Megayacht SEA_EAGLE, a 112ft Hakvoort owned by a financier indicted for defrauding investors of more than 7 billion US dollars, sold at auction this week for $3.25 million in what his lawyers term a “fire sale” price.
SEA EAGLE was put up for auction on the 11th of March, with an opening bid of $2.5 million and a preset 60 day bidding period. Before the auction, the owner’s lawyers had argued that the opening bid was too low. According to a report by Bloomberg News, Ruth Brewer Schuster, one of the owners lawyers objected by asserting ““Mr. Stanford invested over $16 million in renovating the Sea Eagle, stripping the vessel to its hull and rebuilding it into one of the finest sport fishing boats in the world,”. “Any failure to sell the SEA EAGLE for an amount far and above the asking price of $6.5 million will be a complete waste of estate assets.” The SEA EAGLE was refitted by Hakvoort from 2005 to 2006 and her MTU engines had only clocked 471 hours.
The 112-foot Hakvoort motor yacht SEA EAGLE was built in 1998. The yacht was seized along with other assets in February 2009, after the Securities and Exchange Commission (SEC) filed suit against the owner. A federally appointed receiver for the SEC is now selling assets and investments to raise funds to help repay creditors and investors. Ardell Yacht & Ship was appointed the central agent for the federal receivership of M/Y SEA EAGLE.
Despite the protest, the Harkvoort motor yacht SEA_EAGLE was ordered to be sold at that opening bid, “as is, where is.” The sale at auction included all personal belongings left onboard including sculptures, silver, crystal, china, linens and rods and reels to name a few.
According to Bloomberg News, there were just 2 bidders, with one returning two hours before the auction’s end on the 10th of May to place the final bid.