Seized $600m Russian superyacht leaves Italy facing $11m annual upkeep bill

The luxury yacht has stayed in Italy since 2022, but its reported fuel, insurance and maintenance costs are putting pressure on public funds.

A $600 million superyacht seized from a Russian billionaire is costing Italy millions of dollars to maintain, even though it has not sailed in nearly five years.

The vessel, known as Sailing Yacht A, reportedly uses diesel worth $2,500 an hour to help run systems that protect its costly interior, including paintings said to be by French artist Claude Monet.

The yacht has been held in the Italian port city of Trieste since March 2022, after sanctions were imposed on its Russian owner, billionaire Andrey Melnichenko.

Its reported upkeep bill is now about $30,000 a day, or $11 million a year, according to figures cited from French newspaper Le Parisien.

The high cost has raised concerns over how much taxpayers may have to spend to keep a seized luxury asset in good condition.

Russian Sanctions and the $600 Million Luxury Yacht

Sailing Yacht A was one of the Russian assets seized in 2022. At the time, governments were taking action against wealthy Russians through sanctions.

The yacht was in Trieste when Italian authorities seized it in March of that year. It has stayed in port since then but keeping a yacht still does not mean its costs stop.

Large vessels need staff, power, cleaning and care. Their onboard systems must also be kept in working order. For Sailing Yacht A, that care comes with a high price.

The vessel is valued at about $600 million. Yet the cost of maintaining it has become a separate financial concern.

Diesel Fuel Costs and Luxury Yacht Maintenance

One of the biggest issues is the yacht’s reported fuel use. The report says its systems can consume about 400 gallons of diesel an hour, at a cost of roughly $2,500. A major reason for keeping the systems running is to protect valuable works of art inside. The yacht is said to hold paintings by Claude Monet.

These works need a stable indoor climate. Turning off the air conditioning could expose them to damage. The yacht also needs cleaning and technical care. About 20 workers are said to help keep the vessel and its systems in good condition.

The costs also include marine insurance, generator fuel and climate control. The reported $2,500 hourly fuel rate should not be read as a full-day cost. Running at that rate for 24 hours would mean $60,000 in fuel alone, more than the stated daily upkeep bill. The report does not explain the gap between those figures.

Seized Asset Management Puts Pressure on Public Funds

The growing bill has angered the mayor of Trieste, Roberto Dipiazza. He called the public cost a “disgrace” and raised the idea of selling or moving the yacht. Speaking to CNN, Dipiazza said:

“It will eventually cost him less to buy a new yacht than to pay back all we have spent.” He also warned: “And where does that leave us? We could be paying for this monstrosity for years.”

His remarks show the financial strain that can come with holding costly property. An asset may be worth hundreds of millions of dollars, but keeping it safe can still require major spending.

Luxury Asset Management and the Cost of Ownership

The case also shows why the purchase price of a superyacht tells only part of its financial story. The supplied report says annual running costs for large yachts are often estimated at around 10% of their purchase value.

It also cites other luxury vessels with yearly bills worth millions of dollars. For Sailing Yacht A, the issue is not the cost of sailing. It is the cost of staying still. Fuel, staff, insurance costs and the need to protect valuable property continue while the vessel remains in port.

The mayor’s concerns now point to a wider issue: how long public funds may be needed to care for a seized billionaire’s asset.

For Italian taxpayers, the question is no longer just what the yacht is worth. It is how much longer they may have to pay to keep it.

Read also: Luxury yacht destroyed after grounding in severe storms off Greece