Russian Oligarch's $74M Superyacht Heading for Open Auction

A superyacht seized from a Russian oligarch in the wake of the late-February invasion of Ukraine is set to be auctioned.

The auction is set to take place on Tuesday in the British-controlled territory of Gibraltar, a narrow peninsula on Spain's southern Mediterranean coast, BBC News reported. Dubbed the "Axioma," the 72.5-meter yacht belonged to billionaire Dmitry Pumpyansky, owner of a major steel pipe manufacturer in Russia.

The yacht is valued at about $74 million, with the auction under JPMorgan. The vessel boasts five levels, an infinity swimming pool, jacuzzi, spa, gym and 3D-ready home theater system. Despite all the bells and whistles, it is expected to sell for less than its valuation.

The government of Gibraltar seized the yacht from Pumpyansky in March in the wake of Russia's invasion of Ukraine, which brought renewed scrutiny to the actions and global assets of the country's powerful oligarchs. In July, JPMorgan won a court order allowing it to sell the craft after the steel tycoon was unable to make payments on a $20.6 million loan. The banking giant was not able to accept payments from Pumpyansky's holding company, Pyrene Investments, in the wake of sanctions imposed against him by the U.S., United Kingdom and United Nations.

The sale will be conducted by the auction house Howe Robinson Partners, according to The New York Times. Broker Nigel Hollyer said the yacht has generated a "staggering amount" of interest from prospective buyers, resulting in more than 100 inquiries and 30 inspections. Of these, only two parties have at this point made serious offers.

JPMorgan is set to collect the proceeds from the sale, likely putting it toward the debt Pumpyansky had with the bank. But Bill Browder, a financier and activist, called for the money to be donated to Ukraine.

"Gibraltar prepares for first auction of a Russian oligarch's detained superyacht, but the proceeds will go to JP Morgan and not Ukraine," Browder tweeted on Saturday. "I think JP Morgan should step up and do the right thing here."

Governments in the West have recently called for the money made from seized Russian assets to go toward helping Ukrainian, particularly its refugees. JPMorgan declined to comment to The New York Times about whether or not it was considering such a move with the sale of the Axioma.

Newsweek reached out to JPMorgan for comment.