The 72-metre Axioma is likely to be the first seized super yacht to be auctioned, with the sale planned for August 23.

Supposedly worth $75 million, she will be sold with no reserve by the Admiralty Court in Gibraltar. She was built by Dunya Yachts in Turkey with the project name of Red Square.

According to, a website dedicated to the sale “is expected soon.”

The beneficial owner of the vessel is reportedly Dmitry Pumpyansky, an oligarch on the EU sanctions list and a shareholder in Pyrene Investments.

When Pyrene took out a $22 million loan from JPMorgan Chase & Co, Pumpyansky was the only shareholder. As he was on the sanctions list it was illegal for the US bank to accept any repayments. It is JPMorgan Chase & Co that is pursing its debt, rather than a sovereign state.

“JPMorgan is acting pursuant to its mortgage rights,” a spokesperson for the Gibraltar government told Business Insider.

PHOTO: Axioma Dunya Yachts