as an additional lounging area when not in use.

In a fitting testament to her name, her lower deck is home to one of the largest spas ever seen on board a yacht, complete with plunge pools, saunas, experiential showers, Hammans and jacuzzis. It directly connects to a large beach club.

The interiors of the yacht take their cues from signature Asian motifs, with wenge wood, bamboo, marble and gold-leaf contributing to a palatial, yet refined, ambience. A glass elevator runs through the centre of the yacht, encircled by a gleaming white and chrome staircase.

The yacht’s 11 cabins share the same inviting, resort-style feel as the spa, with an emphasis on warmth and comfort balanced by opulent touches. The owner’s suite is particularly enticing, as the space enjoys influxes of light and 180-degree views from panoramic windows and access to a private deck with a dip pool.

The superyacht changed hands earlier this year, after she was launched under the name EQUANIMITY. In a highly-publicized media storm, it was alleged she had been bought with siphoned funds in the 1MDB scandal.

TRANQUILITY will no doubt enjoy a cleaner reputation as she welcomes her first charter guests on board this summer. A fusion of cutting-edge amenities and state-of-the-art on-board features, she is easily one of the most impressive yachts publicly available for charter.

She will be available in Mediterranean hotspots including the South of France and Italy this summer, and is expected to head to the tropical cruising grounds of the Caribbean this winter. 

Her charter rates begin at €1.1 million per week.

She ranks in the World’s Top 100 Superyachts, sharing spot 65 with Neorion’s superyacht ‘Queen Miri’ .

If you would like to learn more about chartering M/Y TRANQUILITY, please reach out to your preferred yacht charter broker .

Alternatively, you can view and compare all luxury yachts for charter in the Mediterranean .

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Oceanco delivers superyacht Equanimity - first yacht built to PYC

Oceanco has delivered hull Y709 to its owner, who has christened the 91.5m yacht Equanimity .

The Netherlands-based builder Oceanco launched the superyacht, formerly known as project PA164 , in October 2013. She is the first superyacht built to the Passenger Yacht Code, which means the owner has been able to max out the accommodation – on board there are beds for 26 guests and 28 crew. Equanimity 's elegant, clean lines are the result of a collaboration between Oceanco and Andrew Winch Designs, with the latter solely responsible for the interior of the yacht.

Inside, the theme is inspired by Asia, reflecting the owner's Chinese origins, with the use of materials like wenge, gold leaf, bamboo and marble. Flexible is the word given to the arrangement of the cabins, which come as a master suite, three VIPs, three doubles and two twin staterooms. The master suite promises to be spectacular, with a lounge, study and private exterior deck with whirlpool.

Equally special is the spa and beach club, which come complete with sauna, hammam, 'experiential shower,' plunge pool and beauty salon. Above, there is a 20 square metre pool. The raised aft deck, meanwhile, is set up as a fully certified helipad.

The steel hulled superyacht is powered by twin 4,828hp MTUs, giving her a top speed in excess of 20 knots, while Equanimity 's Ice Class hull and 271,000-litre fuel capacity offer the owner almost unlimited options for exploration.

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Jho Low’s Super Yacht, Formerly Known As Equanimity, Is For Sale Under New Name

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The infamous superyacht linked to the 1 Malaysia Development Berhad (1MDB) scandal, formerly known as Equanimity, appears to be listed for sale on the British publication Boat International website.

Now known as Tranquility, the sale price of the superyacht appears unlisted though it was sold to casino operator Genting Malaysia Bhd for RM520.8 million in April 2019 – half its original purchase price.

The 91.5-metre yacht had been in the centre of the 1MDB scandal, allegedly bought using stolen funds by fugitive businessman Low Taek Jho (aka Jho Low) who was known for his lavish lifestyle and partying with Hollywood stars.

According to US court documents, 1MDB officials allegedly diverted more than US$850 million (RM 3.6 billion) to private entities incorporated in the Seychelles and British Virgin Islands. The funds were used to purchase Tranquility (then known as Equanimity) at RM1.03 billion for “Low’s personal benefit”, as well as a private jet, Picasso paintings, jewellery and real estate.

The luxury yacht built in 2014 was a mirror of Jho Low’s indulgent lifestyle as it comes equipped with dazzling amenities such as a helipad, Turkish Bath, on deck jacuzzi, sauna, swimming pool, cinema, beauty salon, and 22 luxurious rooms.

