Madoff – Madoff yacht, boats and Mercedes-Benz convertible sold at Florida auction for big prices – Yahoo! Canada News
Madoff yacht, boats and Mercedes-Benz convertible sold at Florida auction for big prices – Yahoo! Canada News
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Tue Nov 17, 9:40 PM
By Curt Anderson, The Associated Press
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FORT LAUDERDALE, Fla. – Disgraced financier Bernard Madoff’s yacht “Bull”, two smaller boats and a Mercedes-Benz convertible were sold at auction Tuesday for more than $1 million combined.
Madoff’s 1969 Rybovich, a restored 55-foot (16-meter) fishing boat, sold for $700,000 to an unknown buyer. A 38-foot (11-meter) Shelter Island runabout named “Sitting Bull” went for $320,000 and the 24-foot (7-meter) Maverick centre console “Little Bull” fetched $21,000. The Mercedes, a 1999 model owned by Ruth Madoff, sold for $30,000.
A 61-foot (18-meter) Viking yacht once owned by Madoff’s former chief financial officer, Frank DiPascali, sold for $950,000.
The private auction was held by the U.S. Marshals Service, which seized Madoff’s property and assets after his massive pyramid scheme was exposed. All proceeds will benefit Madoff’s wronged investors, and Madoff himself is serving a 150-year federal prison sentence.
Seventy bidders registered for the event, many of them putting up a $100,000 deposit to make offers on the yachts. Kevin Quirk, a marina manager, said Madoff’s notoriety was a big reason for the large turnout.
“It’s the hottest thing going,” Quirk said.
Kim Hannah, who lost out on a bid for the Mercedes, said she and her boyfriend were motivated in part because the money would go to Madoff’s victims.
“It was a chance to give back and also get a good car,” Hannah said.
The boat auction followed a sale of Madoff personal property in New York that also raised more than $1 million. Two or three additional auctions are planned, and Madoff’s homes in Manhattan and Palm Beach remain for sale.
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How did the SEC not know Madoff's firm wasn't making any trades?
Alarm bells are ringing Willy.
Time for some people to get shown the door there. Some high-up people had to be in on his scam there. They had to be. That was the easiest way to prove he was a phony right there.
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