It ’s two days before the Monaco Grand Prix in early June, and Abbas Sajwani emerges from a golden elevator onto the main deck of his 348-foot superyacht, Amadea , in a white linen shirt and gray pants. He’s anchored the vessel—which he bought from the U.S. government at a secret auction last September, after it was seized from alleged Russian oligarch Suleiman Kerimov three years earlier—just off the coast of the postcard-sized principality, as many billionaires do during the summer.

Walking past the intricately inlaid teak walls, a bar carved out of marble from the Greek island of Thassos and a hand-painted baby grand piano—custom-made for…

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