Borus Berezovsky sell his super yacht Darius to Abdulla al-Futtaim and refuse to pay commission to Nicholas EdmistonBORIS BEREZOVSKY, the exiled Russian tycoon, has become embroiled in a bitter dispute with a boat broker after he sold his superyacht for a quick £47m profit.
The oligarch sold the 360ft yacht, equipped with military water cannon capable of sinking an approaching boat at more than 100 yards, to Abdulla al-Futtaim, a billionaire car dealer from the United Arab Emirates.
The sale, for about £217m, has pitted him against Nicholas Edmiston, his former yachtbroker. Berezovsky has issued a High Court writ against Edmiston to establish that he is not entitled to any commission. Edmiston is expected to countersue for a sum believed to be £12.75m.
Edmiston is widely regarded as the world’s premier broker of superyachts. He is an Establishment figure, whose friends include Prince Philip and Prince Charles. His clients include the businessmen Sir Anthony Bamford, the chairman of JCB, and Larry Ellison, the chief executive of Oracle.
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He has supplied Berezovsky with a series of yachts since the oligarch fled Moscow to Britain in 2000, and was mortified to discover that the Russian had sold the yacht without paying him a commission.
Friends said last week Edmiston was “very upset” at his treatment. One said: “It’s just not cricket. Nick feels he’s been treated very shabbily by Boris.”
The Russian commissioned his latest toy – codenamed Project Darius – three years ago. He wanted it to rival the Pelorus, the 377ft yacht owned by his arch enemy Roman Abramovich, the owner of Chelsea football club.
Now undergoing sea trials in Germany, Darius is one of the six most expensive yachts ever built. It was designed by Tim Heywood, also responsible for the Pelorus. “Numerous clients have come to me and said I want one like the Pelorus but I want you to give it its own personality,” Heywood said.
“It’s virtually a floating hotel. It’s got seven decks and all the usual things, a helipad, a gymnasium, cinema, hospital room and a spa. It’s also got its own power station and sewerage with a good-sized pool for guests and a private pool for the client.”
The boat has the highest security specifications of any private yacht built. Berezovsky ordered a personal “escape launch” – a speedboat with turbo-charged twin diesel engines capable of exceeding 75 knots.
It is also equipped with an arsenal of sonic guns that fire low-frequency sound waves that can burst the eardrums of approaching assailants.
The tycoon made most of his fortune by capturing Russian state assets at knockdown prices during Russia’s dash towards privatisation. He denies rumours that he has lost large sums in the recession.
He is said to have paid just under £170m for the yacht, and last autumn, while it was still under construction, he sold it to al-Futtaim, for about £217m, and a profit estimated at £47m.
He did not pay the commission of £12.75m which Edmiston and a fellow broker, Merle Wood in America, now claim they were due. “Nick was stiffed by Boris. He was carved out of the deal,” a friend said.
Lord Bell, Berezovsky’s spokesman, said: “They are not entitled to any commission. We are suing them. They are not suing us. They did not sell the boat and we shall demonstrate this in court. Therefore, we would like them to leave us alone and stop bothering us. They are just going round annoying people.”
Edmiston was unavailable for comment. But his son Jamie, who works with him, said: “I’m aware of this but unfortunately our business is highly confidential and we don’t comment.”
A friend said: “Nick introduced the boat to the buyer and he did a lot of work on the deal. He doesn’t want to get into a war of words with a client but he’s disappointed and very upset. After all £12.75m is a lot of money to say goodbye to.”
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