Sunday, February 7, 2010

Sold?


Tony Young's house may have been sold.
I say this because it is no longer listed at the Sotheby's real estate Web site. But Young still is listed as the owner in the town of Mount Desert's official assessor's database. It was listed on the Sotheby's site as recently as Jan. 25 (when I last posted on this subject).
The house at 30 Tennis Club Road has been for sale as Young's former creditors seek to get some money back from the Georgia native, who last April was charged with securities fraud by the Securities & Exchange Commission (see the complaint).
Young also has/had assets in Coatesville, Pa., where he was active in the polo-playing crowd, and in Palm Beach, Fla., where he has a home only a few dozen yards down the road from a home owned by Bernie Madoff. But Young's alleged theft of $23 million from his investors isn't in Madoff's league. Madoff stole an estimated $65 billion before his Ponzi-style scheme unraveled at the end of 2008.
One of Young's boats still seems to be for sale, though his house in Northeast Harbor may no longer be. The day sailer Sagara, an International One design, is listed by Yachtword.com as being on the market for $72,000.
The other boats of Young's that were seized by the SEC are an inflatable fabric dinghy and a hand-crafted wooden rowing skiff.
For more about Young and his life before he was accused of fraud, there's this story that appeared in Fortune magazine last November. For a more local angle about what has happened since, there is this story that was in the BDN a few weeks later.

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