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In a series of high-profile auctions, seized assets believed to belong to former Prime Minister Karim Massimov have been sold for a total of 48.1 billion tenge (excluding VAT). The auctions, which took place primarily within Kazakhstan, saw the sale of luxury items such as jewelry, expensive watches, collectible coins, and various weapons.
One of the most notable sales was the Patek Philippe World Time Chronograph Green Mecca Edition, which fetched 36.3 million tenge. Other high-value items included the Patek Philippe Nautilus, which sold for 26.5 million tenge, and a collection of rings, bracelets, earrings, and other jewelry that brought in 36.1 million tenge.
However, one asset that has proved difficult to sell is Massimov's luxury mansion in Astana. Spanning 2,878 square meters, the villa is equipped with extravagant features like a disco bar, swimming pool with jacuzzi, theater, and 30 rooms, including a bedroom with a four-person bed. Despite a 40% price reduction and multiple auction setbacks, the mansion has yet to find a buyer due to the political stigma and risk attached to its ownership.
Other seized assets found along with the mansion included $17.2 million in cash, a collection of elite watches, gold bullions, antiques, and bladed weapons such as a Japanese katana.
Smaller luxury items, such as watches and jewelry, have been sold for millions of tenge each. For instance, two Aibalta axes with leather and wooden handles were sold for 503,424 tenge, showing a significant price increase from their starting price of 38,400 tenge. A jewelry set consisting of a bracelet, ring, earrings, chain, and pendant with gold and silver plating was sold for more than 111,000 tenge.
Collectible coins also fetched high prices. A commemorative coin, "Elizabeth II 100 dollars" - Kangaroo, was sold for 1,470,552 tenge. Another, the "Elizabeth II 200 dollars" - The Golden Dragon, brought in 3.1 million tenge. Three silver (925) commemorative coins with proof quality were sold for 147,500 tenge.
Weapons such as a Samurai Sword with Scabbard, a sword with a horn hilt and metal scabbard covered with snake skin, and a Caucasian dagger with a steel blade and silver handle and sheath, were also sold for substantial sums.
Despite the success of these auctions, the luxury mansion in Astana remains unsold, a testament to the challenges posed by political and market conditions.
[1] Kazakhstan Today, "Massimov's Seized Assets Auctioned Off for 48.1 Billion Tenge," August 16, 2025. [2] Astana Times, "Massimov's Luxury Mansion Faces Third Auction Setback," August 20, 2025. [3] The Astana Observer, "Massimov's Seized Assets: Cash, Watches, and a Japanese Katana," August 22, 2025.
[1] The seizure of former Prime Minister Karim Massimov's assets extended beyond luxury items and real estate, as finance and business sectors were also impacted, with the sale of collectible coins and elite watches generating significant revenue.
[2] Despite the success of the auctions, the sale of Massimov's luxury mansion in Astana continues to pose a challenge, indicating the influence of politics in the industry.
