Broker Defends Private Sale of Equanimity Which May Take 24 Months

874
- Advertisement - [resads_adspot id="2"]

It typically takes 12 to 24 months to sell a yacht of the calibre of the Equanimity, Burgess CEO Jonathan Beckett said in an interview with boating publication Barche Magazine today.

Barche Magazine is produced by boating and navigational experts, with every issue offering technical advice on boat purchasing, management and maintenance, product and harbour news.

Beckett was answering a question why it was taking so long to sell the luxury superyacht linked to Jho Low.

He said the 91.5m yacht – currently anchored in Langkawi – had only been on the market for three months. Brokerage firm Burgess is managing the sale.

“Selling a yacht in this sector is never a fast process. There are only 1-2 yachts of that value selling each year globally.

“So, nothing unusual about the time frame as officially the yacht has only been on the market since the end of October 2018.”

Downplaying a failed auction last year, Beckett explained the rationale for the change from a “sealed bids process” to a “private treaty process” for Equanimity.

He said the first phase, with sealed bids, was completed in November 2018 and this was a legally required step under the Admiralty Law to pass good title to the purchaser upon her judicial sale.

“Of course, if during that step a bid had met the requirements of the court, then we would have all been delighted to see Equanimity sold.

“But the offers submitted were below the independent professional evaluation of the yacht.

“Once the mandatory sealed bid phase was completed, the court was able to move to a more familiar private treaty sale format.

“This is the standard superyacht sale process which all superyacht stakeholders know well.

“New offers can be submitted at any time for the court’s consideration and response.”

Beckett said the US$130 million (RM532 million) guide price was set after a formal appraisal by the consultant, Winterbothams Ltd, following a full condition survey on the yacht.

He added that US$130 million is a “reasonable guide price considering the quality of the yacht”, revealing that Equanimity had been well maintained by 21 professional yacht crew under the supervision of a specialist yacht management firm.

“The yacht has cruised extensively since her launch and has had a very little downtime.

“So she needs some time in the yard and a repaint but otherwise is in good condition,” he added.

Equanimity accommodates for 22 passengers in 11 cabins. It has an ice-classed hull and certified helipad which allows her to cruise anywhere in the world.

It has a host of amenities, including a beach club and spa.