Madoff family's assets are worth $826 mn; owned $7 mn yacht | business | Hindustan Times
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Madoff family's assets are worth $826 mn; owned $7 mn yacht

business Updated: Mar 15, 2009 14:13 IST
PTI
Madoff family's assets are worth $826 mn; owned $7 mn yacht

Symbolising a luxurious lifestyle, a seven-million dollar yacht and more than two million dollars worth jewellery were among the possessions of the family of disgraced American investor Bernard Madoff, whose total assets are valued at around 826 million dollars.

Seventy-year-old Madoff has admitted to swindling billions of dollars from his clients by running a ponzi scheme - which pays investors from the money paid by other investors - for many years.

Madoff, who is in jail now, is estimated to have bilked clients to the tune of more than 60 billion dollars.

The information about the assets are part of the documents filed with the US Court of Appeals for the Second Circuit in Manhattan. The details of assets and liabilities are as of December 31, 2008.

According to the documents, the investor has assets worth between 823 million dollars and 826 million dollars. A major chunk comes from the ownership stake in his business -- Bernard L Madoff Investment Securities - valued at 700 million dollars.

His wife Ruth Madoff's company the Yatch Bull owns the 2006 Leopoard yacht located in France and is estimated to be worth seven million dollars.

The jewellery owned by Ruth Madoff is alone estimated to be worth 2.6 million dollars.