NEW YORK—Hundreds of personal items belonging to convicted Ponzi schemer Bernard Madoff and his wife Ruth will be auctioned off on Nov. 13 at the Sheraton Hotel & Towers on 53rd Street by the U.S. Marshals Service Asset Forfeiture Program.
From dozens of pairs of designer shoes and clothes, to exquisite furniture, fine china and knickknacks, Madoff’s former property, acquired with funds from his massive global financial fraud, was on display at the Brooklyn Navy Yard on Wednesday in a typical yard-sale style. Dozens of the shoes in similar styles but different colors and textures highlighted the privileged lifestyle Madoff once led.
The auction will include everything from furniture pieces and paintings to dozens of watches, personalized umbrellas, and travel bags, down to his socks and a set of bath towels. The proceeds, approximated at $1.5 million, will go toward compensating Madoff’s victims.
In 2009, at the age of 71, Madoff was convicted to 150 years of jail time for a multi-billion-dollar Ponzi scheme that victimized thousands of investors.
Those interested in bidding on Madoff’s belongings will be able to preview the collection on Nov. 12 at the Brooklyn Navy Yard. Participants partaking in the auction are required to provide a $500 refundable cash deposit for the live auction and $1,000 to participate online.
The U.S. Marshals Service is responsible for managing properties seized by various law enforcement agencies and currently has over $2 billion in possessions.
From dozens of pairs of designer shoes and clothes, to exquisite furniture, fine china and knickknacks, Madoff’s former property, acquired with funds from his massive global financial fraud, was on display at the Brooklyn Navy Yard on Wednesday in a typical yard-sale style. Dozens of the shoes in similar styles but different colors and textures highlighted the privileged lifestyle Madoff once led.
The auction will include everything from furniture pieces and paintings to dozens of watches, personalized umbrellas, and travel bags, down to his socks and a set of bath towels. The proceeds, approximated at $1.5 million, will go toward compensating Madoff’s victims.
In 2009, at the age of 71, Madoff was convicted to 150 years of jail time for a multi-billion-dollar Ponzi scheme that victimized thousands of investors.
Those interested in bidding on Madoff’s belongings will be able to preview the collection on Nov. 12 at the Brooklyn Navy Yard. Participants partaking in the auction are required to provide a $500 refundable cash deposit for the live auction and $1,000 to participate online.
The U.S. Marshals Service is responsible for managing properties seized by various law enforcement agencies and currently has over $2 billion in possessions.
