More Madoff Items Up For Auction

by Deidre Woollard (RSS feed)
Oct 21st 2010 at 12:01AM

Just when I think we are done with Bernie Madoff's ill-gotten gains, more items are up for auction through the United States Marshals Service Southern District of New York. More than 400 pieces of personal property, jewelry, and antiques from the Ponzi schemer and his wife, Ruth, will be sold during a live and online auction in at the Sheraton New York Hotel & Towers in New York City on November 13, 2010.

"A diamond ring, grand piano, and personalized items are just a few of the lots that will be put up on the auction block", said Joseph R. Guccione, U.S. Marshal for the Southern District of New York. "These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoff‟s residences in New York City and Montauk, N.Y." The ring, shown above is a 10.54 carat diamond set in platinum with a GIA certificate stating that it is VS2 in clarity and F in color. Other items include a Steinway & Sons grand piano and a pair of monogrammed velvet slippers.

Proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of this multi-billion dollar fraud. Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $25 million haven't come close to chipping away at amount Madoff swindled from his investors.

Tags: bernard madoff, bernie madoff, Bernie Madoff Ponzi Scheme, Ponzi Scheme, ponzi schemer, ponzi schemes, us marshalls

Filed under: Auctions, Crimes and Misdemeanors

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Reader Comments (Page 1 of 1)

Genelia Parker Oct 21st 2010 6:44AM

I liked the Diamond ring specially the Emerald Cut Diamond but my favorite is heart shape diamond with more clarity

John Oct 21st 2010 9:13AM

I think all that he had done was for himself. Anything that will be sold belongs to all the inverters he he robed At a dollar for each item. No money should go to him at all.

John

llozano Oct 21st 2010 10:13AM

If you buy something with stolen money is what you bought yours or does it belong to the the people he stole from?

Angela Oct 21st 2010 10:59AM

I'm gonna' be honest with you here. If that had been MY diamond ring, the U.S. Marshals Service would have played hell getting that baby. But I find Genelia Parker's post interesting. I'm not into girly hearts and all, but a magnificent heart-shaped diamond on my finger would be about as special as it gets. But then I'd need the special man to put it there, so forget that! I would just have to swindle the swindled Madoff bling.

Frank Sanello Oct 21st 2010 5:45PM

Will somebody PLEASE explain or at least give me a theory why Madoff doesn't cough up the money he stole in return for a reduced sentence from his current sentence, which is so long, it amounts to life without parole.

These auctions of tschotchkes the Feds have found have so far only raised $25 million to reimburse his victims, but he stole BILLIONS!

Where's the rest of the money, and what good is it doing him? Is he saving for his old age...in prison?

Frank Sanello

reallytorkedoff Oct 22nd 2010 2:47AM

He SPENT it!! Wasted it, gave it away and maybe hid some.

It's basically all gone and only the crappy little trinkets are left.

Frank Sanello Oct 22nd 2010 9:22AM

To the gentleman who said Bernie Madoff spent the money he stole from investors:

Even if he were a compulsive shopper like Imelda Marcos or bought $20,000 shower curtains like another convicted Ponzi schemer, it would have been impossible for Madoff to blow the BILLIONS he scammed from little old lady pensioners and other people left destitute by Madoff's sociopathic behavior. (I don't have an ounce of pity for the still rich fat cats Madoff also swindled.)

The only barely possible way to have gone through billions of dollars would have been real estate investments before the bubble burst. But it's hard to hide from the Feds, say, a beach-front villa on the Costa del Sol or a fleet of private jets.

Advice to Madoff to get out of jail free but broke: Show them (prosecutors) the money!

Frank Sanello