The luxury superyacht belonging to late banking titan, Herbert Wigwe, has been sold for a whopping $6.5 million following a high-stakes legal battle initiated by his daughter, Otutochi Wigwe.
The vessel, named "Chitochi" - a 33-metre (108 feet) Custom Line 108 superyacht built in 2016 - was sold through international yacht brokerage giant, IYC, with top consultant Mark Elliott sealing the deal.
The sale was made possible after Otutochi Wigwe approached a British Virgin Islands (BVI) court to restore Grosvenor Marine Ventures Ltd - the company holding the yacht - back to the corporate register.
The restoration was the legal key needed to authorize the disposal of the high-value asset, which had been stalled due to corporate status issues.
Sources close to the estate management said the sale was a strategic move to cut the huge cost of maintaining a superyacht.
Industry experts say a yacht of that class gulps millions annually in crew salaries, insurance, berthing fees, servicing and upkeep, while also depreciating in value. Selling it converts a liability-heavy luxury asset into liquid cash for the estate.
Herbert Wigwe, former Group CEO of Access Holdings, died in a helicopter crash in California on February 9, 2024, alongside his wife Chizoba, son Chizi, and former NGX Chairman Abimbola Ogunbanjo.
The sale of the Chitochi underscores the complex legal and financial web that often surrounds the management of billionaire estates across multiple jurisdictions.
