A prince of the Saudi royal family was unable to repay a $ 400 million loan to a luxury yacht as the Floating Palace was confiscated by Deutsche Bank.
The site mentionedluxury launchesThe yacht was auctioned in Malta and sold for just $ 150 million, and its proceeds went to the bank due to outstanding debts of over $ 116 million.
The site indicated that the Floating Palace is the 36th among the largest yachts in the world, as it is owned by Prince Khalid bin Sultan, grandson of King Abdulaziz, the founder of the kingdom.
Khalid bin Sultan, whose father was crown prince during the reign of King Abdullah, held the post of Deputy Minister of Defense from November 2011 to April 2013.
The giant yacht, which includes a helipad, is 403 feet long and features luxurious interiors and exteriors.
in April, She said The Wall Street Journal, citing informed sources, said the Saudi princes have sold more than $ 600 million worth of assets, including real estate, yachts and works of art in the United States and Europe, since the Saudi Crown Prince, Mohammed bin Salman has tightened financial restrictions on the very wealthy ruling family. .
According to the American newspaper, Prince Khaled bin Sultan, commander of the joint Arab forces during the second Gulf War in 1991, sold a building in Paris, near the Eiffel Tower, worth 87 million dollars in 2020 and a yacht of luxury with a length of 220 feet in 2019, according to people close to him and informed about the transactions.
