Dan Loeb Bought Himself A Yacht

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Remember when Sandy Weill decided to sell all his belongings? Included in the fire sale was a 200-foot yacht called April Fool, which the former Citigroup CEO was trying to unload for $69.5 million, before slashing the price at least a couple times.

Loeb—founder of the hedge fund Third Point—recently purchased [the boat] for between $50 million and $52 million, according to people familiar with the sale. That marked a big discount from the most recent asking price of $59.6 million...The sale marks the shift of one generation of finance titans to the next. Weill, who built Citigroup throughout the 1980s and 1990s, has largely withdrawn from the world of finance and is downsizing his life. In an interview last year, he said he was selling April Fool because his grandkids had grown up and weren't using it as much for family vacations. In 2011, he sold his penthouse at the exclusive 15 Central Park West building for $88 million. Loeb also has an apartment in the building. "I'm trying to simplify," Weill said in the interview. "I think simpler is better."

Dan Loeb Gets $7 Million Break on Sandy Weill Yacht [CNBC]

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