Burgess, a yacht brokerage firm, was appointed as the exclusive worldwide Central Agent by the High Courts in Malaysia to assist with the judicial sale of the 300ft yacht Equanimity, linked to the multi-billion dollar scandal at Malaysia's state fund 1MDB.
Bidding on the superyacht starts Monday and will end on November 28, said Ong Chee Kwan from law firm Christopher & Lee Ong, who is representing the government and 1MDB in the sale of the vessel, reported Bloomberg.
The Equanimity is among $1.7 billion in assets bought by fugitive Malaysian financier Low Taek Jho with funds that were siphoned off from 1MDB, the U.S. Department of Justice has said.
Malaysia and U.S. officials have also said some of the money was used to buy private jets, Picasso paintings, fine jewelry, and real estate.
A Malaysian court in August approved the sale of the 300ft Cayman Islands-flagged Equanimity that they said was costing "substantial and escalating expenses" to maintain.
Equanimity Cayman Ltd., the holding company that owns the vessel, said the sale of the yacht would be a "violation of due process and international legal comity, and would call into question the actual ownership of the yacht for any buyer," said Bloomberg.
Ong said Monday that exchange of ownership of the vessel would take place immediately after bidding ends.
The Equanimity's interior was designed by Winch Design using a variety of exotic materials. The vessel can accommodate up to 22 guests and 31 crew, with amenities that include a beach club, health center with gym, massage room, sauna, hammam, plunge pool and beauty salon. Other amenities and equipment include a hospital, a helipad (certified for an Airbus EC-135 or equivalent), and a circular swimming pool.
Law enforcement in Malaysia have issued an arrest warrant and filed criminal charges against Low, but his whereabouts are still unknown.
In about 30 days, Malaysian officials will announce the new owner of the $250 million luxury yacht