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Filed under: Yachts & Sailing
Future yacht owners take note, naming your new toy some sort of victorious slogan might be a dangerous form of hubris. We saw it first with John Devaney and his yacht Positive Carry which was listed for sale a few months ago as the mortgage market started to show weakness. Now we are seeing it again with We Won, a 2002 94-foot Ferretti yacht owned by Bill Lilly, a.k.a "The Condo King." Lilly, who was once Massachusetts' largest condominium developer before he spent 5 1/2 years in prison after he was convicted of bank fraud in New England's real estate crash of the early 1990s, turned it all back around by investing heavily in the Florida real estate market. The Boston Globe reports that Lilly was living large in Boca Raton, Florida just a couple of years ago. Now in a glutted real estate market, Lilly and Valerie Kaan who control Bay Communities Real Estate, have given five condo projects totaling nearly 1,200 units back to the lender and Lilly put his yacht on the market at the Fort Lauderdale Boat Show. We Won is listed at $6 million. The charter brochure for the yacht reveals that she has a crew of four and can accommodate nine guests in four cabins. The yacht has rented for as much as $44,500 a week. Lilly insists he will be back again and sees the sagging real estate market as an opportunity to reinvest.
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