Two Luxury Boats the Latest Seizures of Madoff’s Property

Federal authorities continued to confiscate Bernard Madoff’s property recently – though to call it "Madoff’s" is something a stretch – when they took two boats from Florida’s east coast yesterday. The larger boat, a 55-foot yacht named "Bull," and the smaller, a 24-foot motor boat were seized from two separate marinas yesterday. Barry Golden, a spokesman for the U.S. Marshals Service, referred to the 1969 Rybovich yacht when he noted that "A lot of money was put into maintaining this boat. 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."

The move comes amidst efforts by federal authorities to seize as much of Madoff’s hidden fortune, as well as that ostensibly owned by family members, to pay off the disgraced "financier’s" many debts. Thus far there are almost 7,000 people who have filed claims for a share of whatever happens to be recovered and authorities expect that over 1,000 more will join in shortly.

Prosecutors in the high-profile case have been pushing heavily for confiscation of all assets owned by both Madoff and his wife, to include a $7 million Manhattan penthouse as well as homes in Cap d’Antibes, France, Long Island and Florida. Madoff’s attorney, Ira Sorkin, spoke to reporters for a short time about the ongoing federal confiscations. "We have no objection to the seizure or to the assets being sold," Sorkin said. "The proceeds of the sale will be put aside for discussion at a later date."