Madoff Auction Holds Items For Sale
By: Jennifer Hong
Published: Oct 21, 2021
Madoff auction holds items for sale. The personal items of Bernard Lawrence "Bernie" Madoff and his wife Ruth Madoff are up for auction. The U.S. Marshals Service will host the auction on Nov. 13 with over 400 Madoff items up for grabs in New York City.
All of this property was seized in connection with the criminal prosecution of Bernard Madoff for his massive Ponzi scheme. It was the largest Ponzi scheme in history. The 72-year-old defrauded thousands of investors out of billions of dollars.
The proceeds from next month's auction will be used to compensate the victims of his multibillion dollar Ponzi scheme. The first auction of the items from Madoff's New York residences was expected to bring in around $500,000. However, it brought in twice that amount. There were approximately 200 items sold in a mere four hours of bidding.
The second auction will be held at the Sheraton New York Hotel & Towers in midtown Manhattan. The items will include a 10.5 carat diamond engagement ring, a desk and monogrammed black-velvet slippers. The court-appointed trustee estimated actual losses to investors of $18 billion.