UPDATE, SEPTEMBER 7, 2018: Lady Sara sold for $15 million, according to court records. The buyer is Fifth Third Bank, the plaintiff in the lawsuit from 2017 that precipitated the forced auction.
Read on for our original article.
On September 6, the U.S. Marshal will sell Lady Sara to the highest bidder in Fort Lauderdale. The auction of the 187-foot (57-meter) megayacht stems from an unpaid loan to a bank.
Launched in 2012 by Trinity Yachts as Lady Linda, Lady Sara most recently belonged to Steven M. Mariano, a Florida businessman. He owned the yacht through the Cayman Islands company Lady Sara Ltd. According to filings with the U.S. District Court for the Southern District of Florida, Fifth Third Bank provided a $32.3-million loan to buy the megayacht in 2015. From April to June 2017, the bank contacted Mariano about defaults on the loan. In July 2017, Fifth Third Bank filed a lawsuit against Mariano and Lady Sara Ltd. The bank alleged approximately $29 million remained unpaid. Court filings indicate that Mariano guaranteed Lady Sara Ltd.’s loan.
Court filings further indicate that in April of this year, neither Mariano nor the company opposed the relief the bank sought. The following month, pursuant to the bank’s request, the U.S. Marshal arrested Lady Sara. In addition, in June, the Florida court ruled that the money owed totaled nearly $35 million. This took into account the principal of $28 million, interest owed, and fees. The total sum, however, excluded legal fees and other costs the court would determine at a later date. Finally, in that same ruling, the court ordered the sale of Lady Sara.
The auction includes the megayacht, with accommodations for 12 passengers and 13 crew, as well as all of her furnishings and tenders. Among the tenders is a 39-foot Nor-Tech center console. The auction takes place at the U.S. Federal Building and Courthouse. Interested bidders may contact Jason Dunbar, vice president of Luke Brown Yachts, to inspect the yacht. Dunbar additionally can provide a copy of the most recent survey, as well as details on the bidding process.
On a related note, in May 2017, the then-central agents for Lady Sara listed her for $36 million. She chartered for $368,500 per week as well.
The winning bidder will need to pay 10 percent of that bid immediately—meaning the day of the auction. The winning bidder then has seven days to pay the remaining balance. Failure to pay the remainder results in forfeiting the original deposit. The U.S. Marshal can use those forfeited funds to repay its own expenses in relation to the sale and any new notice of sale.
Don corleone
Typical south Florida 5 dollar millionaire