A superyacht seized in Malta will be sold for €150 million after a judge approved its sale to recoup monies due.

The 123-metre floating mansion, Golden Odyssey, will be sold after Deutsche Bank Luxembourg successfully arrested the yacht while it was in Malta as part of its efforts to enforce its mortgage against it for an outstanding debt in excess of €116 million.

Before Mr Justice Ian Spiteri Bailey, lawyers Ann Fenech and Adrian Attard, representing Deutsche Bank, explained that the bank was owed monies and had arrested the yacht while it was in Malta.

The court heard how the owner, Kal Marine Limited, had secured a loan from the bank in 2013 and had used the vessel as collateral.

It had failed to make repayments and had ignored calls to come into line, forcing the bank to seize the vessel.  

Kal Marine Limited is listed as a Bermuda-based company. 

In his judgment, Mr Justice Spiteri Bailey approved the private sale of the superyacht for the sum of €150 million, which was its current market value. The vessel will be bought by East Thrive Peace Limited, incorporated in the British Virgin Islands and represented in Malta by lawyer Nicholas Valenzia.

It is believed that this is the highest price ever fetched for a yacht sold in a judicial sale in Malta.    

The Golden Odyssey, registered in Bermuda, is ranked as the world’s 36th largest superyacht. Built in Lürssen, Germany, the superyacht was launched in 2015. It is 123.2 metres long, 20 metres wide and weighs 7,690 tons.  

According to SuperYacht Times, the Golden Odyssey features exterior design by Francis Design, while its interior was penned by Alberto Pinto, with naval architecture by Lürssen Yachts.

The yacht has a steel hull and an aluminium superstructure. It is powered by two diesel-electric engines, which give it a cruising speed of 11.2 knots and a top speed of 21 knots.