What’s Happening?
A 72-foot luxury motor yacht, originally valued at around $3 million, is up for grabs at auction starting from just $1 with no reserve.
The vessel sustained significant damage during a major weather event on the Gold Coast late last year, transforming a formerly pristine cruiser into a restoration project that has attracted massive interest.
According to Mr. Lee Hames, Chief Operations Officer at Lloyds Auctions, “We’ve had to dedicate a team member almost full-time to handle the overwhelming number of inspection inquiries.”
The yacht’s strong structural base remains largely intact, and as Mr. Hames puts it, “This is the perfect opportunity for someone who recognises the value in the strong bones of this magnificent yacht.”
Why It Matters?
The unprecedented nature of starting an auction at $1 for a multi-million-dollar yacht — a 2014 Horizon V72 motor could dramatically change how high-value assets are sold in the future.
It is an unparalleled occasion for boat enthusiasts, investors, or professionals who see the potential in repairing and restoring the vessel.
As Mr. Hames notes, “The truth is, we have no idea what this yacht will sell for at auction. This situation is entirely unprecedented in the marine auction scene; we’ll see where it lands on auction day, January 31.”
Local Impact
This 2014 Horizon V72 motor auction is expected to draw considerable attention to the local marine industry on the Gold Coast.
It highlights how severe weather events can create unforeseen opportunities for businesses and private buyers alike, potentially boosting local boat-building and repair services as the new owner invests in bringing the yacht back to its former glory.
By the Numbers
- The yacht stretches 72 feet and was once valued at $3 million.
- It can accommodate six guests across three cabins, offering spacious luxury for extended trips.
- After suffering significant weather-related damage, the auction has already prompted overwhelming inspection inquiries, necessitating a dedicated staff member at Lloyds Auctions.
Zoom In
For avid boat collectors and seasoned builders, the vessel’s intact core structure is its biggest selling point.
Despite weather impact, the yacht’s design and spacious entertainment areas remain highly desirable.
Anyone with the skill or resources to undertake repairs could acquire a top-tier yacht for a fraction of its usual market value.
Zoom Out
This sale may signal a shift in how damaged luxury assets are marketed.
Instead of scrap or insurance write-offs, owners and insurers might opt for a “no reserve” auction approach, especially if initial interest indicates a high level of competition among bidders.
What to Look For Next
The auction is scheduled to close on Friday, 31 January at 7 PM, and bidders can place their offers HERE.
With the final price completely unknown, enthusiasts and onlookers alike are eagerly awaiting the outcome—potentially a once-in-a-lifetime bargain for the lucky winner.
Check out the video of this 2014 Horizon V72 Motor Yacht 👇
