Buyer still sought for Madoff yacht - Trade Only Today

Buyer still sought for Madoff yacht

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Bernie Madoff's yacht Bull is still without an owner after eight months on the market and a 50 percent drop in the asking price.

Apparently the boat — the last luxury toy left from the imprisoned former investment manager — doesn't have enough cachet to lure a buyer since it was seized nearly three years ago by authorities, the New York Post reported.

The 88-1/2-foot custom-built yacht has seen its initial price tag cut in half, to $4.3 million, as it sits in Monaco harbor. The initial asking price was $8.6 million.

Hoping to pump up interest, the broker for Bull threw the Riviera's version of a yard sale, setting up shop near a Monaco convention of European hedge-fund titans, including numerous Eastern Europeans. With decks draped in bikini-clad models, the yacht raced up and down Monaco's harbor at speeds as high as 42 knots, which experts called spectacular for a boat of that size.

The brokerage firm Wyles Hardy offered on-board tours and held VIP cocktail parties at cafés overlooking the sparkling harbor.

Some observers said the pride of the Madoff fleet, however, might not fetch even $2 million because of a continuing lack of interest among Europeans facing austerity pressures. The proceeds from a sale would go to a London court that is supervising a liquidation of Madoff's overseas assets for global victims.

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