Whole Lotta Bull: Madoff's Yachts Go on Auction Block
Ponzi schemer's yachts to be sold to highest bidder in Fort Lauderdale
By ARI ODZER and BRIAN HAMACHER
Updated 7:13 AM EST, Tue, Nov 17, 2009
They're the pricey toys Bernie Madoff used to cruise the waters off Florida and Long Island, and tomorrow they can be yours -- if your bank account's big enough.
Three of the convicted Ponzi schemer's big boats, along with another that belonged to his CFO will be auctioned off in Fort Lauderdale tomorrow, and you'll need at least $50,000 to get in the door.
The highlight of the auction will be "The Bull," a 55-foot vintage Rybovich fishing yacht, restored to museum quality.
Designed for tournament fishing, the auction description said it includes "A luxurious master stateroom, and comfortable guest staterooms offer the kind of comfort and ambience found in a stately and dignified home."
Also auctioned off will be "Sitting Bull" and "Little Bull," smaller luxury yachts but no less opulent than "The Bull." "Sitting Bull" is the 38-foot yacht Madoff kept in Montauk, Long Island, and "Little Bull" a 24-foot Maverick fishing boat.
The boats were seized by U.S. Marshals on April 1, the same day Madoff's $9 million Palm Beach mansion was seized.
The $65 billion Ponzi schemer apparently had quite a bull fetish, littering his Florida and New York homes with bull statues, bull paintings and just about anything else he could slap a bull on.
Madoff, 71, was sentenced in July to 150 years behind bars for bilking investors out of billions.
Marshals selected National Liquidators of Fort Lauderdale to handle tomorrow's auction, which will also include a 61-foot yacht that belonged to former Madoff CFO Frank DiPascali, as well as Madoff's black 1999 Mercedes CLK 320 convertible.
U.S. Marshals couldn't believe how well kept the 1969 Rybovich was when they seized it in April.
"A lot of money was put into maintaining this boat," said Barry Golden, a spokesman for the U.S. Marshals Service. "This boat was extremely well kept, extremely clean. Engine compartment was spotless. It looked like somebody took a bottle of 409 and scrubbed it every day."
The boat is estimated to be worth about $2.2 million, but judging on the big money that this weekend's auction of Madoff trinkets in New York brought in, National Liquidators is likely hoping to bring in more than face value.
The auction raised nearly $900,000, and included Madoff's Rolex watch and personalized Mets jacket and jewelry belonging to wife Ruth.
Tomorrow's auction is a private event, and bidders will have to show they can afford Bernie's ill-gotten baubles. It'll take a $50,000 deposit to bid on "Little Bull" or the Mercedes, and $100,000 to bid on anything else.
First Published: Nov 16, 2009 10:58 AM EST
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