It will be sold at VND29.2 billion (US$1.13 billion) on Oct. 28 at the HCMC Asset Auction Service Center after six offerings with no bidder, the first in January.
Bidders must pay a deposit of at least VND5.84 billion, equivalent to 20% of the starting price.
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The Reverie Saigon yacht. Photo courtesy of Times Square Vietnam |
The yacht, owned by Lan, chairwoman of Van Thinh Phat, was built in France in 2018 and is currently moored at Tam Son Swan Bay Marina in Dong Nai Province. It was seized in late 2023, and Lan asked for it to be returned during her appeal trial in 2024.
Two passenger vessels belonging to her, Thalia and Electra, are also being offered for the seventh time. Their starting prices have each fallen by more than 45% to around VND2.3 billion per vessel.
In 2024 Lan and her accomplices were found guilty of embezzling Saigon Commercial Bank and causing it a loss of VND677 trillion ($27 billion) over the course of a decade.
She received a death sentence, which was upheld by an appeals court last year.
Following an investigation into Lan’s company, Van Thinh Phat, over 1,200 properties and many assets directly linked to her were seized.
At the trial, Lan tried unsuccessfully to get several assets returned, including the yacht and two Hermes brand bags.