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.
- Home
- NEWS
- REGIONAL
- THIS WEEK'S PAPER
- BLOGS
- Multimedia
- OPINION
- A&E
- LISTS
- PEOPLE
- EVENTS
- Classifieds
- Subscribe
IBJNews
Durham yacht up for sale; asking price $4.8 million
Sponsored by
ADVERTISEMENT
on Facebook & Twitter
on Facebook & Twitter
 Follow IBJ's Tweets on these topics: |
||
| @IBJNews | @Propertylines | @IBJTheScore |
| @IBJArts | @IBJHealthcare | @IBJDining |
| @IBJLists | @IBJSmallbiz | |
-
Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.
-
Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.
-
I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.
-
The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
-
I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
13 Comments
Add Comment
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?
Keep looking, you'll find the person sooner or later.
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???)
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.
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.
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.