Former Patriot National CEO to Lose Mega Yacht Lady Sara in Court-Ordered Auction: September 6 is the day set by the United States Marshal to sell a superyacht currently owned by former Patriot National Steve Mariano. The auction of the 57-meter vessel built by Trinity Yachts in 2012 as Lady Linda stems from an unpaid loan to a bank.
Mariano owned the yacht through a Cayman Islands company named Lady Sara Ltd. Filings with the U.S. District Court for the Southern District of Florida indicated that Fifth Third Bank provided a $32.3 million loan to buy the yacht in 2015. The bank contacted Mariano about default on the loan from April to June 2017 and then filed a lawsuit against Mariano and Lady Sara Ltd. In July 2018. Fifth Third alleged that about $29 million remain unpaid. Court filings indicate that Mariano guaranteed Lady Sara’s loan.
Court papers also indicate that in April 2018, neither Mariano nor the company opposed the relief the bank south. The U.S. Marshal arrested Lady Sara the following month. The Florida court ruled in June that the money owed totaled nearly $35 million, which included $28 million in principal, plus interest owed and fees. The total sum, however, excluded legal fees and other costs that the court will determine at a later date. In the same ruling, the court ordered the sale of Lady Sara.
The auction includes the superyacht, with accommodations for 12 guests across six staterooms plus 13 crewmembers, as well as all of her furnishings and tenders. The tenders include a 39-foot Nor-Tech center console. Lady Sara has a massive sundeck with an alfresco dining area and a Jacuzzi. Evan Marshall designed her interior. She was listed for sale in May 2017 for $36 million and was a popular charter vessel, commanding $368,500 per week.
The winning bidder will need to pay 10% of the bid immediately on the day of the auction and then has seven days to pay the remaining balance. Failure to pay the remainder will result in forfeiture of the original deposit. The U.S. Marshal can use those forfeited funds to repay its own expenses in relation to the sale and any new notice of sale.
Mariano, former CEO and majority owner of insurance services provider Patriot National and worker’s compensation firm Guarantee Insurance Co., is embroiled in a lawsuit that blames and auditor and hedge fund investors for destroying the two companies. Florida state regulators have also gone after Mariano to repay $13 million to his former firms and have reportedly targeted his homes for seizure.
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