Rough financial waters have caused United Capital Markets founder John Devaney to put his luxury yacht up for sale. Devaney is seeking $23.5 million for his 142-foot yacht, “Positive Carry,” according to the New York Post. Earlier this month, the $620 million hedge fund portfolios he runs were forced to suspend investor withdrawals.
Devaney is also trying to sell a 16-bedroom Aspen, Colorado, property he bought in November for $16.5 million, the paper said.
He also owns a Rolls-Royce, a Gulfstream Jet, a 12,000-square-foot waterfront mansion in Key Biscayne, Florida and helicopter, as well as a few Renoirs and a valuable 1823 reproduction of the Declaration of Independence.
Devaney reportedly had $100 million in the troubled funds prior to the turmoil in the asset-backed securities markets his Horizon funds specialize in.
The 36-year-old CEO of United Capital Markets has definitely been living the good life. Looks like the party’s over…at least for now.
Devaney may finally have to start living like a millionaire instead of a billionaire…I’m sure it will be tough. He might want to contact Stephen Schwarzman of Blackstone to take a few items off his hands…I think he’s got some extra cash lying around.
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