Superyacht seized with cocaine worth £160m to be sold at auction

theguardian.com:

A superyacht seized from drug smugglers attempting to bring £160m worth of cocaine to the UK will be sold on behalf of the government in an online auction this week.

Acting on a tipoff, Border Force and National Crime Agency officers intercepted and boarded the 120ft (37 metre) yacht in international waters near Guernsey last year. They discovered more than two tonnes of cocaine with an estimated street value of more than £160m.

The MY Kahu was seized under the Proceeds of Crime Act, and will on Wednesday be put up for auction with the proceeds to be used to fund the NCA’s operations.

The yacht, which has a large saloon, galley, five staterooms and accommodation for four crew, is expected to sell for several million pounds.

The auctioneer, Mark Woods, said more than 25 parties had registered interest in buying the yacht, and several potential buyers viewed the MY Kahu during an open day in Torquay earlier this week.

Woods said bidders had flown in from Greece, the south of France and even New Zealand. He said the New Zealand family are particularly interested in acquiring the MY Kahu because it was built in 1979 for the Royal New Zealand Navy.

“It’s so rare that something like MY Kahu comes up for auction and she’s a wonderful vessel, so we look forward to seeing her in the hands of the highest bidder and being able to send the proceeds of sale to the government,” said Woods, government contracts manager at Wilsons Auctions.

Woods, who specialises in selling confiscated assets, said the yacht was one of the most interesting items seized by the government under the Proceeds of Crime Act that he has sold. “We have sold all sorts of things seized under the act. This isn’t our first boat, but it’s one of the biggest,” he said.