Superyacht Equanimity for sale at nearly half its $250m price tag
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Superyacht Equanimity for sale at nearly half its $250m price tag

THE Malaysian government will be selling the Equanimity, the Superyacht linked to the ill-famed 1Malaysia Development Berhad (1MDB) scandal for a floor price of US$130 million, at nearly half its original value.

A government-appointed lawyer, S. Sitpah said the minimum price was set based on an appraisal by Winterbothams Limited, a UK-based independent naval architect firm.

Sitpah told The Star the government had obtained a court order allowing the sale, which would be done through negotiations.

SEE ALSO: 1MDB: Superyacht owners dispute Malaysian sale; Jho Low charges filed 

“Now there is a guide price for potential buyers,” Sitpah was quoted saying.

The lawyer said the government was looking to complete the sale by March 31 next year.

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The Cayman Island-registered vessel Equanimity, which is reportedly worth some 250 million USD and is owned by Jho Low, a former unofficial adviser to the Malaysian fund 1MDB, sits in waters off Tanjung Benoa on the Indonesia’s resort island of Bali on April 4, 2018. Source: Sonny Tumbelaka/AFP

In October, the government announced the first phase of the yacht’s auction as part of its asset recovery measures related to the multi-billion dollar 1MDB scandal.

“The first phase received bids but these were not of acceptable degree, therefore we have to move into the second phase,” Sitpah said.

Equipped with a Turkish bath, helicopter landing pad and a history of parties attended by A-list celebrities, the Equanimity was returned to Malaysia after it was seized by Indonesian authorities.

SEE ALSO: 1MDB: Why Malaysia fell victim to the biggest heist in history

The US Department of Justice has said the Equanimity is among US$1.7 billion in assets allegedly bought by 1MDB financier Low Taek Jho, also known as Jho Low, and his associates with money taken from the fund.

Jho Low allegedly paid US$250 million for the 300-ft (91-m) yacht which has an interior clad in marble and gold leaf, a spa and sauna, a 20-metre (66-ft) swimming pool, and even a movie theatre.

Lawsuits have identified Low as a central figure in the 1MDB scandal, but his whereabouts are unknown. He has said the seizure and sale of the yacht were “illegal and costly, according to Reuters.