MadoffSecurities

Madoff Bull(s) Worth More than $1 million

Filed under: Auctions

The three boats that once belonged to Bernie Madoff generated more than a million dollars for victims of his $65 billion Ponzi scheme on Tuesday. Seventy bidders registered with National Liquidators to chase after the boats, along with a Mercedes and another yacht owned by Madoff's CFO, Frak DiPascali.

"Bull," which was Madoff's 55-foot yacht, sold for $700,000, with the 38-foot "Sitting Bull" following at $320,000 and the 24-foot "Little Bull" fetching a mere $21,000. His 1999 Mercedes Benz CLK 320 convertible was good for $30,000, despite the fact that it has only 12,827 miles on it. The top seller was DiPasclai's 61-foot 2003 Viking sport fishing yacht, which sold for $950,000 at the auction.

The sales were helped along by the fact that Madoff took excellent care of his yachts. Bob Toney, president of National Liquidators, told Bloomberg News, "Mr. Madoff has taken better care of his yachts than anyone else I know," continuing, "they were crew-maintained all the time."

Gallery: Bernie Madoff's Little Bull

Gallery: Bernie Madoff's Sitting Bull

Gallery: Bernie Madoff's The Bull

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Tags: auctions, bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, madoff, madoff securities, madoffscandal, MadoffSecurities, mercedes, mercedes-benz, mercedesbenz, scandal, scandals, yacht, yacht for sale, YachtForSale, yachts

Madoff's Luxury Car Fleet Being Returned to Dealers

by Noah Joseph (RSS feed) —

Filed under: Luxury Cars & Autos, Wealth

When Bernie Madoff's house of cards came crashing down, it turns out there was a garage full of luxury cars trapped underneath. Bernard L. Madoff Investment Securities, whose namesake chief stands accused of perpetrating a $50 billion fraud, had a small fleet of luxury automobiles under lease, which the courts are now being asked to cancel.

Included in the fleet are a Cadillac DTS sedan, a Range Rover sport-ute, an unspecified Lexus, a Mercedes GLS450 sport-ute (pictured above) and a pair of top-of-the-line Mercedes S550 sedans. With Madoff not going anywhere under house arrest, the firm's employees dismissed and a court-appointed administrator trying to untangle the mess, the leased vehicles are all being returned to their dealerships, where mechanics may very well find the cars to be nothing but empty shells with bits and pieces borrowed from each other and leaving a long trail of debt behind them.

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Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, madoff, madoff car, madoff car fleet, madoff securities, MadoffCar, MadoffCarFleet, MadoffSecurities