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Tag: 10.5 carat diamond ring

Marshals Auction for Madoff’s Belongings Nets More than $2 Mil

Ruth Madoff's 10.5 carat diamond/u.s. marshals photo

By Allan Lengel
ticklethewire.com

Bidders came bidding Saturday in New York for the belongings of swindler Bernie Madoff, who seems to have the public appeal of a mobster.

The U.S. Marshals Service, using an auction house, netted more than $2 million for Madoff’s and his wife Ruth’s belongings, which included Ruth’s 10.5 carat diamond engagement ring, which sold for $550,000, according to the New York Daily News.

Proceeds will go to repay victims of Madoff’s long-standing Ponzi scheme, which involved ripping off some $65 billion.  Some of Madoff’s properties have already been auction off.

The Daily News reported that hundreds packed the Sheraton Hotel and Towers on Seventh Avenue in Manhattan for the auction. On top of that, more than 1,000 online bidders participated.

A grand piano went for $42,000. Slippers and unused underwear were also sold.

I bought these things because I admire him in a way,”  Mario Mazza, 67, of Monmouth Beach, N.J., who bought a bar set for $2,200 and a set of boxes, plates and vases for $625 told the Daily News.

“It’s interesting because he used to own this stuff and now it’s going to be mine. When I look at this stuff it will be a reminder of the good and the bad side of people.”

To read more click here.