It’s costly to maintain the Bernard L. Madoff Collection of Fine Cars.
Mr. Madoff’s brokerage firm shelled out $6,238.79 a month for leases on six luxury vehicles, according to an updated court filing on Friday by the trustee overseeing the closed firm’s liquidation. The filing asserts that canceling the leases will save $117,359.
The trustee, Irving Picard, has asked the Federal Bankruptcy Court in Manhattan for permission to cancel the leases because the vehicles are not needed. Left unsaid is that Mr. Madoff is unlikely to use the vehicles because he is under 24-hour house arrest in his Manhattan penthouse, awaiting a trial stemming from his reported $50 billion Ponzi scheme.
The updated filing gives details of the leases for each of the vehicles in Mr. Madoff’s fleet. The most expensive vehicle appears to be the 2009 Mercedes-Benz S550, which was leased in October for $1,712.14 a month.
The other vehicles include a 2007 Land Rover Range Rover, a 2008 Cadillac DTS, a 2007 Mercedes S550, a 2008 Mercedes GL450 sport-utility vehicle and a 2006 Lexus, according to a court filing on Wednesday.
The lease on the Lexus expired a few weeks ago, the filing said.
An online trading site for car leases, LeaseTrader.com, has offered its services to Mr. Picard as he seeks to get out of the leases.
“Millions of Americans experience life-changing events every day that force us to make adjustments in our lives, including drastic changes to personal finances,” Sergio Stiberman, the company’s chief executive, said in a statement.
Zachery Kouwe
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com