A LUXURY yacht, which was seized by police with £160 million of cocaine on board, is now being auctioned to the highest bidder in Newport later this month.
Seized under the Proceeds of Crime Act, the yacht - named ‘MY Kahu’, will be sold unreserved, meaning it will go to the highest bidder of the auction.
It will be auctioned by Newport's Wilsons Auctions, who say they are "honoured" to offer the 120ft luxury yacht in an upcoming online auction.
Currently berthed at Torquay Marina in the south of England, MY Kahu is 120 ft/36.58m expedition yacht that was built in 1979 for the Royal New Zealand Navy.
It was converted in 2010 into a pleasure craft and has since travelled the globe, including making multiple transpacific and transatlantic voyages.
Featuring a large main salon, fully equipped galley and five staterooms for guests, it also has additional accommodation and space for four crew members.
An open day for viewings will be held on Wednesday, April 20, by appointment only,.
Wilsons Auctions’ government contracts manager Mark Woods said: “We are delighted to manage the sale of this high-profile asset.
"It is reported that around £160 million worth of cocaine was found on board MY Kahu and that is why the vessel is now being offered for sale by auction.”
Presented in a timed online auction, bidding for this auction will start on Wednesday, April 27 at 3pm.
Potential bidders will have a 24-hour window to bid online before the auction closes at 3pm on Thursday, April 28.
Bidding will be open to the public and will be online only.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel