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Bernie Madoff’s Yachts go to Auction

• By Christopher White
• Updated: September 9, 2009

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National Liquidators of Ft. Lauderdale has announced that the yachts belonging to Bernard Madoff will be sold in a live auction, set to be held at National Liquidators headquarters, 1915 Southwest 21st Street, Ft. Lauderdale, on November 17 at 4:00 pm. On the block will be Madoff’s 55-foot, 1969 Rybovich, Bull , which gained public notoriety earlier this year when she was seized on April 1 (on national television) by U.S. Marshals. Madoff’s 40-foot 2003 Shelter Island Runabout Sitting Bull , and a 24-foot, Maverick 2400 Center Console Little Bull , will also be for sale. The auction will also consist of Dorothy Joe , a 61-foot 2003 Viking Convertible that was owned by Madoff’s CFO Frank DiPascali, Madoff’s 1999 Mercedes Benz CLK 320 convertible (with fewer than 13,000 miles on it), and three yachts from unrelated seizures; a 74-foot Novatec Powerboat, a 2004 Uniesse 68 Motoryacht named Rhapsody in Blue and a 95-foot Devo Mill. Proceeds from the sale of Madoff’s vessels will go to victim restitution. Those planning to bid at the live auction must preregister at National Liquidators website, www.yachtauctions.com/madoff

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Florida Auction Rakes in $2 Million for Madoff Victims

61-foot yacht brings highest price in sale of scammer's boats.

Nov. 17, 2009 — -- Frank DiPascali, who worked for convicted Ponzi scammer Bernard Madoff for 33 years, has finally out earned his boss. He had the bigger yacht, and it brought more money than any of Madoff's boats at an auction Tuesday that raised more than $2 million for Madoff's victims .

The 61-foot Viking yacht owned by Madoff's former chief financial officer went for $900,000 Tuesday afternoon in a Fort Lauderdale sale run by National Liquidators for the U.S. Marshals Marshal's Service Asset Forfeiture Division.

Click here to go behind the scenes of Brian Ross' investigation into Bernie and Ruth Madoff.

Seventy bidders placed deposits of up to $100,000 for the right to haggle over three vessels and a Mercedes owned by Ruth and Bernie Madoff, as well as DiPascali's boat, the Dorothy Jo, with all proceeds will go to the victims of Madoff's $65 billion scheme .

Madoff's 55-foot "Bull, a restored, 40-year-old Rybovich sportfishing boat, brought in $700,000, according to the U.S. Marshals. The auction catalog described it as designed for "tournament anglers," with "luxury appointments" and "premium woodwork everywhere." Prior to the auction, a Florida-based yacht salesman had told Bloomberg News that similar boats retailed for $450,000.

Roland Ubaldo, a spokesperson for the U.S. Marshals, said the action at the auction, which took less than an hour, was heated. "There was a lot of competitive bidding. There was a lot of back and forth. A couple guys were going head to head with each other." Bob Toney, president and CEO of National Liquidators, said, "We could not have been more pleased with the reaction. There was 100 percent satisfaction between us and the Marshals service."

According to Ubaldo, some of the heaviest bidding was for Bernie Madoff's 38-foot "Sitting Bull" twin-engined runabout, which has a teak-trimmed cockpit and teak interior. The "Sitting Bull" brought $320,000.

But Ubaldo said interest was keenest in the black 1999 Mercedes once driven by Bernie Madoff's wife Ruth, which has only 12,827 miles on the odometer. After heavy bidding, the winner paid $30,000. Madoff's smallest boat, the 23-foot "Little Bull," brought $21,000.

Ubaldo declined to identify any of the winning bidders, as did Toney of National Liquidators. "It's the confidentiality of the sale," said Toney. Given the price of the items and the his company's agreement with the Department of Justice, said Toney, "It's a good idea not to release such information." Toney said, however, that the winners are very pleased. "They have a piece of history."

According to Ubaldo, there are many sales of Madoff items yet to come. "We are not finished. We expect to have two to three more scheduled auctions in the near future."

Click here to purchase "The Madoff Chronicles" from Amazon.com.

Madoff , now 71, is currently serving a 150-year sentence at Butner federal prison in North Carolina. DiPascali, who began working for Madoff at age 19, was convicted on 10 counts related to Madoff's scam in August. He has not yet been sentenced, but he faces up to 125 years in prison.

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Bernie's Boats Go for $2 Million at Auction

Bidders went all out on the boats and cars of bernie madoff, by todd wright • published november 17, 2009 • updated on november 17, 2009 at 8:03 pm.

