Madoff's personal items sold off to aid victims
- Source: Global Times
- [02:24 November 16 2009]
- Comments
More than 100 personal items belonging to notorious swindler Bernard Madoff and his wife were auctioned off Saturday to help repay his victims, with many items fetching far more than their estimated value set by the US government.
Jewelry dealers, souvenir hunters and collectors swooped down on everything from wife Ruth's furs and diamond-encrusted bracelets to Bernie's old New York Mets baseball jacket and fishing tackle box at a midtown Manhattan hotel.
Someone bought a pair of otherwise ordinary Igloo brand coolers for $250, while another paid $2,200 for a Mont Blanc wallet with a monogram of "BM." The government's estimate was $70 to $100.
Madoff, who bilked investors for decades of as much as $65 billion in a Ponzi scheme, was sentenced to 150 years in prison in June.
"I did think I might find a nice piece of jewelry for a decent price, while helping out in a way by contributing to the victims getting repaid," said a woman from Edison, New Jersey, referring to the sale's beneficiaries through the Department of Justice.
Buyers, many of whom appeared to be jewelry dealers or traders and other professionals, drove prices up to levels that drew applause from the crowd.
Not everything exceeded the government estimates, though.
An aptly dubbed Rolex "Prisoner Watch," sold for $65,000, well under the expected $75,000 to $87,500. An appraiser said at the sale preview that it might have been listed for $100,000 to $150,000 in a different setting.
China, stemware and flatware, Ruth's Hermes and Prada bags, the couple's boogie boards and even the poor dog's bowls – it all went.
A collection of yachts and other vessels seized from Madoff and a top aide, Frank DiPascali, will be sold at an auction tomorrow. More of Madoff's ill-gotten gains will be offered at other sales.
Reuters