Following the request of the US Department of Justice which was investigating money laundering involving 1MDB, Indonesian authorities seized the yacht in Bali in February 2018. It was later returned to Malaysia which put the yacht up for auction.

Following its sale to Genting via a private deal, an incensed Jho Low released a statement via his publicist criticizing the government for accepting the “bargain-basement sale price”.

Genting then put the yacht up for charter and it was even rented by Kylie Jenner for her 22nd birthday bash in August 2019.

View this post on Instagram 🛥♥️ A post shared by Kylie 🤍 (@kyliejenner) on Aug 12, 2019 at 12:03pm PDT

However, it seems that the yacht didn’t attract that much star power as it was put back up on sale in October 2019 with a price tag of US$ 200 million (RM840 million).

Tranquility sails under the flag of the Cayman Islands and is currently docked at Singapore.

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1MDB-linked Equanimity, valued at S$340m, could become most expensive superyacht to be auctioned

PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - Equanimity could smash the world record for the most expensive superyacht ever to be sold at auction in the event it goes under the hammer.

With the vessel now in Malaysian custody, all eyes are on the fate of the luxury yacht reportedly worth US$250 million (S$340 million).

Finance Minister Lim Guan Eng had said on Monday that his ministry wanted to get the best value from the Equanimity.

"Our aim is to draw back as much money as we can from the asset," Lim had said, adding that the immediate plan was to ensure that all paperwork was in order and that all proper controls were imposed.

An online search of prices fetched so far by superyachts suggest that Equanimity could create a new record if the government decides to initiate an auction.

An article on the website of British publication Boat International listed the sale of the 72m Lürssen Apoise as the most expensive yacht ever auctioned.

At an auction in 2010, the yacht was sold for US$34.75 million, which is much lower than what Equanimity could be worth.

VesselsValue, a London-based online ship-­valuation database firm, when contacted, said it valued Equanimity at US$175 million.

"Looking through our system, we also have the Apoise as the superyacht which has achieved the most at auction," said Vessels­Value associate director Claudia Norrgren.

The Apoise and Equanimity fall under the category of a superyacht or mega yacht, which refers to a commercially operated luxury yacht which is over 24m long.

Asked about the long term, Norrgren said superyachts don't really go up in value.

"If it goes for auction it never realises its full potential as it is a distressed sale," she said, adding that there have been times when a superyacht could go up in value from its ordered price.

"Pre-2018, people wanted a yacht immediately and there was a premium for very young superyachts, around one or two years old.

"Nowadays, it is a pretty stable market for second-hand superyachts, with changes in value set by market depreciation rather than being influenced by economic factors," explained Norrgren.

The market for superyachts comprises the super-rich, also known as ultra-high net worth individuals, said a luxury yacht broker.

The broker said it was in the best interest for the government to keep Equanimity in good condition in order to sell it easily.

The selling price of a used superyacht such as Equanimity, he said, would depend on a number of factors including how many people have been on the ship and used it daily.

The broker said offering Equanimity for charter service could diminish its value.

"The condition (of the yacht) will deteriorate. It will bring in charter income but the resale price of the yacht will be reduced," added the broker.

Despite its eye-watering value, Equanimity is not the most expensive when it comes to superyachts.

In an online CNN article last month, which listed 10 of the most expensive superyachts, the top spot went to Serene, a 134m stunner that was reportedly bought by Saudi Crown Prince Mohammed bin Salman for US$550 million.

In 10th position is Octopus, a US$200 million vessel commissioned by Microsoft co-founder Paul Allen.

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(Oct 13) Burgess, the world's number one superyacht brokerage house appointed as central agent to sell Jho Low's superyacht Equanimity, said the yacht is in good condition and taken care of by a professional crew.

On Aug 24, the superyacht's holding company, Equanimity (Cayman) Ltd, had criticised Malaysian officials for mishandling the US$250 million superyacht.

“Malaysia has currently docked the yacht in a hazardous environment in which toxins such as water pollution and nearby smoke are greatly damaging it,” the Cayman Islands-registered company said in a statement to Malaysian media.

“Because Malaysia apparently does not have – or does not want to spend – the necessary funds to properly maintain the vessel while it is prepared for a value-maximizing sale, Malaysia has instead proposed a ‘fire sale’, in which the yacht is to be sold for a fraction of its true value."

