A Superyacht Sank Off the Italian Coast and More Yachting News

When you think about a boat sinking, you likely picture Jack and Rose in the ocean while the Titanic plummets behind them. But if you were on the coast near Catanzaro, Italy, this past weekend, then you’re talking to your friends and family about the ocean swallowing a 130-foot superyacht.

My Saga, as the yacht was called, sank on August 20th about nine nautical miles away from the Catanzaro Marina. In a video captured by the Italian coast guard, the boat appears to struggle against the waves before the image cuts to the vessel vertically sinking into the water stern first. In the tweet about the incident, the coast guard confirmed that it had been on-scene, and all passengers ad crew were successfully rescued. 

According to The Washington Post, a towing company tried to save My Saga, but its efforts ultimately proved unsuccessful. The Italian coast guard launched an investigation to determine the point of failure, though it is unclear at this point what happened. The superyacht was designed by Tim Heywood, who was also responsible for the naval architecture. Jean-Marc Achy was responsible for the vessel’s interior. 

In other superyacht news, one lucky bidder just got a $75-million boat for a fraction of the cost. Axioma—a 236-foot multi-story yacht with an on-board swimming pool, 3D cinema room, spa, and gym—went to auction in Gibraltar this past week. The boat was seized in March from Russian oligarch and steel tycoon Dmitry Pumpyansky following sanctions from the US, EU, and UK. 

As The Guardian reported, the ship’s auction attracted 63 bidders, and it is the first sale of an oligarch’s assets since Putin invaded Ukraine. Though details of the winning bid have yet to be released, James Jaffa—a lawyer who specializes in yachts—told the publication he expects it to go for below $20 million. The auction has stirred controversy from many as the money from the sale won’t go toward helping Ukraine, but rather to JP Morgan, who funded a $20-million loan to Pumpyansky that has yet to be repaid.