Proceeds From Infamous Ponzi Scheme
Convicted Ponzi schemer Bernard Madoff loved the high seas.
Madoff owned three boats, including a luxurious 56-foot yacht named "Bull."
All three, along with Ruth Madoff's Mercedes convertible and a fourth boat owned by Madoff's right-hand man Frank DiPascali, were sold at auction in Ft. Lauderdale on November 17, 2009 by National Liquidators on behalf of the U.S. Marshal's Service.
Two hundred pieces of property from Madoff's homes, including clothing, jewelry, and artwork, were offered at separate auction on November 14.
Proceeds from the sales will go to Madoff's victims.
Click ahead to see images and descriptions of the boats and car, as well as the amount of the winning bids.
Posted Nov. 16, 2009.
»Slideshow: Madoff Property Auction
»Madoff Auction: $4,750 for a Duck Decoy?
The “Bull”
Madoff must have loved fishing. His 1969 Rybovich—called “Bull”—was designed for serious sports fishing. The 55-foot yacht has a fighting chair to help pull up large fish. It sold for $700,000, the highest bid for Madoff's three boats.
"Bull’s" Cabin
An L-shaped lounge area in the yacht’s cabin.
The Galley
The narrow galley has a microwave, oven, refrigerator and plenty of cabinet space.
Guest Room
One of the guest bunks on the yacht.
“Sitting Bull”
All three of Madoff’s boats have a bull theme. This 38-foot powerboat is named “Sitting Bull.” The winning bid: $320,000.
On Deck
"Sitting Bull’s" teak-trimmed cockpit has a seating area and hidden storage space.
Lounging Area
Down below is a lounge and table.
The Bathroom
The restroom aboard the “Sitting Bull.”
“Little Bull”
The aptly named “Little Bull” is the smallest of the bunch, measuring 24-feet long. It sold for a top bid of $21,000.
The Engine
“Little Bull” is powered with a Yamaha engine.
The “Dorothy Jo”
The 61-foot “Dorothy Jo”—previously owned by Bernie Madoff’s CFO Frank DiPascali— was also sold at the auction. It generated the highest bid of all the boats: $950,000.
Dining Area
Along with a galley and living area, the interior also has a dining area with a large wall mounted television.
The Stateroom
One of the three bedrooms on the “Dorothy Jo.”
Mercedes-Benz
Ruth Madoff’s 1999 Mercedes-Benz CLK 320 convertible with 12,827 miles sold for $30,000.
Side View
The auctioneers describe the car as being in “above average” condition. All totaled, the auction of the four boats and car raised $2 million for Madoff's victims.
»More Auction Information: National Liquidators
»Slideshow: Madoff Property Auction
»Madoff Auction: $4,750 for a Duck Decoy?