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Bernie Madoff’s High-End Yard Sale via [nydailynews]

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Madoff auction raises $1m

 

Madoff auction raises $1m
Nov 15, 2009
news.bbc.co.uk

Bernie Madoff auction draws hundreds of bidders for Ponzi schemers possessions

BY Henrick Karoliszyn AND Christina Boyle
DAILY NEWS WRITERS

Saturday, November 13th 2010, 2:37 PM

Bernie Madoff's grand piano sold for $42,000 at auction.

Bernie Madoff’s grand piano sold for $42,000 at auction.

Bernie Madoff‘s bling went under the hammer in New York Saturday.

The contents of the Ponzi schemer’s luxury upper East Side penthouse and Montauk beach house – from his velveteen slippers to his Steinway piano – were up for auction at the Sheraton Hotel & Towers.

Hundreds of buyers flocked to the Midtown hotel ready to part with their hard-earned cash, and more than 1,000 online bidders also drove up the price of the goods once owned by the notorious swindler.

“I was going to buy another piano, so why not buy one with a little history to it?” said John Rodger, 81, from East Islip, L.I., who snapped up the Steinway and Sons grand piano for $42,000. “It makes it kind of interesting. It’s a conversation piece.”

He added, “It has a little bit of history to it and it’s a little hysterical too.”

Madoff’s size 8 1/2 size slippers can be yours. Getty

Auctioneers Gaston and Sheehan are overseeing the sale of the 489 lots, which were seized by U.S. Marshals after Madoff, who is serving 150 years in prison, was arrested for swindling investors out of $65 billion.

The auction was expected to raise at least $1.5 million and will go towards a fund for the victims. But with many of the items on the block selling for well above the initial asking price, the final figure for the stash could be much greater.

“I wish it went for less, but it’s a good investment,” said Zach Zaman, 27, who bought up a Tabriz rug for $30,000, even though the auction catalogue’s estimated price was $2,500 to $3,000.

Madoff’s custom platinum ring with a 10.5-carat diamond is possibly worth $300,000. Getty

The rug had special significance for Zaman, who lives in Forest Hills, Queens: his father sold it to Madoff 10 years ago, and he felt it was important to bring it back into the family.

“I think it will be more valuable now with all that’s happened. It’s something people will talk about,” said Zaman, who didn’t know how much his father sold it for.

“It is in the same condition it was in when it was sold,” she added. “I’m glad we will have it back.”

This is the second auction of Madoff’s belongings. The first, last year, raised nearly $1 million, according to the U.S. Marshals.

cboyle@nydailynews.com

Read more: http://www.nydailynews.com/ny_local/2010/11/13/2010-11-13_bernie_madoff_auction_draws_hundreds_of_bidders_for_ponzi_schemers_possess




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