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A Russian billionaire's enormous sailing yacht was impounded in Gibraltar

In this photo taken on Feb. 15, 2017, a large yacht floats anchored in the port of Gibraltar after being seized. Authorities in Gibraltar say they have seized one of the largest and most advanced superyachts in the world over an unsettled bill dispute between its owner and its German builder. The Gibraltar Chronicle newspaper reports that shipbuilder Nobiskrug claims 15.3 million euro ($16.2 million) in overdue payments for the 143-meter (468-foot) - long Sailing Yacht A.

AP Photo / David Parody

Russian oligarch Andrey Melnichenko's £360 million superyacht was impounded on Monday by the Gibraltar Port Authority over claims he owed the shipbuilder money.

German boatmakers Norbiskrug were seeking an additional £13.3 million (£16.5 million) for the vessel from the billionaire, according to reports.

According to Yacht Harbour, a judge has now approved the release of the yacht from Gibraltar.

A spokesman for Melnichenko told Business Insider: "This unfortunate incident concerning Sailing Yacht A is now resolved.

"The yacht will now be handed over to the owner’s project team and will leave Gibraltar shortly."

The enormous sailing yacht is described by Norbiskrug as "one
of the greatest PYC [Passenger Yacht Code] superyachts in the world in terms of design and technology."

Sailing Yacht A boasts three masts taller than London's Big Ben clock tower and is almost the length of three Olympic swimming pools. 

Melnichenko is the 139th richest man in the world, according to Forbes, worth an estimated £10.6 billion.

Melnichenko Andrey
Melnichenko Andrey

Wikimedia Commons

Melnichenko's sailing yacht features eight decks, connected by a series of lifts, a free-floating spiral staircase. It even has an underwater observation pod.

This is not the first time the Russian industrialist has made headlines for his exuberant sea vessels — last year his 390-foot Motor Yacht A was moored alongside the HMS Belfast on the river Thames:

A 390ft motor yacht belonging to Russian tycoon Andrey Melnichenko, alongside HMS Belfast (right) on the River Thames in London.
A 390ft motor yacht belonging to Russian tycoon Andrey Melnichenko, alongside HMS Belfast (right) on the River Thames in London.

David Mirzoeff / PA Wire / PA Images

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