No one clamouring to buy Equanimity

LONDON (Jan 22): Equanimity, the luxury yacht with an infamous reputation, failed to secure a buyer from an auction held since last year-end.

The 300ft vessel was one of the super-big ticket assets seized by the Malaysian government from fugitive financier Low Taek Jho, who had been charged in absentia for his involvement in the 1Malaysia Development Bhd (1MDB) scandal.

Though its guide price was set at US$130 million (about RM538 billion) against a listed market value of US$250 million, the world’s billionaires do not seem keen.

“It’s very difficult to get clients there,” CEO of Burgess, Jonathan Beckett was quoted as saying by Bloomberg today.

Beckett, whose company is handling the sale, added that it’s a challenge to persuade a buyer in Monaco to even travel as far as the Italian port of Genoa to see yachts, let alone Malaysia.

Listed as the largest yacht on Burgess’s website, the ship which features a helicopter pad, room for 22 guests, a spa and beauty salon remains docked at a navy port near Kuala Lumpur, where it costs about RM3 million per month for maintenance.

Equanimity was put up for sale in October after the Malaysian Admiralty Court ruled that the government and 1MDB have control over it. The High Court decided to offer the asset through a conventional sale until the end of March, after declining to accept the sealed bids from interested buyers last year-end.  

The open bids received from both local and foreign buyers so far have not matched the asking price, Beckett revealed at a Superyachts.com event in London this week.

Prime Minister Tun Dr Mahathir Mohamad is aiming to recoup as much as US$4.5 billion of the embezzled 1MDB funds from its sale.