Stanford\'s receiver wants to sell yacht

The receiver in charge of Allen Stanford’s assets has asked a federal judge for permission to sell the former millionaire’s 112-foot yacht, because of high maintenance costs.



The receiver, Ralph Janvey says the yacht requires a full-time crew for insurance qualification, continuous air conditioning and water service, and monthly docking costs of $25,000.



Mr. Stanford reportedly bought the boat for nearly $4 million in 1998, and is said to have spent substantial sums to renovate it.