Bankrupt Italian superyacht facilities bought for a song

Publish date:

The production facilities and hulk of a superyacht under construction in Italy have been sold to a U.K. private equity firm. reports that the Privilege Yard in Civitavecchia was sold for $7.7 million (€6 million) to U.K.-based Royalton Investment.

The yard went bankrupt in 2014 after the owners failed to repay $270 million (€210 million) worth of debt. The yard has since gone through several failed auctions. Royalton Investment is the parent company of SSH Maritime, which invests in brokerage yachts, refits and superyacht builds.

When Privilege went bankrupt, it had a 410-ft. superyacht under construction. The yacht had been under construction since 2008, but was delayed for years because of financial difficulties. It was estimated that close to €40 million was spent on the yacht before it was abandoned, according to Il Sole. The yard owner’s debt climbed to $270 million and the project was halted in 2014.

In August 2016, the yacht’s owner and Antonio Battista, CFO of Privilege Yard, were placed under house arrest after alleged fraudulent bankruptcy filings.

According to the story, the yacht had been purchased by Royalton Investment last year before it acquired the facilities in October. 


Yanmar Names Power Solutions Division Manager

Carl J. Micu will oversee sales and the development of long-term growth plans.

Lippert Components Rebrands

The company’s core line of marine, RV and commercial products, including Lewmar and Taylor Made, will be branded as Lippert.

‘A Strong Finish to a Strong Year’

Booming demand for boats continued as the year ended, with the industry posting the highest number of sales since 2007.

Culture Summit 2.0

Correct Craft will gather “organizational culture drivers” for its second summit, which will take place virtually March 3.

Quick Hits: January 22, 2021

B.A.S.S. now taking noms for ‘21 Bassmaster High School All-American Fishing Team and Yacht Sentinel teams with Fountaine Pajot to equip its lineup with connected boat technology.

Teak Isle Expands Operations

The Florida-based manufacturer purchased a 45,000-square-foot facility and two additional CNC routers.