Allen Stanford's Sea Eagle Yacht For Sale

by Deidre Woollard (RSS feed)
Sep 24th 2009 at 9:01PM

We've seen Madoff's yachts go up for sale now another fraudster's yacht has hit the block. The receiver in the SEC case against R. Allen Stanford has sought approval from a federal judge in order to sell Stanford's 112-foot yacht, Sea Eagle.

Stanford bought the yacht in 1998 for $3.9 million and the listing with Ardell yacht brokerage says that in September 2003 Sea Eagle was shipped to the builder (Hakvoort) for an extensive refit during which the length was extended, the interior layout was changed and new mahogany word replaced the original teak. The boat also got new engines, new generators, new galley, new AC, new electrical, new piping, and new electronics.

The receiver, Ralph Janvey is seeking to unload the boat because of the cost of regular upkeep. His lawyers also told the court that they have a "stalking horse" agreement to sell the 112-foot Sea Eagle as is to a buyer identified as "Neil Helliwell, Dubai, U.A.E." for $2.5 million. Ardell has it listed at $6.5 million so they are clearly hoping for better offers.

Stanford and his associates are accused of running a $7 billion fraud scheme that involved the sale of certificates of deposit through Antigua-based Stanford International Bank Ltd. He is being held without bail pending trial. Like Madoff and his Little Bull, Stanford also has Little Eagle, a smaller boat which Stanford's lawyers have argued should not be sold because it was bought before his alleged fraud activities.

Gallery: Sea Eagle