It ends not with a bang but a whimper – and a reduction by two thirds of the initial costs. Alfa Nero, the iconic Oceanco superyacht that's been stuck in Antigua and Barbuda for the past couple of years, has been sold at auction.
Alfa Nero sailed into Antigua and Barbuda in early 2022, just before third-party states adopted sanctions against Russian oligarchs in a bid to discourage them from funding Putin's war in Ukraine. When the presumed direct beneficiary (i.e., owner) of the superyacht, Andrey Guryev, was included on those lists, the state of Antigua seized it.
It's been trying to sell it ever since, and the efforts and the non-stop drama have turned Alfa Nero into a modern cautionary tale, to the point where it ended up distracting from the vessel's many accomplishments. Perhaps worse, the same drama prevented it from being properly maintained, and it's been starting to fall apart.
Prime Minister Hon. Gaston Browne has confirmed that Alfa Nero has finally been sold at auction. As of this writing, the official handover has taken place, as you can see in the video below. A full statement regarding the sale is still pending, but suffice it to say that details in the local media paint a very vivid picture of what happened: the superyacht has sold for comparative peanuts.
A desperate move with a huge price reduction, but still a saving one
When it was delivered in 2007, Alfa Nero came with an estimate of well over $120 million. That's a lot of money to pay for a boat, to be sure, but this is no regular boat: Alfa Nero is massive at 82 meters (269 feet) of total length, generous in volume and lavish in amenities, and integrates features that had never been done before it came along.
It is, in short, an icon – and that's exactly how Dutch luxury shipyard Oceanco meant it to be. It is a premium leisure craft designed for maximum relaxation and pampering, solid performance, and at-sea experiences hardly rivaled by other builds.
Photo: Oceanco
When it sailed into Antigua's waters, Alfa Nero was still worth as much, having been maintained in excellent condition up to that point. Owner Guryev was included in the first wave of sanctions, and while he kept denying that the superyacht was his, the complicated legal situation made it impossible for the management company to pay crew salaries and regular maintenance.
Once year later, the Antiguan state ruled that Alfa Nero had been abandoned and presented a hazard to the marina. It was running into disrepair and the state, already burdened by bills for standard stuff for the superyacht, couldn't and wouldn't pay any more for it. So a court ruled that it would have to be force-sold at auction.
Initially estimated at $82 million, Alfa Nero went through two different auctions, the highest of which would have netted $67.7 million for it, with ex-Google chief executive Eric Schmidt as the owner. He backed out because of the legal baggage that came with the vessel, and then runner-up American billionaire Warren Halle sued the state for failing to deliver it to him. Then, Guryev's daughter sued the state for what she called the illegal seizure, claiming she was the owner and, as an unsanctioned individual, allowed to sail it out of the marina.
Photo: Oceanco
These lawsuits are believed to have been settled by the time the state launched the third round of negotiations with potential customers. The valuation dropped by a couple of million, but the highest bid was still half that amount: $40 million, as confirmed by Browne. Browne told the local media that this was the highest bid they'd gotten, and they decided to use the opportunity to sell it.
To put it in much simpler math, someone got a $120+ million superyacht for just $40 million and the promise that all legal debts would be settled before Alfa Nero moved out of the marina. Furthermore, the new buyer has protection against any potential liabilities, which is a promise neither Schmidt nor Halle could get last summer.
An extended refit is coming
As for the lucky guy who got such a sweet deal, his identity hasn't been disclosed to the media. One publication says he's "a Turkish billionaire" and that he plans to take the superyacht directly into a yard for a necessary refit. Chances are Alfa Nero will be put up for charter once it's done.
Photo: Oceanco
Whatever work is necessary to bring this iconic vessel back to its former glory will have to take place elsewhere. Antigua and Barbuda don't have drydocking facilities and, either way, chances are they're quite happy to know they'll be free of this massive burden soon.
The two years that Alfa Nero spent stuck in the marina have cost the local taxpayer millions of dollars, with the funds coming out of an already constrictive budget. In the end, while $40 million is comparative peanuts to the value of the asset, it's a win for the people of Antigua. Browne says that this amount will cover all incurred debts, with probably some change to spare.
Alfa Nero boasts exterior design by Nuvolari Lenard and interiors by Alberto Pinto, with accommodation for 12 guests and 27 crew. It is the first Oceanco superyacht to feature a "statement pool:" an oversize water feature with adjustable height and the ability to convert it into a dancefloor or a helipad, depending on the occasion.
Even as it is now, in serious need of some TLC, it's still a beauty.
Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends. Full profile
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