Madoff yachts net $2 mn at auction

MIAMI: Three yachts owned by Wall Street swindler Bernard Madoff, his wife's Mercedes and another boat belonging to his finance chief have been sold for $2 million, auctioneers said on Wednesday.

Proceeds will be used by the government to compensate victims of Madoff's fraud, said National Liquidators, a leading US auctioneer of yachts, that carried out the sale at its marina in Fort Lauderdale, Florida.

Madoff's main yacht "Bull", a 55-foot vessel, sold for $700,000; "Sitting Bull," a 38-footer, went for $320,000; and 23-footer "Little Bull" for $21,000, the company said.

Dorothy Jo, the yacht that belonged to Madoff finance chief Frank DiPasquali, flew off the block for $950,000 dollars, while Ruth Madoff's wheels - a 1999 CLK 320 - fetched $30,000.

"Sales for the Madoff case assets far exceeded all expectations," according to Neil DeSousa, acting US Marshal for the Southern District of South Florida, "which equates to more dollars going back to the victims in the Madoff case."

A delighted Bob Toney, president of National Liquidators, added: "We couldn't have been more pleased with the results. The auction attracted serious bidders who were interested in the high-quality of the vessels."

The proceeds were to help repay the hundreds of investors cheated by Madoff's $65-billion Ponzi scheme - much of it apparently comprised of phony funds.