Bernard Madoff 's yacht "Bull," two smaller boats and a Mercedes-Benz convertible have been sold for over $1 million combined at a private auction in Fort Lauderdale Tuesday.

Madoff's 1969 Rybovich, a 55-foot fishing boat, sold for $700,000 to an unknown buyer. A 38-foot Shelter Island runabout named " Sitting Bull " went for $320,000 and the 24-foot Maverick center console "Little Bull" fetched $21,000.

The Mercedes, a 1999 model, sold for $30,000. It didn't have a name be we call it Bull-et (get it?).

A 61-foot Viking yacht once owned by a Madoff associate sold for $950,000.

Proceeds will benefit Madoff's wronged investors. Madoff is serving a 150-year prison sentence.

The private auction was held by the U.S. Marshals , which seized Madoff's assets after his massive Ponzi scheme was exposed.

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Bernard Madoff’s 27m motoryacht is finally up for sale

After a lengthy legal dispute, the boat belonging to Ponzi scheme operator Bernard Madoff is for sale

Far be it for us to gloat over how the mighty have fallen, but we couldn’t help but raise a little smile when this story popped up in our inbox – Bernard Madoff’s aptly name motoryacht, Bull , is finally up for sale.

The bespoke 27m Leopard motoryacht was built by Italian firm Cantiere Navale Arno to Madoff’s personal specification. Madoff Securities International Limited (MSIL) purchased the boat in 2007 for a cool €5m.

The boat is currently in Gibraltar, and according to the joint liquidators of MSIL, Stephen Akers, Andrew Hosking and Mark Byers, who are now in charge of the boat, it has undergone full maintenance and is ready for immediate use.

Stephen Akers said, “Having resolved a period of legal dispute over its ownership, I am pleased to be finally able to offer for sale yacht Bull . I am sure that its unique history and high specification will ensure that there is significant interest in the yacht”.

The legal dispute arose when both the liquidators and a creditor in France took hold of the yacht in the Commercial Court of Antibes in April 2009.

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Madoff is currently serving 150 years in prison for masterminding what has been described as the biggest Ponzi scheme in history, defrauding investors of a staggering $65 billion.

Wyles Hardy & Co is handling the sale of the boat, if you would like to find out more call 01442 832234.

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Bernie Madoff Scandal: Where Are They Now?

A year after disgraced financier Bernie Madoff pleaded guilty to a $65 billion Ponzi scheme and was sentenced to 150 years in prison, TIME recaps what has transpired for the major players

Turns out, running one of the largest Ponzi schemes to date gives you a lot of extra money to throw around. And what to do with all that money you swindled away from others? Buy things. Lots and lots of things. A small fleet? Check. Three homes? Yes, please. How about a rhinestone-studded "grill" mouthpiece and a 14-karat, diamond-studded pendant that reads "4 Life or Death"? Oh, why not? I've got the money. These and other assets owned by Bernie Madoff were rounded up by the Marshals Service to be sold and auctioned off. The proceeds are set to go to the victims of Madoff's $65 billion scheme.

Madoff's yachts met a similar fate. Bull, whose life preserver labeled "bullship" fetched $7,500 at an auction, Sitting Bull and Little Bull were each auctioned off in November 2009. The largest, Bull, a 55-ft. 1969 restored Rybovich Sportfish fishing boat, sold for $700,000.

Additional items seized from his residences are expected to be scheduled for auction this year. The first sale of 200 items, which included artwork, some of Ruth's jewelry and Bernie's Rolex collection, brought in nearly $1 million — almost double the original estimate.

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Madoff yacht, boats top $1 million in auction

Disgraced financier Bernard Madoff's yacht "Bull", two smaller boats and a Mercedes-Benz convertible were sold at auction Tuesday for more than $1 million combined.

Madoff's 1969 Rybovich, a restored 55-foot fishing boat, sold for $700,000 to an unknown buyer. A 38-foot Shelter Island runabout named "Sitting Bull" went for $320,000 and the 24-foot Maverick center console "Little Bull" fetched $21,000. The Mercedes, a 1999 model owned by Ruth Madoff, sold for $30,000.

A 61-foot Viking yacht once owned by Madoff's former chief financial officer, Frank DiPascali, sold for $950,000.

The private auction was held by the U.S. Marshals Service, which seized Madoff's property and assets after his massive pyramid scheme was exposed. All proceeds will benefit Madoff's wronged investors, and Madoff himself is serving a 150-year federal prison sentence.