In a report in SuperyachtNews.com, Burgess rejected these claims by saying, "The yacht is in good condition, in a safe environment, berthed at the Port Klang cruise ship terminal in Malaysia, and is being taken care of by a professional yacht crew under the supervision of a specialised yacht management company.

"As is practice in judicial sales, the maintenance costs of the vessel in the meantime are advanced by the party requesting the court for the sale. The costs are then recovered from the purchase price following a successful sale."

In an exclusive statement to SuperyachtNews.com, Burgess said, "The judicial sales process has been defined by the High Court of Malaya as being the appropriate process in this case – it is in line with its admiralty jurisdiction and the common practice adopted by Courts in many countries."

According to Burgess, there will be no published "asking price" or "reserve price", although the High Court may decline even the highest bid if it falls below the formal Court-appraised value of the yacht. The appraised value of the yacht, provided by Winterbothams, will remain confidential until all bids are received and opened by the Court. Subject to the above, the High Court is likely to accept the highest bid from a bidder meeting the due financial criteria."

According to SuperyachtNews.com Burgess also rebutted Equanimity (Cayman) Ltd's claim that "Malaysia’s seizure of the vessel is already contrary to a US court order appointing the US government as custodian of the yacht" and that "the US has not proven its case regarding the Equanimity".

Burgess clarified that "the High Court of Malaya arrested the yacht in accordance with its admiralty jurisdiction", providing an opportunity for "clean and unencumbered title [of ownership] to the purchaser under its judicial sale, consistent with other countries. The yacht is now in the custody of the Malaysian Court, without any challenge to this process."

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Superyacht sinks latest: Mother of crew survivor speaks out; CCTV captures yacht seconds before it sinks

The search for six people missing after a superyacht sank in a tornado off Sicily continues. Listen to a Daily podcast special as you scroll - as our correspondents and guests examine why the disaster happened.

Tuesday 20 August 2024 22:53, UK

• Superyacht sinking
• Search for survivors after superyacht disaster in 'critical 24 hours'
• Six missing - including tech boss, Morgan Stanley executive and top lawyer
• Crew survivor 'spared by grace of God' - as staff named
• Captain speaks out for first time
• Divers limited to 10 minutes underwater struggle to access cabins
• Watch: CCTV captures yacht seconds before it sinks
• Explained: What causes waterspouts? | Inside the superyacht
• Listen to the Daily podcast above and tap here to follow wherever you get your podcasts

We're pausing our coverage for tonight but here is a recap of what we know:

• Six people are still missing after the sinking of the Bayesian superyacht, with rescue teams searching off the Sicilian coast for survivors;
• The Italian coastguard confirmed that the body found after the yacht sank yesterday is that of chef Recaldo Thomas;
• The coastguard also named more survivors - Leah Randall, Katja Chicken and Leo Eppel;
• An engineer who led the salvage operation for the wrecked cruise ship Costa Concordia said rescue divers have entered a "critical" 24 hours; 
• The captain of Bayesian spoke for the first time, saying: "We didn't see it coming" in reference to the storm that sank the boat.

Images are emerging of emergency crews working near the site where the yacht sank in Porticello.

Search and rescue efforts by sea and air have so far delivered no results and experts have said we are in a "critical" 24 hours.

Bayesian was moored around half-a-mile off the coast of Porticello when it sank at around 5am local time yesterday.

A friend of Recaldo Thomas, the chef who was killed as the yacht sank, has described him as a "calm spirit" who had a "smile that lit up the room".

Gareth Williams, who grew up with Mr Thomas in Antigua, told the BBC : "I can talk for everyone that knew him when I say he was a well-loved, kind human being with a calm spirit.

"He would come over to mine over the weekend and he would sing. He had the deepest, most sultry voice in the world, and a smile that lit up the room.

"He told me just the other day that he needed to work two more seasons to fix up his late parents' house. He loved yachting, but he was tired."

Mr Thomas was also a Canadian citizen. The country's foreign ministry said it was "aware of reports that a Canadian citizen has died" and that consular officials were in contact with local authorities.

Mike Lynch "lost the last 12 years fighting a ridiculous case", his co-founder has told Sky News.

David Tabizel, who founded the software company Autonomy with Mr Lynch - the sale of which became the subject of the US fraud case - said he was a "legend" and that he had a "very soft spot for him".

