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Durham yacht up for sale; asking price $4.8 million

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Indianapolis financier Tim Durham’s famed 98-foot yacht is up for sale for $4.8 million.

Moran Yacht & Ship, which has sales offices around the world, listed the 2004 yacht in mid-November and says the ship is docked in Turkey.

The four-bedroom yacht was a big part of the opulent lifestyle Durham enjoyed in recent years. He told CNBC two years ago that he spent $5,000 a month just to dock it in Miami.

Durham has been selling some of his holdings in recent months as financial pressures have intensified. Federal authorities are in the midst of an investigation into whether he operated one of his companies, Akron, Ohio-based Fair Finance Co., as a Ponzi scheme.

Durham and partners took out more than $168 million in insider loans from Fair. Ohio investors fear that money won’t be repaid and that they’ll lose much of the $200 million they funneled into Fair to purchase investment certificates.

The ship is named Obsidian, the moniker for Durham’s Indianapolis-based holding company.

An attorney for Durham was not available this morning, and a sales agent for Moran could not be reached for comment.

It was not clear whether Durham , 47, is the seller, or he had sold the ship to another party that now is putting it on the block.






 

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  • Yacht
    The yacht dockage is around $5k a month, not a day. It's a money pit yes, but the corporations they're tied too usually pick up the bill! Also, it's normal for a Fort Lauderdale broker to deal with the sale of the yacht in any country - especially one of the biggest offices. My guess he still owns it, in a holding company - why else would anyone keep such a terrible name for a yacht?
  • he is a thief
    it is a felony to steal from senior citizens! i am also an investor, as is my 22 year old daughter. she worked and was saving for college. not all of us are seniors. we are hard working citizens just trying to save for the future. how dare he rob us! fair finance had a impeccable reputation for over 70 years and in just less than 8 years this scumbag has run it and the savings of thousands into the ground. he should be behind bars with no bail. shoplift a few groceries and you get arrested. this is absurd! what an arrogant bastard. guess it pays to have republican friends at the top, the ones he gave our money to. omg! do something fbi, attorney general, sec, anybody, PLEASE!
  • Re
    Do you mean Buert? He's a lame duck. If it is someone other than Mitch or Buert, just post the name because the game is lame, man

    As to the yacht it was retitled into a new corporation on August 21, 2008, you are right, it's a Georgetown, Grand Cayman corporation just like his prior corporation, kind of weird that a Ft Lauderdale boatbroker is handling boat when it is docked a long way away in Turkey, especially with the Super Bowl and Miami Boat show around the corner, just sayin', you know?
  • Re:to Deeper Throat
    You're giving Mitch far more credit than he deserves on this one. He doesn't have dog in this fight. Beside's, for all the contacts Mitch has he certainly hasn't the connections or power to tie the hands of both the US Justice Department and the Washington based FBI.
    Keep looking, you'll find the person sooner or later.


    • picket Morrison's office
      There should be a dozen seniors outside of Morrison's office during "prime time" until this is explained. This contempt for the law should incite cvil disobedience.
    • Poor Carl
      What will Carl do for Spring Break if Tim sells the yacht?
    • Simons, Durham, Brizzi, whew!
      Woo woo, Indy's the hot bed of juicy gossip! I race to the IBJ online site daily to see who's doing what to whom next! How dare that wicked stepmother keep her husbands assets after 40 years of marriage! As if! How dare anyone say it is wrong for Durham to keep assets that were never his to start with! As if! How dare anyone praise the IBJ as the best business journal with the best writer Greg Andrews ever! Bad

      I'd like to see a reporter brave enough to talk about the other things Durham really spent the cash on...the alleged gambling and alleged prostitutes (um, wasn't E**** a $1200/night escort paid by by you know what first???)
    • re
      Since you know so much about Durham's dealings, why don't you tell us where the cash from the yacht went? Didn't he only get $3M for it and dump it at firesale prices? Some investment of the Amish/Mennonite money that was--70% discount in resale price, $5g a day docking fees x 5 years = roughly $10M in docking fees alone, not including another $2-3M per year for crew, parties, how about those plane rides on the Gulfstream down to the Bahamas...a $30M loss over the five years he had it....

      That is, if he actually sold it. Kind of ironic that the yacht 1) is still titled Obsidian 2) is docked in Turkey and 3) Tim's replacement for party fund chair is from where? Turkey. Concidence or more corruption in Indy? How many wealthy people would want ANYONE to think their company was perpetual money pit Obsidian? Get real!

      Speaking of corruption in Indy, how many people besides Durham and Brizzi traded in Cellstar? Wait til you see WHY they did--in addition to Brightpoint gobbling up Cellstar shortly after they purchased (wasn't that an amazing coincidence on the stock pump)--since you know so much why don't you tell the readers what little secret Timmy had over at Cellstar. Bell Atlantic sound familiar?

      By the way, blondie (or is it brunette now) how is the $40,000 per month LA mansion rental? Hiding out? And speaking of hiding out what's up with Cochran leasing out his Geist mansion for $3,000 a month when he is $11,000 in arrears on taxes and his mortgage balance is $1.1M? What, is he worried one of those Amish or Mennoniet farmers he ripped off is going to come and knock on his door and demand their money back? Would serve him right.

      HAHAHAHAHA Your buddies are soooo documented, and all of his mortals hope all of you go to prison for a VERY long time.
    • Where are Durham and Cochran?
      Craigs List sales, secreting away assets in the middle night, complete vanishment from hogging up the spotlight like Durham constantly did pre 11/24/2009 raid....where are these "men" who should be at the Wooster, Ohio meeting tonight to face hundreds of their upset and now penniless elderly investors, who trusted them to invest wisely...and in the instruments they committed to investing in, not in buying yachts and Peter Max paintings and installing $1M securities systems in mansions they also bought with the money

      REAL MEN FACE THEIR ACCUSERS. Even their buddy, Carl Brizzi, has nothing to twitter about lately....cuz he's no man, either, all of this makes me want to PUKE. Only in Indy can these guys still be running free instead of locked up in a jail like Trevor Cook was this week.
    • Huh?
      Why don't one of you IBJ reporters question the US Attorney (acting) Morrison and ask him to explain how this, and Cochrum's garage sale are supposed to be happening?

      Diodn't Durham give millions to Mitch Daniels? Is that why he's immune to prosecution?

      If I'm a Fair Finance customer I would be outraged and demanding an explanation.
    • Durham update
      Wow.
    • Durham update
      Wow.
    • Assets
      I thought he was not supposed to dump his assets, or is someone overseeing these transactions???

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