Bulgaria's Communist Ruler Yacht Tendered out for BGN 700 000
Business | March 14, 2007, WednesdayThe yacht of Todor Zhivkov, Bulgaria's communist dictator for several decades until 1989, was sold for BGN 700 000 at an open-bidding tender.
Dunav tours won the tender for Balkan yacht after outbidding Kapman Consulting, the ministry of state administration announced.
The initial bidding price at the auction was set at EUR 680,000, VAT excluded, with an increment of BGN 10 000 M.
The yacht's sell-off comes after a series of failed attempts to tender it out. The auctions were cancelled because of lack of bidders.
Petar Mladenov, who was appointed Bulgaria's president after the end of the communist regime, reportedly attempted to sell the yacht in 1989 for USD 1 M, but the auction failed.
Professor Chernozemski, who served as health minister in 1990-1991, later suggested that the yacht is sold for USD 2 M, to be invested in the health care sector. His proposal was turned down.
The "Balkan" yacht was produced by Cantieri di Piza S.P.A. in 1982 for USD 2 M under the supervision of Loyds Register of Shipping. Zhivkov is believed to have taken rides in the yacht only twice.
The yacht is 27.60 m long and 6.80 m wide. The maximum wade is 8.18 and the register tonnage is 113 register tons. The hull is made of wood.
At the moment the yacht is in a dry dock at the military base at "Atiya", close to the seaside town of Burgas.
She will be able to sail again if the hull and all apparatuses and systems undergo thorough repairs. The interior fitting will also need to be replaced.
In October last year the yacht was evaluated by a licensed expert to EUR 289,575 VAT excluded.
They say at least BGN 1 M will be needed for repair woks aboard the yacht.
Dunav tours won the tender for Balkan yacht after outbidding Kapman Consulting, the ministry of state administration announced.
The initial bidding price at the auction was set at EUR 680,000, VAT excluded, with an increment of BGN 10 000 M.
The yacht's sell-off comes after a series of failed attempts to tender it out. The auctions were cancelled because of lack of bidders.
Petar Mladenov, who was appointed Bulgaria's president after the end of the communist regime, reportedly attempted to sell the yacht in 1989 for USD 1 M, but the auction failed.
Professor Chernozemski, who served as health minister in 1990-1991, later suggested that the yacht is sold for USD 2 M, to be invested in the health care sector. His proposal was turned down.
The "Balkan" yacht was produced by Cantieri di Piza S.P.A. in 1982 for USD 2 M under the supervision of Loyds Register of Shipping. Zhivkov is believed to have taken rides in the yacht only twice.
The yacht is 27.60 m long and 6.80 m wide. The maximum wade is 8.18 and the register tonnage is 113 register tons. The hull is made of wood.
At the moment the yacht is in a dry dock at the military base at "Atiya", close to the seaside town of Burgas.
She will be able to sail again if the hull and all apparatuses and systems undergo thorough repairs. The interior fitting will also need to be replaced.
In October last year the yacht was evaluated by a licensed expert to EUR 289,575 VAT excluded.
They say at least BGN 1 M will be needed for repair woks aboard the yacht.
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