Yesterday we went to the media preview for the Madoff Asset Auction.
The possessions come from the Madoffs New York penthouse and Montauk beachfront mansion and will probably sell for a total of $1.5 to $2 million – a “drop in the bucket” said a New York Marshall, compared to what he stole.
One thing we took away from the auction:
Bernie bought items he liked and would use, and wasn’t an investor per se. The only thing he technically collected was watches.
A total of almost 5,000 individual items will be on sale this Saturday.
Ruth's platinum engagement ring with a 10.54 carat emerald cut diamond is expected to be the best-selling lot, valued at $300,000-$350,000
Madoff had his Steinway piano retrofitted with a cassette player... It could fetch anywhere between $7000 - $16,000
A U.S Marshal said that Bernie had the same shirt in every colour and every pattern and most weren't even worn. Apparently he had duplicates and triplicates of everything.
Madoff's bull obsession extended to his yachts, which were called Sitting Bull, The Bull and Little Bull
Apparently the only investment pieces that Bernie collected, were watches. He loved Rolex and Patek Philippe, and had at least 40 Rolexs (including ironically, one of 16 ever made called The Prisoner Watch)
Bernie obviously liked his latkes. And Ruth probably made them too - a marshal said she had tonnes of handwritten recipes lying around the kitchen, and even had a cookbook published
There were hundreds of media there, including Chinese state news channel, CCTV, who also wanted a taste of the Madoff action
The proceeds will go Madoff's victims and between 5%-10% goes to the auctioneers. The Madoff's Palm Beach assets will be sold off next year; that home sold in October.
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