Axioma, a $75-million superyacht linked to a sanctioned Russian steel billionaire, was auctioned on Tuesday in Gibraltar, court sources said, in what is understood to be the first sale of its kind since Russia invaded Ukraine in February.

The 72.5-meter yacht was impounded by the Gibraltar authorities in March after U.S. bank JP Morgan said its alleged owner Dmitry Pumpyansky had defaulted on the terms of a $20 million loan.

The Office of the Admiralty Marshal in Gibraltar said on Tuesday that “63 bids have been received” for Axioma but refused to detail the value of the bids for the yacht, which features six luxurious guest cabins, a swimming pool, a 3D cinema room, gym, jacuzzi and a fully equipped spa. The bid selection process is expected to take 10 to 14 days.

The Guardian notes that the sale of Axioma has attracted controversy because it is being sold not for the benefit of the Ukrainian people but for a US investment bank, JP Morgan, which claims Pumpyansky owes it more than €20.5m (£17m). The yacht is expected to sell for well below its assessed value.

Pumpyansky was until March of this year the owner and chairman of the steel pipe manufacturer OAO TMK, a supplier to the Russian state-owned energy company Gazprom. The UK said the billionaire, who it said had built up an estimated £1.84bn fortune, was one of the oligarchs “closest to Putin”.

The yacht, which was designed by the famed superyacht designer Alberto Pinto, was built by Dunya Yachts in Turkey in 2013. The boat, which was originally named Red Square before being renamed Axioma, was available for other millionaires to charter for $558,500 a week.

Thanks to Alaric Bond for contributing to this post.