Tuesday, April 20, 2021

The Madoff Auctions

Bernie Madoff, Ponzi scheme mastermind, died in prison at 82 two weeks ago.
In late 2010, two years after he was first arrested for an $ 18 billion Ponzi scheme, Madoff possessions hit the auction market. Thousands of belongings from his New York City penthouse, including his used shoes, went on the auction block.

Bernard Madoff owned 250 pairs of shoes.

A bidder paid $55OK, for a 10.5-carat diamond engagement ring that belonged to Madoff's wife, Ruth. Ruth Madoff's French diamond earrings fetched the next highest price. They went for $135,000.

A guitar signed by Bruce Springsteen was part of the sale.
Platinum Brooch
The man who became a symbol of greed and deceit on Wall Street had a lavish collection of watches. One of his vintage steel Rolex "Moon Phase" watches sold for $68k. The watch was part of Madoff's 40-plus watch collection that also included 16 other Rolexes. U.S. marshals seized everything in the Madoffs' Manhattan apartment and Long Island beach house. Worn socks, new monogrammed boxer shorts, even the used Italian velveteen slippers bearing the initials "BLM" in gold embroidery were seized.
Madoff's fleet were stars. A 55-foot Rybovich yacht named Bull fetched $700k. Madoff's 38-foot Shelter Island sport runabout, named Sitting Bull, went for $320k. The 24-foot Maverick center console dubbed Little Bull made $21,000. A black 1999 Mercedes-Benz CLK 320 convertible that belonged to Madoff's wife, Ruth, went for $30k.
Madoff's 4,000-square-foot duplex Manhattan penthouse sold for $8m, a 8,750-square-foot home in Palm Beach $7.4m, and Madoff's Montauk beach home sold for $9.4m.
Morrell Wine Auctions auctioned off 262 bottles of wine and liquor that had been seized by federal authorities from Madoff's mansion in Palm Beach. The collection sold for over $41,500. Five former employees were found guilty of conspiracy March 24 2014. A jury ruled they had for years helped conceal his massive Ponzi scheme.
Annette Bongiorno worked for Madoff for 40 years as his secretary and at one point had as much as $50m in her accounts. Bongiorno, 65, had multi-million dollar homes in Long Island and Florida and drove a Mercedes worth $100k.