Last week was a good news, bad news situation for imperiled hedge funds mogul John Devaney. As I mentioned last month, Devaney, the chief executive of United Capital, had put his 142-foot Trinity yacht "Positive Carry" on the market for $23.5 million as well as his Aspen home, the historic Sardy House, for $16.5 million. Good news first, Devaney has unloaded the Sardy House to as the Apsen Times reports "a Florida concern with ties to the hospitality industry."The bad news is that Devaney's fire sale isn't over yet. The NY Post reports that Devaney is also his selling his helicopter. The Sikorsky S76C helicopter is listed at $10.995 million in a brochure that states that the reason for the sale is "changing corporate travel requirements." The helicopter seats six in a luxurious leather-padded cabin.
Reader Comments (Page 1 of 1)
8-21-2007 @ 4:26PM
Steve said...
Boo hoo, my heart bleeds for him! I sure hope he can make it through these hard times.
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8-25-2007 @ 12:04PM
New York Lawyer said...
About 3 years ago I interviewed for the job as GC of Devaney's then-new hedge funds. He took me out on Positive Carry, along with a pro basketball player who was a prospective investor. Devaney told me he expected returns of 40% a year. When I nearly laughed at the presumptuousness of his prediction, he asked me what was so funny. He struck me as an over-confident fool. Two years ago, I figured it wasn't a question "if," but "when" he would implode.
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8-25-2007 @ 5:21PM
George said...
From another NY Post article:
"Known for flaunting his once-extravagant wealth, Devaney had been frequently photographed on the deck of his yacht and was not shy about discussing his ownership of a Gulfstream jet or helicopter. "
There it is....the key to why this scumbag deserves every bad thing that is happening to him and, hopefully, will happen to him.
FLAUNTING his wealth in the world's face...wealth made by being an enabler and actually profiting from the sub-prime toxic waste that is ruining so may lives and destroying the integrity of a nation. HA HA HA...as he now joins his sub-prime victims in feeing terrified every day.
With arrogance, narcissism, self-centerness, greed, and conceit now revealed as the central pillars of his character, this glorified loan shark, leech, and bloodsucker now gets what he richly deserves. In my book, John Devaney and the many others like him, are only notch above Miami druglords.
Isn't is poetic irony that among his 7 mansions that John has listed for sale this week is the $38.5 million one used in the filming of Scarface??
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