Bernie Madoff’s Ponzi Spoils On The Auction Block

Thursday, November 11, 2010

Bernie Madoff is resting comfortably in jail while piles of ego-booty that federal marshals seized from his New York City penthouse and Long Island beach house go on the auction block tomorrow. Proceeds from the 489 lots (with an estimated pre-sale worth of $1.5 million) will go to the U.S. Department of Justice's Asset Forfeiture Fund to compensate the convicted swindler's victims.

The disgraced Wall Street swindler and his wife left behind numerous homes filled to the brim with luxury goods as well as everyday items like underwear, slippers and T-shirts from the most exclusive designers on the planet, all monogrammed to pay homage to his massive ego.

Federal marshals staged a preview Wednesday of items seized from the apartment and the Madoffs' Long Island beachhouse - from bed linens, clothing, cookware and luggage to intimate items like used socks, cuticle scissors and even bottles of shampoo. There also were artworks, more than a dozen luxury watches, and antique furniture. [WAPO]

Among the 489 lots that will be auctioned off tomorrow (Saturday, November 13):

Ruth Madoff's 10.5-carat diamond ring, with an estimated value of $300,000 to $350,000
a pair of black velveteen slippers embroidered with Bernie's initials
15 luxury watches
a 1917 Steinway grand piano
George III Inlaid Mahogany and Satinwood Tester Bed from the early 19th century
a set of 120 rare postage stamps
247 rare coins and banknotes from around the globe
Ruth Madoff's monogrammed shirt
T-shirts
Boxer shorts

On Dec. 11, 2008, Madoff's life of astonishing luxury and power abruptly ended when he was arrested and charged with running a multibillion dollar Ponzi scheme. Madoff pleaded guilty to fraud charges and was subsequently sentenced to 150 years in prison. Now 72 years old, he is contemplating his final years at the Butner Federal Correctional Complex in North Carolina.

The Feds raised $1 million from an auction of his possessions last year. Saturday's auction of Madoff belongings at the Sheraton New York Hotel & Towers will be the final one held in New York. A third and final auction of Madoff's plunder is scheduled to be held in Florida to sell off items from his Palm Beach home.

His Manhattan penthouse and Palm Beach homes fetched a combined total of $13 million in sales earlier this year. His confiscated yacht and boats have also been sold by Federal Authorities.

Buy your piece of Bernie:

Bernie's slippers