Loeb Buys Ex-Citi CEO's Deluxe Yacht

Apr 17 2013 | 11:48am ET

Third Point's Daniel Loeb has an impressive new yacht—a bargain for about $50 million.

Loeb paid between $50 million and $52 million for April Fool, a 200-foot yacht considered among the best ever built by legendary Dutch shipyard Feadship, CNBC reports. The seller was former Citigroup CEO Sandy Weill.

Weill put the seven-year old yacht on the market two years ago, seeking $69.5 million. The price fell to $59.6 million last year.

"Dan got a very fair price," a source told CNBC. "It's not a steal. But it's a great buy."

Loeb is reportedly already enjoying that great buy in the Bahamas. The April Fool features a large master stateroom, a fourth-level sun deck with jacuzzi, a sauna and an outdoor dining lounge.

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