A Russian billionaire's enormous sailing yacht was impounded in Gibraltar

Russian oligarch Andrey Melnichenko’s £360 million superyacht was impounded on Monday by the Gibraltar Port Authority over claims he owed the shipbuilder money.

German boatmakers Norbiskrug were seeking an additional £13.3 million (£16.5 million) for the vessel from the billionaire, according to reports.

According to Yacht Harbour, a judge has now approved the release of the yacht from Gibraltar.

A spokesman for Melnichenko told Business Insider: “This unfortunate incident concerning Sailing Yacht A is now resolved.

“The yacht will now be handed over to the owner’s project team and will leave Gibraltar shortly.”

The enormous sailing yacht is described by Norbiskrug as “one of the greatest PYC [Passenger Yacht Code] superyachts in the world in terms of design and technology.”

Sailing Yacht A boasts three masts taller than London’s Big Ben clock tower and is almost the length of three Olympic swimming pools.

Melnichenko is the 139th richest man in the world, according to Forbes, worth an estimated £10.6 billion.

Melnichenko AndreyWikimedia CommonsMelnichenko owns majority stakes in fertaliser, coal and energy companies.

Melnichenko’s sailing yacht features eight decks, connected by a series of lifts, a free-floating spiral staircase. It even has an underwater observation pod.

This is not the first time the Russian industrialist has made headlines for his exuberant sea vessels — last year his 390-foot Motor Yacht A was moored alongside the HMS Belfast on the river Thames:

NOW WATCH: This super sleek yacht cuts through water like a knife

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.