Helicopter For Sale! Devaney Fire Sale Continues

Date: Monday, August 20, 2007
Author: HFN Daily Report

First it was the yacht. Now, it's the helicopter. For beleaguered hedge fund manager John Devaney, everything must go.

The New York Post reported Devaney, head of United Capital, has put his corporate helicopter up for sale for $10,995,000. The newspaper quoted a brochure that marketed the helicopter which noted the reason for its sale was "changing corporate travel requirements."

Last month, Devaney put his luxury yacht up for sale. Named "Positive Carry," the 142-foot yacht was available for $23.5 million.

He also has his $16.5 million second house, home of the largest Christmas tree in America, up for sale.

In July, the $620 million United Capital was hurt in a wrong way bet on the subprime mortgage market.