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

  • Fri, 17 Sep 2010
  • Sally Coffey

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

Bernard-Madoff's-boat-bull

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.

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.


U.S Navy vows to protect Jones Act

By Editor

September 16, 2010

In response to legislation introduced by U.S. Sen. John McCain and others seeking to repeal the Jones Act, the U.S. Navy and the U.S. Navy League have issued statements citing the importance of American mariners and American vessels to the United States' national security.

“For decades, U.S. merchant mariners have provided essential support for the U.S. Navy during times of war and national crisis,” the Navy said in an official statement. "Repealing the Jones Act would remove that support at a time when we are fighting two wars and facing a continuing threat from international terrorism.”

The statement comes within days of comments by Daniel B. Branch Jr., president of the Navy League of the United States, underlining “the importance of a strong commercial maritime industry to a maritime nation like the United States. The Jones Act must be maintained so that the more than 8,000 U.S. citizen mariners can continue to provide the economic and military support that is critical to our national interests,” Branch said.

Reported in a recent edition of Wheelhouse Weekly, a newsletter of the International Organization of Masters, Mates & Pilots. It has been reprinted with permission.