"I'm just heartbroken for him and his family and I hope there's a miracle about to occur," he said.

Mr Tabizel said Mr Lynch's "resilience" and "importance to British economy cannot be overstated". 

"Now he has passed through this great trauma we were hoping he would lead a new national revolution to help Britain out of its current moribund state," he said.

"If anyone has the resilience to survive this - he does. And I hope he's found an air pocket."

Mr Tabizel added: "He has been one of the most influential, intelligent and most honourable human beings I have ever had the honour of knowing."

Mr Lynch sold Autonomy to US computing giant Hewlett-Packard for $11bn (£8.6bn).

He was accused of conspiracy and attempted fraud over the sale to HP and an intense, multiyear legal battle in the US ensued.

He was acquitted of multiple fraud charges in June after more than a year under house arrest.

CCTV footage showing the yacht moments before it sank has been released.

We reported on separate footage earlier, shot from a villa 200m away from the site of the disaster in Porticello.

The owner of the villa told outlet Giornale Di Sicilia the shots showed the boat sinking in 60 seconds: "You can clearly see what is happening. There was nothing that could be done for the vessel. It disappeared in a very short time."

Experts have said we're in a critical 24 hours in the search for survivors.

Earlier, Nick Sloane, who led the salvage operation for the wrecked cruise ship Costa Concordia, said survivors might be trapped in air pockets, but that time was running out to save them (see post at 12.50pm).

Now Dr Jean-Baptiste Souppez, senior lecturer in mechanical engineering at Aston University, has said the speed at which the vessel sank (a few minutes, according to accounts) and the fact that it remains intact "could favour the formation of small air pockets inside".

While the formation is "highly speculative", he says, there are records of survivors found in such pockets.

"A sign the rescuers may be looking for is a banging noise at regular intervals: this is common practice on submarines, and was one of the signs the search mission for the Titan submarine was looking for after it went missing last year," he says.

"But whether air pockets formed on the Bayesian is simply impossible to predict."

There is a "big question mark" over how the superyacht sunk, the editor-in-chief of BOAT International has told Sky News.

Stewart Campbell said "nothing like this had happened before" in his recollection.

"These boats are built extremely tough. They are built to take on the biggest seas the ocean can throw at them," he said.

"Big volume aluminium boats are very capable. So the fact that a boat like Bayesian can sink in a storm like this is incredibly surprising."

He said even if a ship like this was knocked down "it should be been able to right itself".

"Even if the boat had been dismasted, theoretically the boat should have been even more stable as it would have meant less weight and the keel would then have anchored the boat more firmly in the sea.

"There are lots of questions to be answered.

"At the moment from my point of view and from the people I have spoken to, including captains of similar boats, there is a big question mark over how this happened."

The action of the boat when it was struck by the storm "would have been incredibly violent" and "it should have woken everybody up".

"The crew would have sprung into action and tried to get everyone into life rafts if they thought the boat was in danger," he said.

"We just don't know what situation the boat was in when this storm struck."

The life raft on which survivors are understood to have escaped the sinking yacht has been pictured in the harbour at Porticello in Sicily. 

Earlier, Karsten Borner, the captain of a boat that came to their aide, described how he and his crew found the raft with 15 survivors inside and brought them to his ship until help arrived.

He described the situation as "awful and traumatic" for those involved - you can read his comments in full in our post at 10.55am.

Why did the yacht sink? What is happening with the investigation? Who is missing - and why are conspiracy theories already brewing?

Our correspondent Ashna Hurynag, who is at the scene in Sicily, and Danny Fortson, West Coast correspondent for The Sunday Times, who interviewed missing Mike Lynch only weeks ago, answer these questions on today's episode of the Daily podcast, with host Niall Paterson.

You can listen above - and  tap here  to follow wherever you get your podcasts.

 The mother of one of the survivors has said she is "beyond relieved" her daughter's life was spared.

Heidi Randall, the mother of crew member Leah Randall, told Sky News: "I'm beyond relieved that my daughter's life was spared by the grace of God. 

"It doesn't make it any easier living with the heartache of those who have lost their lives or are missing. 

"My very deepest condolences to the chef's family as they formed a great friendship."

Leah Randall, from South Africa, was photographed leaving the coastguard headquarters yesterday, alongside Katja Chicken, her fellow crew member.

