IT is a speedboat that could have come straight out of a James Bond film.

The XSR Interceptor was the brainchild of Hampshire engineers aiming to create the ultimate the world’s fastest boat.

There was even a royal connection as Prince Michael of Kent attended its launch in the Solent.

But it was been sold off for just £170,000 – a fraction of its £1.5m value – at auction yesterday at the request of HM Revenue and Customs (HMRC), raising question marks over the future of Hampshire manufacturers XSMG World.

The lucky winning bidder, who has not been identified, had to pay an extra £4,000 to settle overdue mooring fees at Hythe Marina.

Auctioneers GJ Wisdom confirmed the auction was held on instruction by HMRC to recover cash owed by the firm to the taxman.

HMRC confirmed public auctions were only held when all over payment options have been exhausted.

More than 100 people packed into the unit owned by the Marchwood-based company for the sale.

The 377 lots up for sale included computer equipment, tools, fans, desk lamps, gear boxes, diesel injection pumps, and engine parts.

The event attracted boat enthusiasts and other organisations as they looked to snap up a bargain.

Interested bidders spilled out of the unit to watch the action unfold through open shutters.

Large pieces of boating machinery were also on show to the public.

The 48ft XSR Interceptor was once described by Top Gear host Jeremy Clarkson as “the most beautiful thing ever created by man”.

It was designed for the wealthy waters of Monaco and Dubai and cost £7m to develop.

The boat can reach a top speed of 65 knots and even has room for a machine gun to be hidden under its deck.

As previously reported, the boat went into full production at the firm’s site in Marchwood in 2008 after a £1.6m move from its previous headquarters in Lymington.

No one from XSMG World was available to comment.

Companies House said the firm remained active and all accounts were up to date.

An HMRC spokesman said: “We are unable to comment on individual businesses due to taxpayer confidentiality.

“Where a debt is owed to HMRC, and other payment options have been exhausted, rather than initiating winding-up proceedings (company bankruptcy) we can arrange for company assets to be seized and sold at public auction.

“We do not take such action lightly, but HMRC has a duty to protect the interests of the Exchequer and also to ensure non-compliant traders don’t have an unfair financial advantage over their competitors.”