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Rediff.com  » Business » Madoff items' auction fetches $500,000

Madoff items' auction fetches $500,000

Last updated on: June 8, 2011 16:32 IST

Madoff items' auction fetches $500,000

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The auction of personal possessions seized from Ponzi schemer Bernard Madoff's Palm Beach mansion, held during the weekend, generated as much as $500,000, according to the US Marshals Service which conducted the auction.

One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years, in November 2010, for his massive $65 billion scam in 2008.

He was arrested for orchestrating a $65 billion Ponzi scheme said to be the biggest fraud in United States history.

Image: Items from the Palm Beach, Florida home of convicted Ponzi schemer Bernard Madoff are shown prior to an auction by the US Marshals Service at the Miami Beach Convention Center in Miami Beach, Florida.

Photograph: Reuters

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Madoff fleeced more than 14,000 investors, many of them lost their life savings. Two notable victims were filmmaker Steven Spielberg and actor Kevin Bacon.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960. He was its chairman until his arrest.

Image: About 6,000 online bidders are reported to have participated in the auction, apart from those who were physically present at the weekend auction.

Photograph: Reuters

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Madoff's underwear -- 14 pairs -- were sold for $200, while his collection of Belgian-brand shoes fetched as much as $1,350.

So far over $1.5 billion has been recovered for the victims of this fraud. More of his valuables will be auctioned to raise more funds.

Image: A pair of boxer shorts belonging to Bernard Madoff displayed by the auctioneer.

Photograph: Reuters

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The proceeds from the auction will be put into the fund that has been created to be distributed amongst his victims.

Image: A 'stickies' pad embossed with the investment firm of Bernard Madoff is seen among the articles in Lot 570 of stationery that was won by Mike Burd of Long Island at the auction.

Photograph: Reuters

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Hundreds of items ranging from furniture and artwork to clothing and sports equipment from Madoff's home went to the highest bidders on Saturday.

Image: Items, including antique fishing gear, at the auction.

Photograph: Reuters

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A tin sculpture of a bull was auctioned off for $5,000.

Image: A ten carat diamond ring belonging to Bernard Madoff that was auctioned.

Photograph: Reuters

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Madoff items' auction fetches $500,000

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One of the highest-priced items was an Alex Katz 'Marine' 1997 painting that sold for $137,000.

Image: Giulia Ozyesilpinar of Miami Beach examines a vintage 1952 Rolex watch she purchased for $31,000, which was formerly owned by convicted Ponzi schemer Bernard Madoff.

Photograph: Reuters

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A work titled 'Nude' by Depression-era photographer Edward Weston, a picture of a stark naked rear end, sold for $4,600.

Image: A personalised desk pen set formerly owned by Madoff was also up for bids at the auction.

Photograph: Reuters

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Image: Fred Morgenstern (L) and his fiancee Tatiana Peisach walk out of the Miami Beach Convention Center carrying items formerly owned Madoff they won at the auction.

Photograph: Reuters

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Image: Barry Ember of Miami Beach displays two wooden bull sculptures owned by Madoff, which Ember won at the auction.

Photograph: Reuters

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Image: A painting by British artist John Wootton that was earlier owned by Bernard Madoff is displayed as auction employee Bryan Leath stands next to it prior to the auction of items.

Photograph: Reuters

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Image: Multiple pairs of shoes belonging to Madoff on display at the auction.

Photograph: Reuters



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