Payback

Madoff's $2M Yacht Auction

A small cache of powerboats owned by Bernard Madoff and his associates fetched almost $2 million for victims of the $65 billion Ponzi scheme during an auction in Florida on Tuesday afternoon. The boats—named Bull, Little Bull, and Sitting Bull—sold for a combined total of $751,000, including a well-above-book bid of $700,000 for Bull, a 55-foot 1969 Rybovich Sportfish. A 1999 Mercedes Benz CLK 320 convertible with 12,827 miles on the odometer, previously owned by Ruth Madoff, sold for $30,000, while bidders paid $950,000 for a 61-foot 2003 Viking sport-fishing yacht owned by Madoff-associated Frank DiPascali. All 70 bidders, the crowd driven in part by Madoff's notoriety, paid an upfront registration fee of $100,000 to participate in the yacht auction.