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Tuesday 23 May 2017
News updated at 8:21 PM IST

Bernard Madoff's personal property to be auctioned

Last updated: 21 October, 2010
Boston, Oct 20 (PTI) 9:00 IST

Fraudster Bernard Madoff's personal property, including a diamond engagement ring and gold embroidered slippers, will be auctioned in New York next month and proceeds will be used to pay victims of his multi-billion dollar fraud.

More than 400 pieces of personal property, jewellery and antiques from Madoff and his wife Ruth will be sold during a live and online auction on November 13.
The property was forfeited and seized as part of Madoff's criminal prosecution by the US Attorney's Office.

The proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of his USD 50 billion Ponzi scheme.

Items going under the hammer include a Steinway 1917 grand piano, a pair of Black velveteen slippers embroidered with gold thread and a diamond ring weighing over 10 carats. "These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoff's residences in New York City," US Marshal for the Southern District of New York Joseph Guccione said.

Madoff's real estate was sold last year for a combined USD 18 million. Earlier this week, Madoff's Florida home was sold for USD 5.65 million, a third less than its original asking price.

The five-bedroom, seven-bath property was listed for sale in September 2009 for USD 8.49 million. The house was the last of three Madoff homes sold to pay victims of his Ponzi scheme.

The US Marshals Service administers the Department of Justice's Asset Forfeiture Programme by managing and disposing of properties seized by law enforcement agencies nationwide. The Marshals Service currently manages approximately 18,000 assets valued at more than USD two billion.

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