Bankrupt Italian superyacht facilities bought for a song

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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. 

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