Seventy bidders registered for the event, many of them putting up a $100,000 deposit to make offers on the yachts. Kevin Quirk, a marina manager, said Madoff's notoriety was a big reason for the large turnout.

"It's the hottest thing going," Quirk said.

Kim Hannah, who lost out on a bid for the Mercedes, said she and her boyfriend were motivated in part because the money would go to Madoff's victims.

"It was a chance to give back and also get a good car," Hannah said.

The boat auction followed a sale of Madoff personal property in New York that also raised more than $1 million. Two or three additional auctions are planned, and Madoff's homes in Manhattan and Palm Beach remain for sale.

Watch CBS News

Madoff's Yacht Seized; Home May Be Next

By Yvonne Halee

April 1, 2009 / 12:39 PM EDT / CBS

U.S. Marshals seized Bernard Madoff's $1.5 million yacht from a slip in Fort Lauderdale, Fla. The 55-foot-long yacht, named "Bull" was towed while surrounded by federal law enforcement. The yacht is the sister ship of a $7 million yacht of the same name that currently sits in the South of France.

A source with knowledge of the case told CBS News that the government is in the midst of a systematic seizure of any and all property owned by the Madoff's and further adding that "The house in Florida is next."

Additionally, a second vessel known as a Pathfinder: a 24-foot-long boat, named "Little Bull," also moored in Fort Lauderdale, was seized by federal agents

In court documents dated March 15, the government says Madoff's property is "subject to forfeiture as a result of the offenses charged."

When questioned about today's events Madoff's attorney, Ira Sorkin, told CBS News the couple had "no objection" to the seizure or sale of the Florida home.

CBS News previously reported that in December 2006 Ruth Madoff applied, and was eventually granted, a so-called "homestead" exemption. Under Florida law, that could have technically kept the couple's $9.4 million Palm Beach mansion out of the hands of creditors. Legal sources told CBS News that today's seizure of the yacht is a clear sign the feds aren't bound to state laws and effectively renders the home exemption moot.

The U.S. Attorney's and U.S. Marshal's offices declined to comment on the seizure of the yacht and any impending seizures.

Madoff is the former chairman of the NASDAQ stock exchange who was charged with operating a pyramid scheme that has been called the largest investor fraud ever.

On March 12, Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors. Federal prosecutors estimated client losses, which included fabricated gains, of nearly $65 billion.

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The man behind the monster: bernie madoff’s life in prison and his reflections on crimes.

In 2011, Bernie Madoff, the financier convicted of the biggest fraud in history, was six months into a 150-year jail sentence in the Federal Correctional Complex in Butner, NC, when he contacted journalist Richard Behar, thanking him for his condolence card after the death of his son Mark.

“That first email stated that Madoff was seeking to add me to his contacts list,” writes investigative reporter Behar in “Madoff: The Final Word” (Avid Reader Press). “I had the option of accepting or blocking him forever. 

“In hindsight, I sometimes wish I’d chosen the latter.”

Over the course of the next decade, the men exchanged more than 300 emails, with Behar often sending Madoff money to pay for his Internet access in prison.

There were dozens of handwritten letters, more than 50 telephone conversations and three in-person interviews as Behar set about writing his account of the Ponzi scheme that saw Madoff swindle investors out of some $68 billion. 

At their first face-to-face meeting at Butner, Madoff ran through his daily routine, from working in the kitchens to reading books, Leon Uris’s 1953 novel “Battle Cry” being a favorite.

Behar also brought a stack of quarters so Madoff could avail himself of the jail’s vending machine.  “No, you have to do it,” he said to Behar. “I’ll have a Diet Coke.” 

“Ouch,” writes Behar. “The greatest fraudster in history was not allowed to touch a coin. A billionaire who was once among the biggest market makers at the New York Stock Exchange not permitted now to get a soda for himself.”

The scale of the deception explained in “The Final Word” beggars belief.

“Sixty-eight billion bucks, laid end to end in dollar bills, would encircle the Earth approximately 265 times. Now add another 104 circles to calculate the fraud’s value in today’s money: $100 billion, give or take a billion,” explains Behar. 

“That’s nearly 2 million times what the average American worker earns in a year.”

At the time of his arrest on Dec. 11, 2008, Bernie Madoff had more than 4,900 active clients, with another 40,000 people whose investments had passed through Madoff’s company, Bernard L. Madoff Investment Securities (BLMIS).

In total, there was an estimated $68 billion of assets attributed to Madoff and his investments but, as Behar points out, there was actually less than $300 million left in his coffers.

“Madoff made $68 billion disappear almost overnight,” he writes. “Bernie had engineered the greatest known fraud in human history.”

