Whither Bernie Madoff’s Yacht

The Ponzi-scheme poster boy’s boat has dropped $2.2 million in its asking price.

Bernie Madoff's motoryacht Bull

Bernie Madoff's motoryacht Bull is an 88-foot Leopard currently accepting bids for sale through Wyles, Hardy and Co.Courtesy Wyles Hardy and Co.

Convicted felon Bernie Madoff, who masterminded what is believed to be the biggest Ponzi scheme in U.S financial history, is serving a 150-year sentence behind bars while the liquidators of Madoff Securities International try to find a buyer for his yacht.

Liquidators recently put Bull, an 88-foot Leopard, back on the market with an asking price of $5.5 million, which is a $2.2 million reduction from the yacht's price when it launched in 2007.

Multiple news reports indicate that a series of Russian buyers expressed interest in purchasing Bull, but failed to follow through on the deal. Bull was previously lying in Monaco and is now en route to Gibraltar in an effort to resolve what appears to be a legal dispute in France between the liquidators and a French creditor in the Commercial Court of Antibes.

The liquidators have asked Wyles Hardy & Co., an asset valuation and auction company in the United Kingdom, to seek credible offers for the sale of Bull. The yacht has twin MTU M92 engines with less than 300 hours on them, a cruising speed of 33 knots, and what the sellers say is unused galley equipment —because Madoff never allowed food onboard.

Offers for Bull are being accepted at www.wyleshardy.com.