A private yacht with a price tag that is more than a century old has been named the most costly yacht in the history of the world.
The Baku-class private yacht known as the “Gulag” was built in 1941, and was bought by the Russian state-owned oil company Rosneft in 2005 for a reported $100 million, according to Forbes.
The yacht was built by the notorious private military contractor known as Golberg, which has been accused of corruption and human rights violations in the country.
Golberg’s founder and CEO Sergei Golberg has said he will pay $100m to buy back the yacht.
He has also promised to “buy out” any future owners.
The Russian government owns about one-third of the $300 million yacht.
The Russian Navy owns a much smaller amount of the boat, but that vessel has been deemed “operational” and not worth the billions it is being sold for.
The private yacht was recently auctioned off to a British businessman, who plans to sell it to an American buyer.
The American yacht is the largest privately owned yacht in history.
According to Forbes, the “Baku” is also the world’s largest privately-owned luxury yacht.
It is the second-largest private yacht in terms of the total price paid for a private vessel.
The largest private yacht is listed by Forbes at $8.7 billion, and the Baku is listed at $5.3 billion.