(Bloomberg) -- A luxury yacht once owned by sanctioned billionaire Dmitry Pumpyansky was sold for $37.5 million in Gibraltar -- about half its reported value -- in the first public auction of an asset seized since the Russian invaded Ukraine.

The five deck, 72-meter (236 feet) yacht Axioma was put up for sale after JPMorgan Chase & Co. called in a 20.5 million-euro ($19.7 million) loan tied to the vessel. The winning bidder wasn’t disclosed but the purchase price is about half the $75 million valuation initially reported.

The floating palace, which boasts an infinity swimming pool plus a 3D cinema, was impounded in March by authorities on the British territory at the entrance to the Mediterranean Sea. 

It’s the first superyacht to be publicly auctioned since Russia’s invasion of Ukraine pushed authorities to freeze luxury vessels in ports around the world and sets a marker for the future pricing of Russian-owned yachts that have been forcibly seized and then sold.

The winner was selected out of 63 bids after completion of an “enhanced due diligence process,” Gibraltar’s Admiralty Marshal said in an email.

JPMorgan declined to comment. The firm’s lawyers in Gibraltar said in a statement on their website that the bank “will ultimately recover all amounts owing to it.”

JPMorgan provided the loan as recently as December 2021, according to court filings, with Pumpyansky named as the guarantor. But just days after the invasion, the billionaire transferred his shares in a holding company to another individual, leaving JPMorgan to demand repayment.

Pumpyansky was sanctioned by the European Union on March 10 and then by the UK five days later. Like other tycoons targeted, he has sought to restructure his key assets. He’s offloaded his stake in TMK PJSC, the biggest steel pipemaker in Russia, and left its board of directors.

(Updates with details on JPMorgan set to receive all the money owed to it in sixth paragraph.)

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