[via LA Times]
[via LA Times]
Another fraudster's yacht has found a new home. Indicted financier R. Allen Stanford's 112-foot yacht, Sea Eagle, has been sold to an unidentified bidder for $3.25 million through Ardell Yacht & Ship Brokers of Fort Lauderdale. The yacht was listed for sale in March with an opening bid of $2.5 million. At the time Stanford's lawyers protested the auction, saying that it was too soon and that Stanford's belongings were being liquidated at bargain basement prices. Bloomberg quotes Stanford's lawyer, Ruth Brewer Schuster, who said that the billionaire spent over $16 million refitting the 1988 Hakvoort yacht into a beautiful sportfishing vessel. In a filed objection she said that "any failure to sell the Sea Eagle for an amount far and above Ardell's asking price of $6.5 million will be a complete waste of estate assets." Over the two month auction the yacht attracted only two bidders. It's not the ideal time to be selling a luxury yacht, especially in Florida where the market is clogged. Still, the buyer appears to have gotten a good deal on a yacht ready to enjoy Florida's fine sportfishing.
Stanford remains in jail facing a trial on 21 criminal charges that he defrauded investors of more than $7 billion through allegedly bogus certificates of deposit issued by Antigua-based Stanford International Bank Ltd. that promised big returns for investors. Stanford, who is worth over $2 billion, grew up in Texas but adopted Antigua & Barbuda as his second country. He had six planes registered with the Federal Aviation Administration and his Stanford Development Group owns a 7,000 square- foot, 14-room Mediterranean-style house in Houston, appraised at $2.5 million. He also faces parallel civil claims from the U.S. Securities and Exchange Commission and his criminal trial is set for January in Houston.