Thursday 17 April 2014
News updated at 10:14 AM IST
Weather
Max: 34.6°C
Min : 22.4°C
In Bangalore
Sunny day

Bernard Madoff's personal property to be auctioned

Boston, Oct 20 (PTI)

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.

Go to Top

Photo Gallery
An anti-government protester with her face painted in the colors of Venezuela's flag with the...

An anti-government protester with her face painted in the colors of Venezuela's flag with the...

Rescue boats sail around the South Korean passenger ship 'Sewol' which sank, during their rescue...

Rescue boats sail around the South Korean passenger ship 'Sewol' which sank, during their rescue...

A masked penitent takes part in the procession of the 'Santa Veracruz'' brotherhood, during Holy...

A masked penitent takes part in the procession of the 'Santa Veracruz'' brotherhood, during Holy...

Printer Jose Lomeli holds newspaper printing plates for the first copies of the inaugural Los...

Printer Jose Lomeli holds newspaper printing plates for the first copies of the inaugural Los...

A city worker helps clear away debris caused by recent earthquakes in Nagarote, Nicaragua...

A city worker helps clear away debris caused by recent earthquakes in Nagarote, Nicaragua...

A search worker uses a dog to help look through a pile of debris, Wednesday, April 16, 2014, at...

A search worker uses a dog to help look through a pile of debris, Wednesday, April 16, 2014, at...

Catherine (L), Duchess of Cambridge, waves to residents as she walks with local official Miranda...

Catherine (L), Duchess of Cambridge, waves to residents as she walks with local official Miranda...

A green sea turtle lies inside a container after being treated for injuries at the University at...

A green sea turtle lies inside a container after being treated for injuries at the University at...

A three-month-old Bengal white tiger cub is seen inside its enclosure at the Buenos Aires' Zoo...

A three-month-old Bengal white tiger cub is seen inside its enclosure at the Buenos Aires' Zoo...

An Alfa Romeo 4C is pictured at a media event at the Jacob Javits Convention Center during the...

An Alfa Romeo 4C is pictured at a media event at the Jacob Javits Convention Center during the...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523