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Nov. 17 (Bloomberg) -- Three powerboats owned by Bernard L. Madoff and named with various forms of “bull” fetched $1,041,000 today at an auction in Fort Lauderdale, Florida. The proceeds will benefit victims of Madoff’s $65 billion Ponzi scheme.
“Bull,” a 55-foot 1969 Rybovich Sportfish, sold for $700,000. “Sitting Bull,” a 38-foot 2003 Shelter Island Runabout Sport, sold for $320,000. “Little Bull,” a 24-foot 2000 center-console powerboat from Maverick Boat Co., brought in $21,000. In addition, a 1999 Mercedes Benz CLK 320 convertible owned by Ruth Madoff sold for $30,000. The car has 12,827 miles on it.
By the time the auction got underway, 70 bidders had registered with National Liquidators, a Florida-based vessel- recovery company offering Madoff’s boats and the Mercedes Benz for the U.S. Marshals Service. The sale began at 4 p.m. New York time and took less than an hour, according to the service.
The 71-year-old Madoff is serving a 150-year prison sentence after pleading guilty to using money from new clients to pay off old ones.
‘Lots of Money’
“I hope every boat sells and a lot of money returns to the victims fund,” said Bob Toney, president of National Liquidators, in a telephone interview. He declined to release the presale estimates.
The company also took in $950,000 for a 61-foot 2003 Viking sport-fishing yacht owned by Frank DiPascali, former chief financial officer of Bernard L. Madoff Investment Securities LLC. He pleaded guilty to aiding Madoff in the Ponzi scheme.
The Madoff provenance was not likely to attract hard-core fishermen, said John D’Agostino, sales manager at HMY Yacht Sales, a Florida-based company that sells used yachts.
“They want a deal,” he said in a telephone interview. “They could care less whose boat it was.”
Madoff’s custom-designed “Bull” features a hydraulic elevator, Toney said, and teak woodwork. Bar glasses have hand- painted bulls.
Well Maintained
“Mr. Madoff has taken better care of his yachts than anyone else I know,” Toney said. “They were crew-maintained all the time.”
The average price for a 1969 Rybovich is $450,000 in HMY’s database, D’Agostino said.
“Bull,” a 55-foot 1969 Rybovich Sportfish, sold for $700,000. “Sitting Bull,” a 38-foot 2003 Shelter Island Runabout Sport, sold for $320,000. “Little Bull,” a 24-foot 2000 center-console powerboat from Maverick Boat Co., brought in $21,000. In addition, a 1999 Mercedes Benz CLK 320 convertible owned by Ruth Madoff sold for $30,000. The car has 12,827 miles on it.
By the time the auction got underway, 70 bidders had registered with National Liquidators, a Florida-based vessel- recovery company offering Madoff’s boats and the Mercedes Benz for the U.S. Marshals Service. The sale began at 4 p.m. New York time and took less than an hour, according to the service.
The 71-year-old Madoff is serving a 150-year prison sentence after pleading guilty to using money from new clients to pay off old ones.
‘Lots of Money’
“I hope every boat sells and a lot of money returns to the victims fund,” said Bob Toney, president of National Liquidators, in a telephone interview. He declined to release the presale estimates.
The company also took in $950,000 for a 61-foot 2003 Viking sport-fishing yacht owned by Frank DiPascali, former chief financial officer of Bernard L. Madoff Investment Securities LLC. He pleaded guilty to aiding Madoff in the Ponzi scheme.
The Madoff provenance was not likely to attract hard-core fishermen, said John D’Agostino, sales manager at HMY Yacht Sales, a Florida-based company that sells used yachts.
“They want a deal,” he said in a telephone interview. “They could care less whose boat it was.”
Madoff’s custom-designed “Bull” features a hydraulic elevator, Toney said, and teak woodwork. Bar glasses have hand- painted bulls.
Well Maintained
“Mr. Madoff has taken better care of his yachts than anyone else I know,” Toney said. “They were crew-maintained all the time.”
The average price for a 1969 Rybovich is $450,000 in HMY’s database, D’Agostino said.
