Antigua sells super yacht but another lawsuit looms

Antigua’s cabinet confirmed this week that authorities had sold a Russian super yacht, which had been sanctioned by the US following Russia’s invasion of neighboring Ukraine in early 2022 but yet another lawsuit filed by the original owners could once again stymie efforts to dispose of the vessel once and for all.

The 267-foot Alfa Nero has been sitting in the Falmouth Harbor ever since its owners abandoned it in Antigua, racking up maintenance bills of about $30,000 weekly, a burden on taxpayers.

Former Google boss Eric Schmidt was the first person mid last year to buy the yacht at $67.6 million but once he realized that the original Russian owners were determined to continuously fight the case in court, he backed away, abandoning his bid. Cabinet Secretary Lionel Hurst said that an undisclosed buyer had already paid down the revised $40 million price tag on the vessel and the money will go to reduce national debt and take care of other domestic obligations. Schmidt was also upset about delays in automatically transferring the title to him.

“That frivolous lawsuit, the cabinet agreed, will not prevent the government from making good on the obligations incurred while the vessel was under its ownership; and, will not deter the administration from investing the overage in the construction of a hotel. The cabinet agreed that an investment in a tangible asset will serve as a reminder of the immense difficulties ,which this lawful seizure and sale caused the Antigua and Barbuda people and government,” Hurst said at the weekly post cabinet briefing.

Local officials are even unsure about exactly who the real or original owner is as Russian fertilizer mogul Andrey Guryev had stepped forward but he was on the list of persons under economic sanction by western nations including the US. Government officially seized the vessel last year after amending maritime laws in parliament.

Prime Minister Gaston Browne told the house recently that” we will issue a public statement confirming the amounts paid, the name of the buyer and how the proceeds will be distributed. We are seeking to complete the sale and we have indemnified the buyer,” he had said.