Carl Icahn sells his yacht...to buy a bigger one
source: http://www.nypost.com/seven/10182008/business/bye_bye__boatie__icahn_sets_sale_for_his_13414...
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In choppy financial seas, even billionaires are unloading their prized but pricey toys.
Despite making a mint on his ImClone holdings, hedge-fund billionaire Carl Icahn is selling his beloved yacht, the Starfire, for $37.5 million.
The 72-year-old put the 177-foot yacht up for sale late last month, just as markets were starting to tank to levels not seen since 2002.
Icahn, known for consistently making a mint by turning around troubled companies, has come upon tougher times lately.
His company, Icahn Enterprises, is down 76 percent this year. And his hedge funds are suffering some of their worst performances in years - dragged down by investments in companies like Motorola and Yahoo! Inc.
While the timing of the sale suggests the billionaire is feeling the pain of the credit crunch like the rest of America, a person close to the situation said the activist investor is actually looking to trade up.
"The reason it's for sale is to buy a bigger yacht," Kevin Merrigan, the broker handling the sale of the yacht, told The Post when reached at his Fort Lauderdale, Fla., office.
Despite making a mint on his ImClone holdings, hedge-fund billionaire Carl Icahn is selling his beloved yacht, the Starfire, for $37.5 million.
The 72-year-old put the 177-foot yacht up for sale late last month, just as markets were starting to tank to levels not seen since 2002.
Icahn, known for consistently making a mint by turning around troubled companies, has come upon tougher times lately.
His company, Icahn Enterprises, is down 76 percent this year. And his hedge funds are suffering some of their worst performances in years - dragged down by investments in companies like Motorola and Yahoo! Inc.
While the timing of the sale suggests the billionaire is feeling the pain of the credit crunch like the rest of America, a person close to the situation said the activist investor is actually looking to trade up.
"The reason it's for sale is to buy a bigger yacht," Kevin Merrigan, the broker handling the sale of the yacht, told The Post when reached at his Fort Lauderdale, Fla., office.
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