Beverly Hills 11/17/2009 2:50:56 AM
News / Business

Madoff Auction Raises $900,000 For Victims

Finance World News Update by EQUITIES Magazine

This past Saturday, 2,000 dealers and collectors placed bids online and in the ballroom of the Sheraton New York Hotel & Towers for keepsakes, jewelry and clothing owned by Madoff and his wife, Ruth. Among the goods sold were Madoff’s rolex, Ruth’s 14-carat diamond earrings and the blue satin Mets jacket with “Madoff” stitched on the back, which went for $65,000, $70,000 and $14,500 respectively.

 

The $900,000 proceeds of the 170 items sold will go to victims of the Ponzi-scheme that wiped out the life savings of hundreds of people and organizations. The U. S. Marshals Service seized the goods from Madoff’s Manhattan penthouse and home in Montauk. Though the Marshals Service declined to say exactly how much the auction raised, the total just exceed $900,000 which beat out the presale estimate of $470,000 to $586,000.

 

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Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.

 

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