Skip to content

News

Scott Rothstein Auction: Next up, the Exotic Cars and Yachts

By Peter Franceschina
Sun Sentinel

As the dismantling of Ponzi schemer Scott Rothstein’s empire continues, the next items to go under the auction gavel were among his most coveted possessions: The Italian supercars, the luxury British Grey-Poupon-mobiles and the status-establishing yachts.

Now that all his personal political and sports memorabilia have been auctioned off (netting more than $150,000 for creditors of his now-bankrupt Fort Lauderdale law firm) federal prosecutors are moving swiftly to offload the exotic cars and watercraft.

Prosecutors won court permission Friday to auction off the toys. The money will eventually be distributed to Rothstein’s bilked investors. The government wants to quickly dispose of the cars and yachts to preserve their value.

Here’s how prosecutors put in their motion to U.S. District Judge James Cohn, who is overseeing Rothstein’s criminal case (Rothstein faces up to 100 years in prison at his May 6
sentencing on five federal felonies):

“The vehicles and vessels are the subject of a protective order. They are subject to
depreciation in value by virtue of the passage of time, and increasing storage and maintenance costs. Proceeding immediately to effect the sale of these assets, with the proceeds being held by the Internal Revenue Service, will best preserve the value of the assets identified for forfeiture at the conclusion of all or part of the criminal case.”

Details of the upcoming auction are not yet available, but here’s what’s going on the block:

1990 Ferrari F40;

2009 white Bentley convertible;

rothstein%20bentley%203.bmp

2008 yellow McLaren Mercedes Benz SLR;

2007 black limousine Ford Expedition;

2008 Red Ferrari 430 Spider;

rothstein%20ferrari.jpg

2007 silver Rolls Royce convertible;

2006 silver Hummer;

2008 Cadillac Escalade;

1967 red convertible Corvette;

2008 Black Bugatti Veyron EB 16.4;

rothstein%20bugatti.jpg

2008 blue Rolls Royce drophead convertible;

rothstein%20rolls%20royce.bmp

2006 red Ferrari F430 Spider;

2008 Chevrolet Corvette (registered to Rothstein’s uncle, William Boockvor;

2009 Chevrolet Corvette Z06 (registered to former law partner Les Stracher);

2009 blue Maserati GranTurismo coupe (registered to former law firm chief operating officer Debra Villegas);

2009 White Mercedes Benz; 2008 Mercedes Benz S65 VR Turbo (registered to former law partner Stuart Rosenfeldt);

2009 red BMW convertible ( registered to Rothstein’s nephew);

2009 Mercedes Benz SLK 350 convertible (registered to Rothstein’s sister);

2010 white Lamborghini Lp-670sv;

2007 87-foot Warren yacht;

33-foot Aquariva;

rothstein%20yachts.bmp

Oh, and four barely-used Yamaha personal watercraft. The feds should bring in more than a few million for the restitution aspect of the criminal case.

Facebook Twitter DZone It! Digg It! StumbleUpon Technorati Del.icio.us NewsVine Reddit Blinklist Add diigo bookmark

______________________________________

Woods of Countryside condos to be sold at auction April 25

Forty condominiums in the Woods of Countryside complex in Palatine will be sold at auction April 25 at minimum bids up to 71 percent below previous asking prices.

The bank-directed sale will offer two-bedroom condominiums at a minimum bid of $69,500 and one-bedroom condominiums at a minimum bid of $64,500. The two bedroom homes were previously priced up to $240,000 and the one-bedroom homes were previously priced up to $190,000.

Very low minimum bids and possible tax credits of up to $8,000 could offer first time homebuyers and qualified investors unprecedented value. FHA financing will also be available to qualified buyers on some of the properties.

Interested private parties, real estate brokers and investors may preview the condominiums at open house showings from 11 a.m. to 1 p.m. on April 17 and 18; 2 to 6 p.m. on April 21 and 10 a.m. to noon on April 24. The Woods of Countryside complex is located at 975 Sterling Ave. in Palatine.

A brochure is available by calling the offices of the auctioneer Rick Levin & Associates Inc. at (773) 252-4500. Bidding information and property details are also available at ricklevin.com.

The April 25 auction will be open to the public for registration at 10 a.m. and bidding will begin at 11 a.m. The auction will be conducted at the Hyatt Hotel, 6350 N. River Road, Rosemont. Broker coops are being offered for this sale.

In addition to the sale of the Woods of Countryside condominiums, the April 25 auction will offer commercial and residential properties located throughout the six-county Chicago area. Properties will include single family homes, vacant residential and industrial buildings and land, and apartment buildings in the city of Chicago and suburban Chicago.

Rick Levin & Associates is also selling more than 40 commercial and residential properties in Wisconsin and Illinois at upcoming real estate auctions scheduled between now and May 5. The properties are being offered by six different banks; manyproperties will be sold absolute without minimum bids. Details on these properties are also available at ricklevin.com or by calling (773) 252-4500.

Daily Herald, Arlington Heights, IL, 04/09/2010

a304

Facebook Twitter DZone It! Digg It! StumbleUpon Technorati Del.icio.us NewsVine Reddit Blinklist Add diigo bookmark

__________________________________________________________________________

Bank of Lincolnwood Selling Off Japanese Art, Rick Levin & Associates, Inc. Hosts Auction

Rick Levin & Associates, Inc. LogoJapanese artwork and space memorabilia owned by the failed Bank of Lincolnwood and appraised at more than $30,000 is being auctioned by the Federal Deposit Insurance Corp.

The auction, being run by Rick Levin & Associates, Inc., continues now through April 28, 2010.

A Japanese ivory netsuke of a reclining rat, one of the pieces of Japanese artwork being auctioned off by the failed Bank of Lincolnwood.

Assets include Japanese ivory miniature sculptures of such subjects as: a recumbent boar with its “ludicrously extended snout raised heavenwards”; a reclining rat with bulging eyes and a baby rat on its tail; and a warty toad crouching on a stump. All three are starting at $480 apiece.

Other items include a framed patch signed “This patch was on board Apollo 13 spacecraft on the flight around the moon, 11-17, April 70. Jim Lovell, Commander.” Its current bid is $280.

Also available is a photograph of inventor Thomas Edison. The frame is damaged and its current bid is $60.

Among the pricier items are an $1,890 pipe holder and tobacco box hand-carved out of wood and featuring inlaid ivory and mother of pearl.

In June 2009, Bank of Lincolnwood, which was led by Clyde Engle and had two branches and $214 million in assets, was closed by regulators. Republic Bank of Chicago, Oak Brook, assumed its deposits and assets. At the time, the FDIC estimated that the cost to its insurance fund would be $83 million.

For more information about this online auction please visit RickLevin.com: http://www.ricklevin.com/Auctions/Online-Auctions.aspx

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: