The on-the-run Lithuanian banker - dubbed Mad Vlad during his chaotic spell in charge at Tynecastle - claims to be skint after spending the last of his £600million fortune on buying the K-19 sub.
The 77-year-old went into hiding in Russia after authorities charged him with bank fraud.
Now he has turned up to give an interview with broadcaster Martin Geissler.
After forking out about £380,000 refurbishing it, he said: "That's my money gone now. My plan was to live on it and turn it into a tourist attraction - a fantastic museum.
"However, the rest of the villagers wouldn't let me do that, so I just live on it now."
He lives aboard the sub in the village of Nikulskaya, 450 miles north of Moscow, which has a population of just 17.
Romanov was Hearts owner from 2005 until 2013. His arrival stopped the sale of Tynecastle to developers and he was worshipped by Hearts fans for it. But eventually his leadership plunged the Premiership club into administration.
He is still wanted by the Lithuanian authorities for alleged fraud, embezzlement and money laundering and was wanted by Interpol, but is now a cit...