Indicted financier R. Allen Stanford's 112-foot yacht was sold for $3.25 million to an unidentified bidder following a two-month online auction.
The Sea Eagle was listed for sale March 11 by Ardell Yacht & Ship Brokers of Fort Lauderdale, with an opening bid of $2.5 million, over Stanford's objections.
His lawyers said a court-appointed receiver is liquidating Stanford's assets at "fire-sale" prices before the former billionaire has been found guilty of anything, according to a Bloomberg report.
"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 sportfishing boats in the world," said Ruth Brewer Schuster, one of the financier's civil lawyers, in an October filling objecting to the auction. "Any failure to sell the Sea Eagle for an amount far and above Ardell's asking price of $6.5 million will be a complete waste of estate assets."
Stanford, who denies all wrongdoing, is in jail awaiting trial on 21 criminal charges that he defrauded investors of more than $7 billion, Bloomberg reports.
Stanford's 12-year-old motoryacht attracted just two bidders beyond the initial "stalking horse" offer entered to start the bidding. Two hours before the auction ended yesterday, one bidder returned and raised his bid by $250,000 to win the Sea Eagle.
"That boat is definitely a steal at $3.25 million," said Natalia Hortynski, Ardell's marketing director. "We were hoping for more, because the more we get, the better it is for everybody."