Italian superyacht-builder Privilege Yard, whose founder Mario La Via was arrested in 2016 as part of an investigation into the brand’s bankruptcy a year earlier, is set for the history files as its 12ha shipyard in Civitavecchia, Italy is now up for auction.

Located within the port of Civitavecchia on land originally granted by the local port authority, the site may appeal to other yacht-builders as it is very close to waterside access. The yard is being sold by the Court of Civitavecchia as a bankruptcy asset.

A value of €9.4m has been placed on the site, which includes 11 modern buildings and a large open area. The Court has indicated that it will be open to evaluating bids no lower than €7.52m. Bids have to be submitted by 18.00hrs on April 19, 2018. Received sealed bids will be opened on April 20 at 16.00hrs.

The yard has no direct access to the dockside, but Privilege did not see this as a problem despite there being a road and railway line to cross before reaching the dockside.

Privilege Yard had a short but fluctuating performance which involved labour issues, financing difficulties and planning challenges. The uncompleted Privilege One remains at the yard and the Court has stated that there are conditions related to this, which run for six months and a possible further six months.

At one point, IBI was told that the 127m (417ft) Privilege One was as good as sold and that the buyer wanted to purchase a larger 150m (493ft) superyacht. The yard claimed it could build superyachts up to 210m (689.5ft).

Full details of the yard facility are available at www.gobid.it.

IBI would like to clarify that Privilege Yard SpA is in no way related to French catamaran builder Privilege Marine, which is now owned by Germany’s Hanse Group.