|Spoils of Bernard Madoff's Lavish Life on Auction Block at a Manhattan Hotel this Saturday|
A figurine of a bull belonging to Bernard Madoff is seen during a media preview of the U.S. Marshals Service 'Madoff II Auction' in the Brooklyn borough of New York November 10, 2010. More than 400 pieces of personal property, jewelry, and antiques from Madoff and his wife, Ruth, will be sold at the auction in New York City on November 13, 2010. The property was forfeited and seized in connection with the criminal prosecution of Madoff by the United States Attorney's Office and the proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of the multi-billion dollar scam, according to a release from the U.S. Marshals Service. REUTERS/Jessica Rinaldi.
By: Verena Dobnik, Associated Press
NEW YORK (AP).- Jailed financier Bernard Madoff led a lavish lifestyle until his downfall. The disgraced financier left homes filled with luxury goods and everyday items like underwear, slippers and T-shirts, all monogrammed to fit his ego.
Thousands of belongings from the New York City penthouse Madoff shared with his wife are headed for auction at a Manhattan hotel this Saturday.
Federal marshals staged a preview Wednesday of items seized from the apartment and the Madoffs' Long Island beachhouse from bed linens, clothing, cookware and luggage to intimate items like used socks, cuticle scissors and even bottles of shampoo. There also were artworks, more than a dozen luxury watches, and antique furniture.
"And he loved shoes and spent a lot of money on 250 pairs some never worn," said auctioneer Bob Sheehan, who will conduct the auction for the U.S. Marshals Service that seized Madoff's properties and ordered his wife to leave.
Proceeds from the 489 lots with an estimated pre-sale worth of $1.5 million will go to the U.S. Department of Justice's Asset Forfeiture Fund to compensate the convicted swindler's victims. An auction last year of Madoff's property raised $1 million.
The most valuable lot in Saturday's auction is Ruth Madoff's 10.5-carat diamond ring, with an estimated value of $300,000 to $350,000. But it's hardly the most interesting item or the most revealing from the daily life of the Ponzi king who became a symbol of greed and deceit on Wall Street.
The trader cherished the winning bull in every form as statues, paintings and even names for his boats ("Bull," ''Sitting Bull" and "Little Bull").
The man who deceived thousands of investors also collected masks that were scattered around his home. On display Wednesday at Brooklyn's Navy Yard were three wooden masks with American Indian motifs, all stained red. They're expected to fetch $210 to $240. A leather bull foot stool including a tail that had fallen off is valued at $250 to $360.
Bidders also will get a chance to buy his boxer shorts, T-shirts, and Italian black velveteen slippers bearing the initials "BLM" in gold embroidery. The lot with the slippers is valued at $75 to $110, and includes Ruth Madoff's monogrammed shirt. The boxers come with a pair of silk Armani pants and dozens of pairs of socks, in a lot estimated to be worth $960 to $1,370.
Madoff's world tanked on Dec. 11, 2008, when he was arrested and charged with running a multibillion dollar Ponzi scheme.
He quickly admitted the scheme and investigators said that he may never have traded securities for his customers and instead used billions of dollars in cash from new investors to pay old ones, cheating charities, celebrities and institutional investors. Prosecutors estimate he defrauded at least 3,000 investors.
Madoff pleaded guilty to fraud charges and was sentenced to 150 years in prison. Now 72, he is serving time at the Butner Federal Correctional Complex in North Carolina.
Saturday's auction at the Sheraton New York Hotel & Towers will be the last one in New York of Madoff belongings. A third and final auction is to be held in Florida to sell off items from a Palm Beach home that sold for more than $5.5 million.
The Manhattan penthouse went for $8 million. Also previously sold were his yacht and boats.
Associated Press video journalist Ted Shaffrey contributed to this report.
Copyright 2010 The Associated Press.
November 12, 2010
First Images of the Interior of Teotihuacan Tunnel Captured by Camera on Small Robot
Sotheby's to Offer the Rochefoucauld Grail: Witness of the Legend of King Arthur
London's Natural History Museum Urged to Stay Out of Isolated Latam Area
Spoils of Bernard Madoff's Lavish Life on Auction Block at a Manhattan Hotel this Saturday
International Shortlist for the Third Prix Pictet, Worlds Leading Prize in Photography, Announced
Spectacular Tiffany, Frank Lloyd Wright Windows Lead Luxe Array of Fine Art at Morphy's
Chinese Emperor's Personal White Jade Dragon Seal Sells for £2.7 Million at Bonhams
Photographer Mick Rock's Images that Defined Rock n' Roll on View at Idea Generation Gallery
London Exhibition at Wellcome Collection Examines Centuries of Drug History
Masters of Photography Featured in Stieglitz, Steichen, Strand at Metropolitan Museum
Trunk Tells of the Leaving of Liverpool; New Acquisition a Reminder of Child Migrant Story
Nottingham Contemporary's First Year a Complete Success with Record Visitor Figures
Ancient Tablets Reveal Mathematical Achievements of Ancient Babylonian Culture
Exciting, Cutting-Edge Contemporary Video Installations at Philbrook Museum of Art
Hattie McDaniel's Personal Presentation Script from 'Gone with the Wind' on the Auction Block
Acclaimed Pop Artist Romero Britto and American Hero Astronaut Buzz Aldrin Launch an Artistic Vision for Reaching Mars
United Kingdom Government Art Reveals Ministers' Nostalgic Tastes
Ashwellthorpe Triptych to Go on Show at Norwich Cathedral
Most Popular Last Seven Days
1.- Investigators analyse ashes taken from the house of one of the suspects as Dutch heist paintings feared burnt
2.- Exhibition of nude photography around 1900 on view at Berlin's Photography Museum
3.- A team of twelve restorers inspect the "Isenheim Altarpiece" at the Unterlinden museum
4.- Russian scientists make rare find of 'blood' in carcass of female woolly mammoth
5.- Taliban criticise Kabul's pink balloon art project by 31-year-old artist from New York
6.- Gagosian Gallery in London presents a group of four tapestries by Gerhard Richter
7.- Archaeologists find Colonial and Pre-hispanic vestiges thought to be 500-1,000 years-old
8.- RM stuns market as Villa Erba sale realises more than $35 million; Ferrari sells for $12,812,800
9.- Indianapolis Museum of Art receives major painting by William-Adolphe Bouguereau
10.- Newly discovered prisoner journal donated to Auschwitz by widow of US lieutenant Clifford Hensel
Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .
|Royalville Communications, Inc|