Regular readers of this blog will recall that a few weeks back I posted an item on how John Devaney, a Florida hedge fund manager who was one of the golden boys of the financial set (Devaney was flashy, and in many profiles was only too willing to pose aboard his 142-foot yacht, which he had christened “Positive Carry.”). His firm, United Capital Markets, had made a killing investing in mortgage-backed securities, with significant leverage, but when the subprime market collapsed, Devaney suspended redemptions by the investors in his fund to keep from having to dump his holdings in a falling market.
Now comes this item in the New York Post that Devaney has put his yacht up for sale. Asking price: a cool $23.5 million. The Post also reports that Devaney is also attempting to sell his 16-bedroom Aspen, Colo., property that he bought just this past November. He’s hoping to get $16.5 million for that. No word on on whether he’s selling his Gulfstream jet, helicopter or his 1823 reproduction of the Declaration of Independence.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.