And yet photographs from Christmas Day that year show Mr Abramovich in the Caribbean sunshine, standing on the swim platform at the rear of the yacht, with Eclipse's large letter-E logo behind him.

No wonder it sold in less than a year for more than $2 million. If you had around $2 million to spend on a yacht, would you pick a shiny toy, fresh from the shipyard, or a trusted decades-old boat?

A luxury yacht manufacturer has entered administration less than two months after being acquired by new investors. Administrator Alvarez & Marsal said Fairline Yachts, which was founded in 1967 ...