Feds seize yachts from Madoff

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Federal marshals paid a visit to Roscioli Yachting Center in Davie, Fla., yesterday to seize a 55-foot yacht owned by Bernie Madoff, the financier who has been jailed and awaits sentencing for swindling billions of dollars from investors.

Bull, a 1969 Rybovich, has been annually stored and professionally maintained by Roscioli Yachting Center since 1996, according to a report from Nauticom Communications. The yacht is valued at $2.2 million, according to a story in the South Florida Sun Sentinel.

Federal officials yesterday also seized Madoff’s 24-foot Pathfinder from the Heritage Square Industrial Park in Palm Bay, Fla., as well as his Palm Beach mansion valued at $9.3 million. The Madoffs also have two other boats authorities want, one of them a $7 million yacht berthed in France, according to the report.

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Comments

6 comments on “Feds seize yachts from Madoff

  1. Gman

    Good job!  Now let’s be sure the proceeds get returned to the people he swindled and not to the government for taxes owed or some other “Obama” reasons. 

  2. upwindskipper

    Unfortunately, there is no way a 40 year old, 55’ Rybovich will ever be worth 2.2M, maybe half that on a sunny day.   Time for a sober appraisal.

  3. Heywood Jablomy

    Always some right wing nut case trying to attack and bring politics into everything.I do hope they recover as much as possible and find some equitable way to give people back some of their losses.The Rybo, in fair shape maybe sells for $5-600,000.This is probably immaculate and worth around a million like stated above. Not unless its more of a collectible to a select group-maybe they would be willing to pay that much, especially with the history, the story the  new owners can tell !

  4. G B James

    Just give the boat to Obama ..hoping he will leave the country on it, if he does, free enterprise and free market may return to the USA.

  5. surfjac

    There are some days when I wish you anti-Obama people would get your way so that you can see the error of your ways.  Of course you’re probably very rich and could care less if the economy totally tanks and unemployment rises to 25% or that even more people lose their homes, their health, their retirement.  Of course your don’t care about the anti-Americanism you proffer hoping the President “leaves the country” or how some “Obama reason” will allow the money to be directed somewhere other than where it should go.  The majority of Americans approve of President Obama and where he’s leading the nation right now.  The only ones who aren’t are the people who want America and the President to fail.  You people need to support the President or leave!  How’s that?
    What happens to Madoff’s seized assents will be decided in a court of law, not in some blog!  If you don’t like the decision the court makes, work to change the laws that govern this situation or not but don’t criticize the President or our great nation! 

  6. allanb

    Unfortunatly, the federal government appraisal book is not available to the public. If you had access to it you would be able to see that a 40 year old boat with a $500K value is worth $2.2M when it is being taxed by the government. Did someone forget who we are dealing with here ?

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