The story involved two of the most famous names in Formula 1.
Bernie Ecclestone, for decades at the head of the direction of this sport, seems to have recently bought the Force Blue mega yacht at the auction, previously owned by the famous businessman and former Formula 1 team manager Flavio Briatore.
The background
The story originated in May 2010 when the Italian finance police seized the yacht, owned by Briatore since 2002, while it was in the waters of the Italian city of La Spezia. Onboard, in addition to the crew, were also the showgirl Elisabetta Gregoraci, today the entrepreneur’s ex-wife, and her son Nathan Falco.
The accusation made by the investigators was clear right away. The entrepreneur was accused of having simulated a commercial activity of chartering his luxurious boat in the period 2006 – 2010. This would have allowed him to use the Force Blue, formally owned by the company Autumn Sailing Limited, for recreational use in Italian territorial waters, avoiding him to pay the due import VAT, equal to approximately 3.5 million euros.
Furthermore, again according to the prosecution, the yacht’s fuel was indicated as exempt from excise duties while it had to be burdened by ordinary taxes.
The first instance trial against Flavio Briatore ended in 2015, with a suspended sentence of 1 year and 11 months in prison for tax crimes related to the charter of the Force Blue yacht.
After various judicial vicissitudes that saw Briatore first convicted and then partially acquitted by misdemeanor prescription, the current situation sees a new trial that has reached the last level of judgment.
Why the auction of the yacht?
It was auctioned on January 27, 2021, at one-third of the market value. This is the fate to which the judges of the court of Genoa condemned the yacht Force Blue. The Flavio Briatore luxurious floating villa was seized in 2010 for the alleged evasion of 3.6 million VAT on imports.
The yacht was awarded to the highest bidder on an auction basis of 7 million euros, which is less than half of the 20 million estimated value at the time of the seizure. On the evaluation weighted the serious degradation conditions in which the Force Blue finds itself after a decade of forced inactivity, interrupted only occasionally for rental in the summer season.
This last solution was necessary to contain management costs which, however, did not avoid the accumulation of debts by the State, which therefore opted to sell the yacht at the preventive auction without waiting for the end of the Briatore’s process.
The latter had tried to block, through his lawyers, the sale by presenting four instances which, however, were vain.
What kind of boat are we talking about?
Force Blue is a superyacht over 63 meters long, almost 12 meters wide, and with a gross tonnage of over 1,325 tons. It was built and launched in 2002 by the Royal Denship, a Danish construction house that is no longer in business.
It is propelled by two 2000 horsepower engines and reaches a top speed of 17 knots. The cruising one stops at 14.
Comfort is ensured by the presence of an onboard crew that can reach up to 17 people.
Ecclestone’s entry onto the scene.
It was enough for the British tycoon to offer € 490,000 more than the seven million auction base to get the boat.
To contend for the boat through an offer were in 4.
In addition to the 90-year-old Bernard Ecclestone, the other competitors were all companies: Lethora Holdings Ltd based in the Virgin Islands, Sulfur Ltd based in the Bahamas, and Locamar Sa based in Luxembourg.
All offers in a sealed envelope were delivered to the notary Ugo Bechini who opened each one on the morning of January 27th, at the Hotel Bristol, a very central Genoese hotel.
Future developments
Is it all finally over? Absolutely not! In fact, as we said earlier, the process that sees the ownership of Force Blue as a dispute is not concluded.
Paradoxically, with a reversal of the sentence, Flavio Briatore could still return to being his legitimate owner, canceling the auction with which Ecclestone won the yacht.
We just have to wait until the next 9 of June to know the final sentence.
Contact now YBH Charter Brokers:
You can contact us by sending an email at ask@yourboatholiday.com or by phone, calling +39 33436 00997, available also on WhatsApp for both calls and texting.
Former Formula 1 patron Bernie Ecclestone bought Flavio Briatore’s yacht
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