Antigua and Barbuda Sells Superyacht Alfa Nero for $40 Million

The luxurious superyacht Alfa Nero has been sold by the government of Antigua and Barbuda for $40 million to an undisclosed Turkish billionaire after being abandoned by its previous owner, Russian oligarch Andrey Guryev, due to international sanctions. The yacht, which had been costing the government $28,000 a week in maintenance, was seized in April 2023 and was initially bid on by former Google CEO Eric Schmidt for $67 million but the sale fell through due to legal complications. The funds from the sale are intended to address significant financial challenges faced by the government, including settling debts and a $220 million funding gap for 2024. The yacht, featuring luxury amenities such as a swimming pool and a baby grand piano, had been stuck in Falmouth Harbour since February 2022, costing the government considerable financial and environmental burdens. The sale marks a strategic move for Antigua and Barbuda to stabilize its fiscal situation. Despite the significant sale price, analysts note that it is relatively low for such a luxury asset, which was previously valued at $130 million.