A RUSSIAN superyacht worth £65 MILLION is set to go under the hammer after its oligarch owner was sanctioned.
The Axioma will become the first luxury Russian vessel to be sold off since a fleet of oligarchs were sanctioned following the invasion of Ukraine.
The titanic yacht was seized in March after US bank JP Morgan said its owner, Russian steel magnate Dmitrievich Pumpyansky, owed them more than $20 million.
Although it is valued at over £60 million, the superyacht is expected to go for less than its estimated value as it will only go on sale for one day.
Stretching over 230 feet, the yacht can sleep 12 people in 6 cabins, alongside space for 20 extra crewmembers.
The Axioma is a floating mansion, and boasts some luxury amenities including a swimming pool, jacuzzi, spa, and on-board gym.
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Its new owners will also land themselves a 3D cinema, jet skis and scuba diving equipment.
Originally called The Red Square when it was built in 2013, the ship was also available for rent despite being owned by one of Russia's richest businessmen.
But prospective holiday-goers would need to splash out over half a million pounds per week to enjoy their summer on The Axioma.
Able to zip along at 6,000 nautical miles at 12 knots thanks to its twin Caterpillar engines, the superyacht has hosted its fair share of celebrities, including Kendall Jenner.
The superyacht's billionaire former-owner is now forced to give it up after it was detained by the Gibraltar government in March.
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The vessel is one of a number of luxury superyachts to have been seized following the wave of sanctions due to the bloody invasion of Ukraine.
Russia's richest man, Alexei Mordashov, had his £45 million yacht detained in an Italian port in March, while another oligarch's vessel was seized later that same month in Canary Wharf.
But the Axioma is now set to become the first of the detained Russian superyachts to be sold off at auction.
US bank JP Morgan claimed that the oligarch did not repay a £17 million loan, and the monster yacht is set to go out for auction on Tuesday to repay the debt.
Despite calls from several governments for proceeds from sanctions relating to Ukraine to go towards refugees from the conflict, the sale of the Axioma is instead expected go to JP Morgan.
Pumpyansky is the owner and chair of steel pipe manufacturer OAO TMK, a supplier of the Russian state-owned energy company Gazprom.
The 58-year-old has an estimated £1.84bn fortune, but has been heavily sanctioned by the UK, EU and US.
The billionaire has been described by the UK government as one of the oligarch's "closest to Putin" inside the tyrant's inner-circle.
The man who will lead the auction for Gibraltar's Admiralty Court, Nigel Hollyer, told The Guardian there had been “unexpected late surge by prospective buyers," in recent days.
He said that more than 30 potential owners have flown to Gibraltar to inspect the yacht in person.
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He said: “They are people from across the world.
“They are people who own or have owned boats of similar size, and have been attracted to this boat because of the judicial sale process – they are convinced they’re going to get a bargain.”
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