The Italian coastguard has also confirmed the name of another crew member.

Leo Eppel was also working on the yacht, spokesman Vincenzo Zagarola said.

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Scramble to find survivors after Bayesian yacht sinks off Sicily coast

A rescue operation is ongoing for 6 missing people, including british entrepreneur mike lynch. an american was also among the missing..

One person died and six people were missing after a luxury yacht sank Monday in Italy off the coast of Palermo, the capital of Sicily, after a sudden storm hit the area, according to Italy's coast guard.

The Bayesian, a 184-feet-long, British-registered sailboat, went down just before sunrise, capsizing its 22 passengers and killing one man, the ship's cook, t he coast guard said in a statement. On Monday, rescue teams identified the body as Antiguan citizen Ricardo Thomas.

Of the 15 passengers rescued, eight were taken to a local hospital for treatment and were in stable condition, local news reported. A 1-year-old was among those rescued.

"We are providing consular support to a number of British nationals and their families following an incident in Sicily and are in contact with the local authorities," the U.K Foreign, Commonwealth and Development Office said in a statement emailed to USA TODAY.

The people missing were American, British, and Canadian nationals.

What caused the Bayesian to sink?

The ship sank after unexpectedly strong storms recently dumped heavy rainfall, causing flooding and landslides, in parts of the country. Among those missing are British tech entrepreneur Mike Lynch, and his daughter, a person familiar with the rescue operation told Reuters.

Jonathan Bloomer, chairman of Morgan Stanley International, and Chris Morvillo, a lawyer at Clifford Chance who represented Lynch in a  U.S. trial , were among the missing. The wives of both men were also unaccounted for, said Salvatore Cocina, head of civil protection in Sicily.

"The fear is that the bodies got trapped inside the vessel," he told Reuters.

The yacht was owned by Lynch's family and had 22 people on board when it sank just before sunrise. The captain of a nearby ship told Reuters his crew rescued some survivors from a life raft, including three seriously injured.

"We managed to keep the ship in position and after the storm was over, we noticed that the ship behind us was gone," Karsten Borner said. The other boat "went flat on the water, and then down," he said.

"A little baby and the wife of the owner" were rescued, while the ship's owner and a child were missing, he said.

The boat was located 160 feet under the water and divers were deployed to inspect the wreck, according to the coast guard.

The search-and-rescue operation continued on Monday morning, a Reuters live feed showed . A helicopter and four coast guard ships were at the scene on Monday morning, according to the coast guard.

Bayesian had set sail off Amalfi Coast in July

Prosecutors in a nearby town have opened an investigation into the events leading up to the ship sinking.

The Bayesian set off for Palermo from Positano, a village on Italy's southern Amalfi Coast, on July 30, according to marinetraffic.com . It last docked in the town of Milazzo, in Messina, on Wednesday, according to VesselFinder.

The ship has the tallest aluminum mast in the world, according to Perini Navi , its manufacturer. It was built in 2008.

Contributing: Reuters

UK's Mike Lynch missing after yacht sinks off Sicily, source says

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At Least 1 Dead and 6 Missing After Yacht Sinks Off Sicily

Fifteen other people were rescued. Expert divers were called in to carry out search operations in the deep water. Among the missing was a British software mogul, Mike Lynch.

By Elisabetta Povoledo

At least one person was killed and six others, including a British software mogul, were missing on Monday after a sailing yacht carrying 22 people sank during a violent storm off the coast of Sicily, Italian officials said.

The yacht sank after a storm “with strong winds” struck around 5 a.m., according to Luciano Pischedda, the Italian Coast Guard official overseeing the rescue operations. The vessel had been anchored about a half-mile off Porticello, about 12 miles east of the Sicilian capital, Palermo.

Camper & Nicholsons, managers of the sailing yacht, said in an emailed statement that there were 12 guests and 10 crew onboard.

The authorities have yet to determine what caused the yacht to sink. “This will be ascertained later,” Mr. Pischedda said, adding that several crew members were in the hospital and had not spoken to investigators.

Among the dead and missing, four were British, two were American, and one was a man with dual citizenship from Canada and Antigua, he said.

One of those unaccounted for is Mike Lynch, a British software mogul who was acquitted in the United States in June of fraud, according to a person with knowledge of the matter who spoke on the condition of anonymity because they were not authorized to speak publicly about it.