The victims were individuals and family trusts, colleges and charities, hedge funds and pension funds. 

Even banks entrusted Madoff with their money. 

Among the high-profile targets were movie maestro Steven Spielberg and entertainment mogul David Geffen, talk show host Larry King, actors Zsa Zsa Gabor, Kevin Bacon and John Malkovich and Baseball Hall of Fame pitcher Sandy Koufax.

The world’s richest woman, Liliane Bettencourt, was also conned, as well as the International Olympic Committee and some New York universities. 

“Those financially harmed — destroyed, in many cases — by Bernie reads like a Who’s Screwed Who in the sports, business, entertainment, academic, and philanthropic worlds,” writes Behar. 

Madoff didn’t care who he defrauded.

When Holocaust survivor and Nobel Prize for Peace winner Elie Wiesel entrusted him with the money of his Foundation for Humanity, the non-profit organization nearly went under, losing $15 million.

Wiesel and his wife, Marion, also lost their life savings of $12 million. 

“We thought he was God, we trusted everything in his hands,” said Wiesel, whose mother and sister were gassed on arrival at Auschwitz-Birkenau in 1944.

When Behar asked Madoff about whether he had any regrets about Wiesel, he simply replied: “He’s full of shit, that guy.” 

In Behar’s account, the disgraced financier also reveals how he turned down sports icons like Michael Jordan and Derek Jeter, despite approaches from their financial advisors, and how Donald Trump, in his 2009 book ‘Think Like a Champion: An Informal Education in Business and Life’, claims he saw through Madoff.

Not so, Madoff told Behar. “You know, he claimed that he never invested with me, which is true. And he said that I approached him, which is not true. I never approached him for anything,” he said. 

“You know, that’s typical Trump, to say he was smart enough not to invest.” 

Over the course of his conversations, however, Behar found a man who was capable of contrition. “What I did was terrible. I’ll never forgive myself,” he told him. “But it’s not like I planned it. If I did, I would have done it better.”

Madoff was also adamant what happened simply wasn’t the real him. “I know it’s hard to imagine, but I’m not a gambler,” Madoff told Behar. “I never played cards. Never bought lottery tickets.” 

The problem for Madoff was two-fold. 

On one hand, there were the clients who never carried out due diligence.

“That kind of blind faith is a Ponzi scammer’s lifeblood,” writes Behar.

The other issue was that as events outstripped him, it left him with no way out of the giant hole he had dug for himself by taking so much money from friends, relatives, and strangers.

Madoff was in too deep – and it took its toll.

“After a while, you start bulls–tting yourself to believe what you want to believe. And then you just block it out of your mind. I was going nuts,” he told Behar. 

“Sixteen years of doing this [Ponzi]. Not telling your wife and sons. I don’t know how I stood the stress. I woke up every morning for sixteen years feeling I’m not coming out of it. 

“I was hoping for some kind of miracle.”

Madoff’s duplicity also impacted his family.

On the second anniversary of his father’s arrest, Madoff’s oldest son Mark, 46, who worked at BLMIS but never faced criminal charges, hanged himself with his dog’s leash as his 2-year-old son, Nicholas, slept in a neighboring room in his Manhattan apartment. 

Further tragedy followed in September 2014 when Madoff’s other son, Andrew, died from cancer, aged 48. 

Diagnosed with lymphoma in 2003, his cancer went into remission but returned in 2011, something Andrew Madoff attributed to stress caused by his father’s arrest. 

“They believed in me; they looked at me a certain way, and then all of a sudden they felt betrayed, and I understand that,” Madoff told Behar by phone.

Richard Behar would speak with Madoff for over 10 years. “Bernie said often that he was counting on my book to set things straight and was upset that I still hadn’t published it after a decade of work. 

“He complained in an email that he’d probably be dead by the time it came out.”

And so it came to pass.

After suffering with chronic kidney disease for several years, Bernie Madoff died at Butner’s Federal Medical Center on April 14, 2021. 

Shortly after his death, Behar sent Madoff another email “curious whether it would just vanish into the bowels of Butner, or if I’d receive a response”. 

He did get a reply, albeit automated.

“Inmate 61727054 — MADOFF, BERNARD L no longer has access to the Trust Fund Limited Inmate Computer System; therefore, he/she may not send or receive messages.” 

The reply amused Behar. “The email seemed to suggest that Bernie was still out there somewhere, bumming quarters, a tattered Leon Uris novel in his pocket,” he writes. 

“In fact, he is nothing but ashes.” 

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