Madoff's Yacht Seized By US Marshals

MIAMI -- Federal authorities seized disgraced financier Bernard Madoff's antique yacht and a smaller boat from two Florida marinas early Wednesday, part of an effort to recoup assets to pay back his swindled investors.

The 55-foot yacht named "Bull" and a 24-foot motor boat were taken from marinas on Florida's east coast, said Barry Golden, a spokesman for the U.S. Marshals Service. The yacht, a 1969 Rybovich, is worth $2.2 million. (SCROLL DOWN FOR PHOTOS)

"A lot of money was put into maintaining this boat," said Golden. "This boat was extremely well kept, extremely clean. Engine compartment was spotless. It looked like somebody took a bottle of 409 and scrubbed it every day."

Madoff, 70, is in jail pending sentencing for pleading guilty to charges he swindled billions from investors in what could be the biggest scam in Wall Street history. He faces a maximum sentence of 150 years behind bars.

Prosecutors are seizing as much as they can of Madoff's personal fortune, and have begun demanding millions of dollars in payments from his relatives. Roughly 6,700 people have filed claims for a share of whatever is recovered. Thousands more _ some who lost in excess of $1 million _ are expected to come forward.

Court documents filed by Madoff's attorneys have indicated Madoff and his wife had up to $826 million in assets at the end of last year _ including the boats and home. Madoff also has an $11 million, five-bedroom mansion in Florida's ritzy Palm Beach Island.

If prosecutors get their way, the Madoff and his wife, who has not been charged, will have to give up all their assets, including a $7 million Manhattan penthouse bought in 1984, the Florida home, a $1 million home in Cap d' Antibe, France and a $3 million luxury home on New York's Long Island. The government also wants Madoff and his wife to forfeit $10 million in furnishings for all the homes and luxury cars, among other items.

Comments

[OYea]

05:02 PM on 04/04/2009

$826 million in assets and they seized a 55 and 24 footer?! His secretary probably has bigger boats than that!

OK... now go get his REAL toys!

[PropTalk]

04:43 PM on 04/02/2009

I agree. This is certainly not a Rybovich. It's not even a fishing boat.
I understand the Rybo is being held at Jackson Marine in Ft. Lauderdale.
The US Marshalls will not be able to get more than $500K for her even if they are good about keeping her in good condition.

Editor, PropTalk Magazine

[benjamin227]

03:33 PM on 04/02/2009

Hey Gang--
The boat in your photos is not a 1969 Rybovich & Sons. I think that is someone else's Bull.
-rbb

[munki]

01:20 PM on 04/02/2009

So sad how people can be so untrustworthy...

Where did good old American went?

We were not like this... OPM = Other People's Money

[totaldisbelief]

08:24 AM on 04/06/2009

I don't think that the Madoff clan were ever Good Old Americans.

[brandnewstuff]

09:31 AM on 04/02/2009

Why is Ruth still free?

[aflyinyoursoup]

08:19 PM on 04/02/2009

Because she tried charging $5 and no one would pay that much.

[truthyguy]

09:26 AM on 04/02/2009

It still amazes me that Madoff had the cajones to collect money from investors and simply turn around and use it to buy himself real estate, cars, boats and other toys. And do it for decades.

Where were the regulators?

[totaldisbelief]

08:25 AM on 04/06/2009

he used to be a regulator.

[Joseph Upton]

07:29 AM on 04/02/2009

We ought to seiz Air Force One. Obama is busy bankrupting the country and he supports the social security "ponzi scheme".

[bby328]

08:35 AM on 04/02/2009

Gopher for it . . . in 2012.

[truthyguy]

09:29 AM on 04/02/2009

Let me guess - you think anything and everything Obama has done is a mistake and that it is his fault we have this financial crisis. Oh, I forgot, and the republicans had nothing to do with anything. They were just there observing for the past 8 years.

[totalliberal]

06:24 AM on 04/02/2009

These are his chump change yachts. He's got 30 million dollar one in Monaco. Most of his most expensive stuff is registered off-shore and will never be tracked down.

[pueblocolorado]

02:54 AM on 04/02/2009

Sheesh. Who's going to be able to buy this stuff?

[SangZe]

08:29 AM on 04/02/2009

I suspect a few well-placed democrats will find the money.

[Vaas]

11:57 PM on 04/01/2009

Madoff could face spending the rest of his life in prison, and up to $170 billion in restitution. According to the original federal complaint, Madoff claimed his firm had liabilities of approximately US$50 billion.

Prosecutors increased their estimate of the size of the fraud from $50 billion to $64.8 billion, based on the amounts in the accounts of Madoff's some 4,800 clients.

$64.8 billion is a whooping figure...

http://talk-english.blogspot.com

[Tom Kenny]

11:36 PM on 04/01/2009

Screw Bernie Madoff ... we hope he rots in prison for 50 years and beyond.

[OneTop]

11:23 PM on 04/01/2009

BULL ?

What happened to last part of the ships' name [SHXT]

Some one must have painted over it.

[Guitarsandmore]

11:01 PM on 04/01/2009

This yacht belongs to the people!

[larry278]

09:23 PM on 04/01/2009

Madoff's boats may or may not be kept up now that feds have them. There may not be buyers, at any price, if Uncle Sugar tries to sell them.

[Lou38]

08:28 PM on 04/01/2009

The only yacht Ruth Madoff will have now will be a rubber toy boat from toy store - to put in the
bathtub with her for next few months- until she is arrested and goes to Jail.

Then no bathtubs!! Sorry Ruth!! You road the wave for too long....

Get ready for your JAIL CELL!!!!!