Sea Eagle, the superyacht owned by the Texan financier, Allen Stanford, indicted for defrauding investors of $7 billion, has sold at auction for what his lawyers describe as a “fire sale” price of US$3.25 million.

The 112ft Hakvoort, built in 1998, was seized (along with other assets) in February 2009, after the United States’ Securities and Exchange Commission (SEC) filed a suit against Stanford.

A federal receiver is now tasked with selling Stanford’s assets to raise funds to help repay creditors.

Sea Eagle was put up for auction on March 11 with an opening bid of US$2.5 million. Lawyers for Stanford argued that this was too low because the MTU engines only had 471 hours on them and the yacht had recently been refitted by Hakvoort between 2005 and 2006.

Despite the protests, the SEC ordered that Sea Eagle be sold off along with onboard personal belongings such as sculptures, fishing rods