The 120ft expedition yacht Kahu, which was used to smuggle £160million-worth of cocaine from South America to the UK has been sold at auction for £473,500.

Officers from the Border Force and National Crime Agency (NCA) intercepted and boarded the MY Kahu on September 9 in waters near Guernsey, and the seized yacht was taken to Plymouth.

The six crew were arrested. British man Andrew Cole, aged 33, of Stockton-on-Tees, awaits sentencing whilst five Nicaraguan sailors have been cleared of smuggling the cocaine.

Seized under the Proceeds of Crime Act, the National Crime Agency instructed Wilsons Auctions to sell MY Kahu on 27 April, unreserved.

The motor yacht was built in 1979 for the Royal New Zealand Navy. She was converted in 2010 into a pleasure craft and has since travelled the globe including making multiple transpacific and transatlantic voyages. She is currently berthed at Torquay Marina.

Wilsons Auctions’ Government Contracts Manager, Mark Woods said: “After a very busy viewing day at Torquay Marina on 20 April, we received a very high number of bidders registered to take part in the auction.

“Sentiment from bidders was that it is rare for an asset such as MY Kahu to be offered at auction so they didn’t want to miss the opportunity.

“The auction was held 100% online and this allowed bidders not only from the UK and Europe to easily participate, but also those from as far afield as New Zealand, USA and the Caribbean.

“After 24 hours of competitive bidding, the hammer price achieved for MY Kahu was £473,500, which was higher than the pre-auction estimate and is great news as the funds will be invested in public services and good causes.

“As a company, Wilsons Auctions are delighted to play such a key part in generating much needed revenue for the public purse.”