Bernie Madoff Auction Fetches $2 Million

November 15th, 2010 - 9:38 pm ICT by Pen Men At Work  

November 15, 2010 (Pen Men at Work): An auction based on Bernard Madoff’s fraud fetched over $2 million as the people went on a souvenir hunting spree. His canopy bed, clothing, shoes and even his undergarments were lapped up by the eager bounty hunters who desired more and more.

The auction was carried out at Midtown Manhattan on November 13th with 500 lots of stuff going under the hammer. Suits, Sweaters and shoes seemed to be everywhere and certainly looked to be far more than a man can wear in his lifetime. The auction was conducted by Gaston & Sheehan based in Pflugerville, Texas and went on for nine and a half hours at a stretch.

It was a mad frenzy of sorts with more than 200 collectors as well as dealers scrambling to get their coveted items. A number of the bidders managed to collect some of the $65 billion Ponzi scheme mementoes.

The US Marshals service was in charge of overseeing the sale which had been put under tight security. The 72 year old Madoff is currently serving out his 150 years prison term at a North Carolina jailhouse. The items that had come under the hammer had all been recovered from Montauk, a Long Island beach house as well as his East Side penthouse. The most expensive item of the sale by far was a 10.5 carat diamond ring which went for $550,000, a price considerably higher than its pre sale estimate of $200,000.

The proceeds from the auction are destined to go to the 3000 odd victims affected by the Ponzi scheme.

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