Saudi prince’s luxury mega-yacht at center of $ 78 million legal scandal
We tend to focus only on the privileges offered by royalties, but this also involves greater risks and potentially huge losses. Prince Fahad Bin Sultan, governor of Tabuk province in Saudi Arabia, has legal problems because of his superyacht and luxury mansion. According to Bloomberg, Credit Suisse Group, one of Europe’s largest banks, filed a lawsuit in London, asking the prince to repay the whopping $ 78 million he should have owed in interest and loans.
Apparently, Fahad Bin Sultan took out a loan to refinance his mega-yacht and mansion in London. He was the guarantor of the loans contracted by two companies and beneficiary of the assets. According to bank documents, the companies have not paid interest and fees for the British Virgin Islands-based yacht, as well as proof that the prince has at least $ 25 million in cash, as agreed.
Likewise, the prince allegedly failed to pay part of the loan, plus interest, for real estate outside London, estimated at $ 47 million.
The superyacht at the center of this legal scandal is called Sarafsa, a luxury ship that was custom-built 15 years ago. At 269 feet (82 meters), the mega-yacht can accommodate up to 12 guests, in six luxurious cabins, with an enormous crew of 20 catering to their needs. Built by Devonport, Sarafsa features exterior and interior design from world-renowned British brand Winch Design.
In addition to a large swimming pool and beauty salon, this luxury yacht also boasts an impressive range of 6,000 nautical miles (6,900 miles / 11,100 km). Its interior and other assets remain a mystery as Sarafsa has never been shared but enjoyed exclusively by its royal owner.
It is too early to say whether the prince risks losing his superyacht if he does not repay the $ 78 million demanded by Credit Suisse. It would be a shame to see Sarafsa on the market after so many years of private ownership.