Star Entertainment’s luxury yacht fire sale finds way to Federal Court

Star Entertainment’s move to offload a luxury yacht once used for high-rollers has become embroiled in a legal dispute, with a wealthy Cypriot businessman suing the embattled casino group for allegedly reneging on a sale agreement.

Platinum Capital Partners – the private investment vehicle of Roys Poyiadjis and his family – allege that the ASX-listed gaming group agreed in February to sell to it The Star, a 145-foot Benetti superyacht for $8.6 million. But after receiving a deposit and other fees, Star reneged on the deal and has refused to transfer the yacht, Platinum alleges.