madoff auction

Madoff Art Up For Auction This Weekend

More of Bernie Madoff's belongings are going up for sale this weekend. The Colorado Independent reports that on Saturday December 18 the Sonnenalp Hotel in Vail will host a "Bernie Madoff Auction of fine art, jewelry, rugs, bronzes and more." Many residents of Aspen and Vail were victims of Madoff's multi-billion dollar fraud.

The Ponzi schemer is now serving 150 years in prison. His son Mark committed suicide last week, two years to the day after his father's arrest in 2009. The auction will feature paintings by Marc Chagall, Henry Matisse, Norman Rockwell, Salvador Dali, Pablo Picasso and Peter Max, according to a mailer the Independent says was mailed to Vail residents. The auction features Bernie Madoff personal property purchased at Madoff auctions together with merchandise bought directly from victims of the Ponzi scheme and other merchandise and seized assets obtained from various government auctions." It appears that this auction is not being held by the government and is instead a sale that cashes in on the Madoff provenance. It's unclear if this auction benefits Madoff's victims.

Tags: bernie madoff, Bernie Madoff Ponzi Scheme, Colorado Elections, madoff auction, Vaio P

Another Bernie Madoff Yacht Up For Sale

by Deidre Woollard (RSS feed) —

Filed under: Yachts & Sailing, Crimes and Misdemeanors

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.

Tags: bernie madoff, bull yacht, Madoff auction, madoff bull yacht, madoff ponzi scheme, madoff securities, madoff yacht, MadoffPonziScheme