Publish date:

Bankrupt Italian superyacht facilities bought for a song

The production facilities and hulk of a superyacht under construction in Italy have been sold to a U.K. private equity firm. Terzobinario.it 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. 

Related

Freedom Boat Club Acquires Conn. Franchise

With the acquisition of its franchise operation and territory in the Nutmeg State, the Brunswick subsidiary accelerates its Northeast brand expansion.

Sailing HOF Honors Inductees

In a ceremony in Newport, R.I., 11 sailors were honored as the Sailing Hall of Fame Class of 2021.

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Entries Open for Neptune Awards

The Marine Marketers of America is accepting submissions for its annual contest in 23 categories through Dec. 6.

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Take Action Now

We must take action to push Congress to reauthorize the Sport Fish Restoration and Boating Trust Fund. Here’s how you can help.

Southern Marinas Acquires Missouri Facility

Millstone Resort and Marina on Lake of the Ozarks is the fifth addition this year to the company’s portfolio.