His wife, Angela Bacares, was rescued. Mr. Lynch, who once was described as Britain’s Bill Gates, had fought for more than a decade against accusations that he had defrauded Hewlett-Packard when he sold it his company, Autonomy, for $11 billion. The legal battle represented one of the biggest fraud cases in Silicon Valley history.

Salvatore Cocina, a top official with Sicily’s civil protection agency, said that Mr. Lynch’s daughter, Hannah Lynch, was also among the six people missing. All were passengers on the yacht, the Coast Guard said.

Mr. Cocina said the body that had been recovered was that of the yacht’s cook.

A passenger ship sailing under the flag of the Netherlands, the Sir Robert Baden Powell, anchored nearby, provided immediate assistance to the 15 surviving passengers, Mr. Pischedda said.

Karsten Börner, the captain of the Sir Robert, said in a telephone interview that he’d had to steady his ship to “keep it in position” during what he described as very strong winds. During the storm, the yacht seemed to disappear, he said. “At a certain moment she was gone behind us,” he said.

After the wind dropped down, “we couldn’t see the yacht any more, and then we saw a red flare,” he added. When he and a colleague went to check out the flare’s position, they spotted a “life raft adrift with 15 people on board, one of them a baby and four people injured,” he said. They were taken aboard the Sir Robert and Captain Börner contacted the Coast Guard, which brought the survivors to shore.

Captain Börner said he didn’t know when the ship went down because the storm made it difficult to see clearly. The wind was “really violent,” he said.

For the most part, the survivors didn’t speak much he said. “They were all under shock,” he said. “It was a bad, bad situation.”

Monday’s storm surprised experts with its intensity.

Col. Attilio Di Diodato, director of the Italian Air Force’s Center for Aerospace Meteorology and Climatology, said the agency had registered intense lightning activity and strong gusts of wind in the area at the time of the accident.

“It was very intense and brief in duration,” he said of the storm. He could not rule out that it had been a waterspout, or small tornado, but nevertheless called it “an important event.”

Italy’s firefighter corps said that its divers had started carrying out a search and rescue mission at dawn.

On Monday afternoon, expert divers with the firefighter corps arrived in Porticello to search the sunken vessel, which was under about 165 feet of water.

Operations at that depth, were “complicated,” and required specialized divers, said Luca Cari, a spokesman for the firefighters.

Fabio Cefalù, a fisherman in Porticello, told the Italian newspaper La Repubblica that he saw a waterspout — a sort of mini-tornado — that lasted “about 12 minutes” off the shore of Porticello shortly before 4 a.m.

Around 4:10, he said he saw a red flare go off “about 500 meters from the shore.” He said he waited for the weather to calm down, and went out about 20 minutes later to the site where the flare had gone off.

“We found only the cushions, and a few planks” floating in the water, he told the newspaper. There was no sign of the ship, and he immediately called the coast guard.

The boat, identified by Italian officials as the Bayesian, is an Italian-made 56-meter-long sailing yacht first launched in 2008, according to the website marinetraffic.com , which tracks ships. It sails under the flag of Britain, and was built by Perini Navi, an Italian luxury yacht maker.

Eight of the 15 passengers who were rescued were taken to hospitals in Palermo, the coast guard said. Camper & Nicholsons, the managers of the yacht, said its priority was to “provide all necessary support to the rescued passengers and crew.”

Giuseppe D’Agostino, the mayor of Santa Flavia, which includes Porticello, said the survivors would be cared for at a local hotel. The city had also brought them immediate necessities, like toiletries and clothes.

He said in a telephone interview that he had not spoken to the survivors since “they’re in shock.”

The youngest passenger onboard, a 1-year-old girl named Sophie, was taken to the Di Cristina hospital in Palermo with her mother, Charlotte, who had some scrapes and cuts, said Domenico Cipolla, director of the pediatric emergency room at the hospital.

Sophie’s father was in the hospital’s adult emergency room and had been in contact with his wife and daughter by phone, Dr. Cipolla said. He was not permitted to release the family’s surname. Both mother and child were in good condition apart from “great emotional stress” he added in a telephone interview.

“We’re comforting them more than curing them,” he said.

Michael J. de la Merced contributed reporting.

Elisabetta Povoledo is a reporter based in Rome, covering Italy, the Vatican and the culture of the region. She has been a journalist for 35 years. More about Elisabetta Povoledo

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