Sale of imprisoned Tyco exec L. Dennis Kozlowski’s yacht will go toward $167 million he was ordered to pay
Sale of imprisoned Tyco exec L. Dennis Kozlowski’s yacht will go toward $167 million he was ordered to pay.
Endeavour, the 130-foot J Class sloop owned by imprisoned former Tyco International chief executive L. Dennis Kozlowski, has been sold. The historic yacht was purchased in early October by a Portuguese businessman, says Alexander Busher, the Edmiston & Company broker who managed the sale of Endeavour.Busher declined to name the buyer but did say the yacht sold for “something very close” to the $14.9 million asking price. “When we took over the selling of the yacht at the very end of June the owner was asking $17.3 million,” says Busher, who spoke to Soundings from Edmiston’s main office, in Monte Carlo, Monaco. “Not long after, we brought it down to what we thought was a more realistic price.” The yacht was for sale “on and off” for about a year, Busher says.
Endeavour was commissioned by British aviation pioneer and yachtsman Sir Thomas Sopwith and built in Gosport, England, to challenge for the 1934 America’s Cup, according to information on the J Class Association Web site (www.jclassyachts.com ). Endeavour didn’t win the Cup, though she went on to win a number of other races before retiring from racing in 1938. Over the next five decades she had several owners and was sold to a scrap merchant in 1947, according to the Web site. In the 1970s she sank in the Medina River in Cowes, England.
Endeavour was purchased in 1984 by American yachtswoman Elizabeth Myer, who had the yacht restored and relaunched her in June 1989 — the first time she had been sailed in more than 50 years.
Since early June Endeavour was docked at the Newport (R.I.) Shipyard. “She’s in quite good shape,” says yard manager Eli Dana. “She has all new paint as of last winter in Antigua. Her crew has taken good care of her.”
The sale of Endeavour will help Koz-lowski, who is 59, pay the $167 million in restitution and fines he was ordered to pay for looting Tyco, which manufactures electrical components, telecommunications systems, fire protection devices and more. Kozlowski was convicted on criminal charges including grand larceny and securities fraud in June 2005 along with another Tyco executive. This fall, according to published reports, the men filed documents with the Supreme Court of the State of New York to have their convictions reversed.
Endeavour was to remain at the Newport Shipyard until sometime this winter, when she will be sailed to the Caribbean, Busher says. Next spring the yacht will be taken to Valencia, Spain, for the America’s Cup. After that, she will be available for charter at $77,000 a week, he says.