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New York - An American hedge fund trader, who has seen his high-flying career lose altitude due to mortgage-related trading losses, has put a multimillion-dollar helicopter up for sale, a news report said on Friday.
The New York Post newspaper said hedge fund manager John Devaney had put a Sikorsky S76C helicopter on the market with an $11m price tag.
Devaney manages the Florida-based United Capital Asset Management hedge fund. The thirty-something trader could not be reached for comment by AFP.
Prior to the recent stock market downturn, triggered in part by heavy losses affecting mortgage-backed securities, Devaney had been profiled in media articles detailing his lavish lifestyle.
The Post said Devaney has also had to put his "prized" 43-metre yacht and a luxury home in the exclusive resort of Aspen, Colorado, up for sale after his investments soured dramatically.
Other news reports say the hedge fund trader is seeking $23.5m for his state-of-the-art yacht and $16.5m for the Aspen property which boasts 16 bedrooms.
It appears that Devaney has other assets to cushion his bruising losses.
Money magazine reported earlier this year that Devaney also owns a Rolls-Royce car, a Gulfstream jet, a 1 114-square-metre mansion in Key Biscayne, Florida, as well as Renoir paintings and a "valuable" 1823 reproduction of the US Declaration of Independence.
The New York Post said Devaney's hedge funds had lost at least 35% of their value through June and likely sustained further losses of late as investors have shunned mortgage-backed securities and other risky investments.