R. Allen Stanford is currently in a Texas penitentiary for massive fraud; Stanford and his associates are accused of running a $7 billion fraud scheme that involved the sale of certificates of deposit through Antigua-based Stanford International Bank Ltd. He is being held without bail pending trial. The receiver in Stanford’s case against the SEC has requested permission from a federal judge to unload his 112-foot yacht, Sea Eagle.
Stanford bought the yacht in 1998 for $3.9 million, and it was refitted with the finest finishes in 2003. At that time, the boat’s builder, Hakvoort, lengthened the yacht, changed the layout of the interior, and replaced the original teak with mahogany.
Ralph Janvey, who is the receiver of the craft, is said to be looking to sell it because of the high costs of maintenance. According to Luxist, his lawyers also told the court that they have a “stalking horse” agreement to sell the 112-foot Sea Eagle as is to a buyer identified as “Neil Helliwell, Dubai, U.A.E.” for $2.5 million. Ardell has it listed at $6.5 million so they are clearly hoping for better offers.