Bernie Madoff Ponzi Scheme

Madoff Art Up For Auction This Weekend

More of Bernie Madoff's belongings are going up for sale this weekend. The Colorado Independent reports that on Saturday December 18 the Sonnenalp Hotel in Vail will host a "Bernie Madoff Auction of fine art, jewelry, rugs, bronzes and more." Many residents of Aspen and Vail were victims of Madoff's multi-billion dollar fraud.

The Ponzi schemer is now serving 150 years in prison. His son Mark committed suicide last week, two years to the day after his father's arrest in 2009. The auction will feature paintings by Marc Chagall, Henry Matisse, Norman Rockwell, Salvador Dali, Pablo Picasso and Peter Max, according to a mailer the Independent says was mailed to Vail residents. The auction features Bernie Madoff personal property purchased at Madoff auctions together with merchandise bought directly from victims of the Ponzi scheme and other merchandise and seized assets obtained from various government auctions." It appears that this auction is not being held by the government and is instead a sale that cashes in on the Madoff provenance. It's unclear if this auction benefits Madoff's victims.

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Madoff's Possessions Bring In Over $2 Million

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Crimes and Misdemeanors

Ruth Madoff's 10.5 carat diamond ring was the star of an auction held on November 13 at the Sheraton New York Hotel & Towers in New York City. The auction held by the U.S. Marshals Service sold off more of the possessions of Ponzi schemer Bernie Madoff. ArtInfo reports that the auction brought in a total of over $2 million led by Mrs. Madoff's 10.54 carat emerald cut diamond set in platinum which sold for $550,000 to a buyer who declined to identify himself. Mrs. Madoff's diamond earrings went for $135,000 to an undisclosed buyer. Bernie Madoff's vintage steel Rolex "Moon Phase" watch sold for $67,500.

A Steinway & Sons grand piano made $42,000 but other auction items were all over the place. A king-sized bed that belonged to the couple went for $2,250 . The bed's buyer, Tally Wiener, a lawyer who helped liquidate Fairfield Sentry, a fund that fed money into Madoff's accounts before going under, has said he will offer the bed to Mrs. Madoff. Oddly enough Madoff's shoes, perhaps an obvious symbol of his profligate spending, seemed to do particularly well. A pair of black velveteen slippers with his initials in gold thread sold for a whopping $6,000 and a pair of shoes from the Manhattan store Belgian Shoes brought $2,900. What's even stranger is that 11 pairs of unused designer boxer shorts and 200 pairs of socks sold for $1,700 to one unidentified man.

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 $28 million haven't come close to chipping away at the billions Madoff swindled from his investors. Maoff's New York City penthouse was sold to Al Kahn, the CEO of 4Kids Entertainment. That home had been most recently listed at $8.9 million, $1 million off the original price. Madoff's Montauk house sold for $9.41 million around a year ago, more than the $8.75 million for which it was listed. Madoff's Palm Beach home was the last to sell and was most recently listed at $6.5 million. A trio of yachts brought in around $1 million last year.

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More Madoff Items Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Crimes and Misdemeanors

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.

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Bernie Madoff's Palm Beach Home Finally Under Contract

by Deidre Woollard (RSS feed) —

Filed under: Estates, Crimes and Misdemeanors

it took a while but Bernie Madoff's three homes have all finally found buyers. Last to go was Madoff's Palm Beach, Florida home which is now under contract.

In February of this year, the Ponzi schemer's New York City penthouse was sold to Al Kahn, the CEO of 4Kids Entertainment. That home had been most recently listed at $8.9 million, $1 million off the original price. Madoff's Montauk house sold for $9.41 million around a year ago, more than the $8.75 million for which it was listed.

Madoff's Palm Beach home was built in 1973 and has five bedrooms and seven bathrooms. The property has a private dock on the shore of Lake Worth. The Corcoran listing says that the home was purchased and renovated by developer Michael Burrows in the early 90s and features many of his signature classic features. The upstairs master suite has 17' ceilings, separate dressing rooms and bathrooms with a balcony running the width of the house overlooking the great Banyan tree. Outside there is a pool facing the intracoastal. This home was first listed in 2009 for $8.49 million but the price was most recently $6.5 million. It was bought in 1994 for $3.8 million under the name of Madoff's wife, Ruth. The sale price has not been disclosed.

As with Madoff's other homes and his yachts, sale proceeds will go toward the victims of his Ponzi scheme. He is currently serving a 150-year sentence at a federal prison in North Carolina.

Gallery: Bernie Madoff in Palm Beach