MadoffPonziScheme

Just when I think we've heard the last of Bernie Madoff something else comes up for auction. Classic Driver reported that Wyles Hardy & Co., on behalf of Grant Thornton UK LLP , the joint liquidators of Madoff Securities International, is selling off another of Madoff's "Bull" yachts. This one is a 88-foot Leopard yacht. We saw Madoff's other yachts auctioned off last year but this one was seized in France last year. It was just released from a full out-of-the-water maintenance and has been deemed ready for immediate use.

The yacht has twin MTU M92 engines that have seen less than 300 hours' running time and has a cruising speed of 33 knots. It has six berths include an owner's en-suite stateroom; VIP en-suite cabin; guest en-suite cabin; and three crew berths. The yacht was built in 2007 by Cantiere Navale Arno (Pisa, Italy) to Madoff's specifications and comes with monogrammed towels and bespoke bed covers embroidered with Ruth and Bernie Madoff's initials.

A recent auction of Madoff possessions brought in over $2 million.Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $28 million haven't come close to chipping away at the billions Madoff swindled from his investors. Madoff's New York City penthouse was sold to Al Kahn, the CEO of 4Kids Entertainment. That home had been most recently listed at $8.9 million, $1 million off the original price. Madoff's Montauk house sold for $9.41 million around a year ago, more than the $8.75 million for which it was listed. Madoff's Palm Beach home was the last to sell and was most recently listed at $6.5 million. A trio of yachts brought in around $1 million last year.

The latest "Bull" from Bernie Madoff is about to be unloaded. His yacht, which bears that name, will join two others under the gavel, and the action before the sale is already impressive. So far, 29 people have thrown down the $100,000 deposit needed to gain a ticket to the party, and the U.S. Marshals Service expects more registrations to come.

There's a theme in the both names. His largest yacht, a 55-foot 1969 Rybovitch sportfisher is called "Bull," and the other two, a 38-footer and a 24-footer, are named "Sitting Bull" and "Little Bull," respectively. Also, Frank DiPascali's 61-foot Viking fishing yacht will be auctioned off on Tuesday. DiPascali was Madoff's CFO.

Non-maritime lots to wind up on the block include a 1999 Mercedes-Benz CLK 320 convertible, with only 12,800 miles on it.

The auction has not been given a presale estimate, figuring that the Madoff name can push prices higher. This is exactly what happened over the weekend, when an auction of the felon's personal effects brought in north of $1 million.

Says Jennifer Crane of the asset forfeiture division of the U.S. Marshals Service, "You can't really put a price on this."

Bernie Madoff's last home may have sold strong, but it looks like the momentum is fading. His home in the Hamptons beat the listing price and ultimately moved for more than $9.4 million. Unfortunately for his victims, interest in his Manhattan penthouse and Palm Beach estate isn't as strong. The prices for both have been cut, as the Ponzi schemer moves from news to history. Both homes have been on the market for only two months.

The Manhattan home, on the Upper East Side, offers 4,000 square feet which the broker, Sotheby's International Realty, says is "perched atop a distinguished white-glove prewar cooperative." Originally offered at $9.9 million, the asking price has been slashed by $1 million. So, if you're looking for some new digs in the city, this should be perched atop your list. A 10 percent price drop after only two months in the game means that you could probably work the price down a little bit further. If you were a Madoff investor, think of it as recouping some of what was so wrongly taken from you.

The situation in Palm Beach, Florida isn't much better. The discount is only 7 percent, with the price plunging from $8.49 million to $7.9 million according to the Corcoran Group, which is handling the sale. This home is billed as "a return to classic Florida island living ... when Palm Beach was a less manicured tropical paradise." What does that mean? Does classical Florida island living have anything to do with defrauding the neighbors?

Madoff, now a resident of Butner, North Carolina, believed that the Manhattan apartment was worth only $7 million. He pegged the Palm Beach residence at $11 million.

When both properties move, the proceeds will go to Madoff's victims. Of the $65 million, roughly, that he took, $1.4 billion is said to have been recovered. Even when compared to the investor losses identified, $21.2 billion, it's but a drop in the bucket. The auction scheduled for Saturday may help a little bit, with Bernie's Mets jacket and Ruth's golf clubs going under the gavel.

The world's most accomplished Ponzi schemer -- right up until he got caught, that is -- finally lost his beach home. Bernie Madoff's Montauk house moved for $9.41 million, according to the U.S. Marshals Service, more than the $8.75 million for which it was listed. It sold on Friday, and the buyer is not being named. It only took a month to make the transaction happen.

Joseph Guccione, U.S. Marshal for the Southern District of New York, calls this "another step forward for the government," and though he didn't mention anything about the victims, one assumes that it's progress for them, too. After all, it would be nice if they got even a taste of this cash.

Several bidders tried to get their hands on Madoff's former home, which measures 3,000 square feet and has four bedrooms and three bathrooms. The losers can have another shot at Madoff glory, though, as properties in New York and Palm Beach, Florida, are listed. The former is on the market for $9.9 million, and the latter is listed for $8.49 million.

Madoff was unable to take a last walk through the halls of the Long Island residence, of course, because he's otherwise detained committed in Butner, North Carolina. But, he's adapting, having already thrown down on the block and earned himself some props.