STURGEON BAY – A superyacht owned by a Russian oligarch that was built in Sturgeon Bay is among a number of yachts and other assets seized by foreign governments in the past two weeks as part of the sanctions implemented due to Russia’s invasion of Ukraine.
“Lady M” was built at the Palmer Johnson shipyard in 2013 and delivered to its owner in June. At the time, the 213-foot-long vessel would have was the largest aluminum-hulled yacht ever built in the United States and the largest built by Palmer Johnson as the first of her PJ Sport Yacht 210 series.
Designed by renowned Italian firm Nuvolari Lenard, “Lady M” carried a crew of 14 and could accommodate 12 guests in six suites. It also has a nearly 20-foot-long swimming pool that can be covered to turn into a touchscreen helipad. Her twin diesel engines combine to provide over 9,000 horsepower to move her gross tonnage of 716 tonnes, giving her a cruise speed of 24 knots (27.6 mph) and a top speed of 28 knots (32.2 mph). ).
The yacht is owned by Alexey Mordashov, a Russian whose personal net worth is valued at $21.2 billion by the Bloomberg Billionaires Index, making him the second richest person in the country. Mordashov is the chairman and largest shareholder of Severstal, Russia’s largest steel and mining company, and has interests in other business ventures. He is one of several Russian business tycoons under European Union sanctions for their close ties to Russian President Vladimir Putin.
According to a Reuters report‘Lady M’ was seized on March 5 by Italian authorities in the port city of Imperia, as part of an operation by Italian police to seize yachts and villas in the country valued at millions of dollars and owned by five sanctioned Russian oligarchs.
At the time, the Italian government reported that ‘Lady M’ was the most expensive asset it seized in the sweep, valued at 65 million euros (about $71 million), but it has more recently seized a $580 million, 485-foot-long superyacht, the SYA, linked to Russian energy and fertilizer tycoon Andrey Melnichenko.
Other superyachts belonging to Russian billionaires have been seized while in ports in France and Germany in recent days as part of a coordinated effort between European countries.
The sweep does not necessarily mean that the oligarchs have lost ownership of the assets. According to a report on CNBC.com, government prosecutors must prove that the seized property was part of a crime before these governments can take possession of it. Seizures mean assets cannot move or leave the country.
“Lady M” was one of the last yachts built in Palmer Johnson’s Sturgeon Bay shipyard, then based in Monaco, before the yard closed in 2015 and yacht building moved to the Netherlands. The local shipyard was bought by Italian boatbuilder Fincantieri in 2016, renamed Fincantieri Bay Shipbuilding, and now builds, repairs and maintains commercial vessels.
Contact Christopher Clough at 920-741-7952, 920-562-8900 or [email protected]
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