A prince from the Saudi royal family failed to repay a $400 million loan to a luxury yacht, as the Floating Palace was confiscated by Deutsche Bank.
The site mentionedluxurylaunchesThe yacht was auctioned in Malta and sold for only $150 million, and its proceeds went to the bank due to outstanding debts of more than $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 position of Deputy Minister of Defense from November 2011 until April 2013.
The gigantic yacht, which includes a helipad, is 403 feet long, and features luxurious interior and exterior designs.
in April, She said The Wall Street Journal, quoting informed sources, said that Saudi princes have sold assets worth more than 600 million dollars of real estate, yachts and works of art in the United States and Europe, since the Saudi Crown Prince, Mohammed bin Salman, tightened financial restrictions on the very wealthy ruling family. .
According to the American newspaper, Prince Khaled bin Sultan, who was the commander of the joint Arab forces during the second Gulf War in 1991, sold a palace in Paris, next to the Eiffel Tower, worth 87 million dollars in 2020 and a luxury yacht with a length of 220 feet in 2019, according to people close to him and knowledgeable. on transactions.
