By Amaris Castillo
As they stood inside a Brooklyn warehouse yesterday morning, members of the press looked more like museum visitors as they paused before ornate glass vases and works of art. The items, which ranged from ordinary to lavish, once belonged to Bernard L. Madoff before they were seized over a year ago by the United States Marshals Service.
Madoff, infamous for a Ponzi scheme involving tens of billions of dollars, pleaded guilty in 2009 to 11 felony counts which included money laundering and perjury. He is serving 150 years in prison.
The U.S. Marshals Service hosted a media preview Wednesday of Madoff’s personal property, which will be auctioned off this Saturday at the New York Sheraton Hotel & Towers. Proceeds from the auction, which is being conducted by Gaston & Sheehan Auctioneers, Inc., will go to the U.S. Department of Justice Assets Forfeiture Fund. The money will then be distributed to victims of Madoff’s scheme.
The items are all what’s left from Madoff’s Manhattan apartment and beach house in Montauk, which were both sold. Madoff’s cars and boats have also been sold.
Some items up for bid are ordinary – a pair of dark green lawn chairs, wicker baskets, and kitchen utensils.
Other items fit neatly within the plush lifestyle Madoff was known for, such as his wife’s 10.54 carat diamond engagement ring. The ring’s estimated worth is 300,000 dollars.
“Looks like a shoe store,” said one cameraman as he positioned his tripod in front of several rows of shoes.
There were multiple pairs of men’s designer shoes, including two pairs of Gucci, in a variety of styles. Their price ranges are estimated between $210 and $240.
“I forget what the brand is over there but it’s like he [Madoff] picked up the phone and said ‘Size 8 ½, send me one of everything you have’,” said Bob Sheehan, owner of Gaston & Sheehan Auctioneers, Inc.
If he had to guess, Sheehan said, there’s probably a total of 4,000 to 5,000 individual items that make up the lots for auction.
Sheehan estimates that Saturday’s auction will bring in $1.5 million.
Other items from Madoff’s households were sold last year for about $1 million, said Jennifer Crane, who works for the U.S. Marshals Service Asset Forfeiture Division.
An overwhelming amount of items are monogrammed with Madoff’s initials or those of his company – Bernard L. Madoff Investment Securities. Monogrammed items include luggage, shoes, and Madoff’s black velveteen slippers.
“I wouldn’t dare say that he was a narcissist, however, many, many things were monogrammed,” she said. “He liked his initials.”
Ronald Ubaldo, of the U.S. Marshals Service, said the main priority of the auction is to compensate victims of the fraud.
“We’re not out here just selling things on street corners,” he said. “We’re out here trying to get fair market value for these items and more to give back to the victims.”
He did not have an estimate of what percentage of the proceeds go towards the victims of Madoff’s scheme.
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