Investing and Banking & Finance and Tim Durham and Law

Durham yacht up for sale; asking price $4.8 million

January 26, 2010

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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