You may not believe what you see in these videos
Nov 16, 2009 10:18 pm US/Eastern
Madoff's Boats, Car To Be Auctioned Off
Bidders Must Register With U.S. Marshals Service
FORT LAUDERDALE (CBS4) ―
-
-
Federal officials seized Bernard Madoff's 55-foot luxury yacht named "Bull" in Florida on April 1, 2009. It will be auctioned off Tuesday in Ft. Lauderdale.
CBS
Federal agents reeled in a big fish in Bernard Madoff – now they're hoping to reel in millions of dollars for the victims of his Ponzi scheme.
Several luxury yachts and a Mercedes-Benz seized from Madoff and his top aide Frank DiPascali will hit the auction block Tuesday in Ft. Lauderdale.
The U.S. Marshals Service will auction off the four vessels and one vehicle at 4 p.m. at National Liquidators, located at 1915 S.W. 21 Avenue.
Up for grabs will be Madoff's M/V The Bull, a 55-foot 1969 Rybovich custom-built sport-fisherman which had been meticulously restored. This vessel is the prize offering at Tuesday's private auction.
As of Monday, 29 people had put up a $100,000 deposit for the opportunity to bid and more were expected to register, according to the U.S. Marshals Service.
"People have heard of it. It's a piece of history," said Bob Toney, president and CEO of National Liquidators, which is handling the auction for the government.
Also for sale are Madoff's 38-foot Shelter Island runabout, named "Sitting Bull," and a 24-foot Maverick center console named "Little Bull." Then there's Madoff's black 1999 Mercedes-Benz CLK 320 convertible, which has just 12,800 miles on the odometer, and a 61-foot Viking fishing yacht formerly owned by Madoff's ex-chief financial officer, Frank DiPascali.
Interested bidders must register online at the
U.S. Marshals' website where they can also see pictures of the vessels and obtain all documents needed for the auction.Potential bidders have to post a bond of $100 thousand to bid on the large boats and $50 thousand to bid on the smaller boat and the car.
"That separates the men from the boys," said Toney.
Together, the vessels and car could fetch several million dollars but officials don't want to put a price tag on any particular item before the auction. Marine engineer Chris Burke said who places the winning bid will have to have the funds to not only buy the vessel but also maintain it.
"Some of these boats cost $300 thousand a year just to dock and keep them running," said Burke.
Madoff's notoriety is expected to boost the final sales prices just a bit, said Jennifer Crane of the Marshals' asset forfeiture division.
"You can't really put a price on this," she said. "Our goal is to make as much money as possible."
Proceeds will go to victims of Madoff's massive Ponzi scheme. Madoff is serving a 150-year sentence in federal prison.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
UNEDITED VIDEO: Toddlers Smoking Pot
Click to enlarge
Stumble It!
Reporting
