Marc Dreier's Assets Up For Sale For A Discount

by Deidre Woollard (RSS feed)
May 20th 2009 at 4:01PM

How bad is it out there for yachts? Even federal authorities can't sell yachts it obtains from fraudsters. Malcolm MacLean at Boat International has learned that Camper & Nicholsons has dropped the price on Seascape, the 123-foot Heesen yacht once owned by lawyer Marc Dreier. Earlier this month Dreier pleaded guilty to eight charges related to a scheme to sell $700 million in fictitious promissory notes. His yacht Seascape was listed at $13.5 million but now the yacht, which has five cabins and cruises at 26 knots, can be yours for $12.5 million. The listing is here.

The NY Times also reports that two luxury Hamptons properties with ocean views belonging to Dreier will go up for auction next month. The homes in East Quogue, New York will be auctioned off on June 17 through Maltz Auctions and could bring in over $12.5 million. The larger home is an eight-bedroom oceanfront retreat and requires a $400,000 deposit. The smaller home is a four-bedroom vacation getaway with a $100,000 deposit. In better times both the yacht and the beach homes would have brought in more money. The yacht has been described as being worth at least $18 million and Hamptons real estate has cooled over the past year.

Gallery: Seascape Yacht