At the end of 2010, was reported on Synfo.com that the New Zealand High Court had ruled that creditors of failed superyacht builder Sensation Yachts, owned by Ivan Erceg, had to remove the half-built hulls from the yard site in order to facilitate a sale of the property.
Now (Apr 2011) come reports that the owner of some of the unfinished yachts that the yard had been building, has purchased the yacht building facility.
Prior to the fall from grace of Sensation Yachts, Russian Valery Cheshinsky had reportedly placed orders for five 50-metre yachts via Cayman Islands registered company Balenia. Three of these yachts had begun construction, with Cheshinsky having laid down a $25 million dollar deposit. Now, with no yachts completed, the Selwood Road Trust, owned entirely by Cheshinsky, is to pay $4.485 million dollars to buy the Sensation Yachts facility, totaling some 2.16ha of land, from the mortgagee HSBC. This bid has received the approval of the Overseas Investment Office.
The unfinished yachts require large amounts of work to reach completion and the move by Cheshinsky is supposedly to ensure that at least some of the yachts he ordered reach completion. This is an interesting turn of affairs as it presumably means that the facility, which has long lain idle, will now resume work.