Madoff property heads to auction block in Fla.

AP News
Posted: Nov 17, 2009 8:04 AM

Interested buyers are getting the chance to bid on a vintage 55-foot yacht and two smaller boats that were once owned by imprisoned financier Bernard Madoff.

Madoff's 1969 Rybovich sportfisher, a 38-foot Shelter Island runabout and a 24-foot Maverick center console are headed for auction in South Florida on Tuesday. Bids will also be taken on Madoff's black 1999 Mercedes-Benz CLK 320 convertible and a 61-foot fishing yacht that was formerly owned by his right-hand man.

Proceeds from the auction will go to investors in Madoff's massive Ponzi scheme. He is currently serving a 150-year federal prison sentence in North Carolina.