madoff ponzi scheme

Another Bernie Madoff Yacht Up For Sale

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.

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