A PRIVATE sale is the norm when it comes to assets, such as the superyacht Equanimity, said government-appointed broker Burgess, while downplaying a failed auction last year.

The brokerage firm’s CEO Jonathan Beckett said the auction was only to fulfil a legal requirement and the process of selling the yacht “is progressing well with many parties having visited the yacht and considering offers”.

“As explained by the Malaysian court lawyers, the first phase with sealed bids, which was completed in November 2018, was a legally required step under Admiralty Law to pass good title to the purchaser upon her judicial sale,” he said on BurgessYachts.com.

“Of course if, during that step, a bid would have 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 shot down criticism that the Malaysian government is taking too long to sell Equanimity: “Well, selling a yacht in this sector is never a fast process”.

He said there are only one or two yachts of that value selling each year globally and the sale process “typically takes 12 to 24 months”.

Officially, the yacht has only been on the market for three months, since the end of October 2018.

Beckett added that US$130 million (RM530 million) is a “reasonable guide price considering the quality of the yacht”.

On Equanimity’s condition, Beckett said the vessel is “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 very little down time, so she needs some time in the yard and a repaint but otherwise is in good condition and moored in Langkawi. – February 2, 2019.