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