Madoff Auction: Most Garish Yard Sale Ever
Some buyers, it turned out, were after more than just history. Former rivals of Madoff, now serving his 150-year sentence in a North Carolina prison, appeared to be seeking trophies. Charlie Blumenkehl, for instance, a fund manager based in New Jersey, bought a set of Pings (the club maker owned by Calloway (ELY)) whose shafts were inscribed with Madoff's name, for $3,600. The pre-sale estimate was $400. "I just wanted Bernie's name on the clubs," Blumenkehl told the Associated Press.
Another hedge fund manager at the Madoff auction bought a life preserver from Madoff's yacht, which he had named Bull, for $7,500. "It's like having something off the Titanic," the manager told the New York Times.
One item in particular fell short of estimates, however: A rare Rolex chronograph, known as the "Prisoner Watch," which was modeled after timepieces worn by Allied pilots in World War II, some of whom were shot down and captured by Nazis. Valued pre-auction at as much as $85,000, it sold for $20,000 less.
The auction was comprised of 200 lots. Though plenty of conspicuous consumption was on display -- Hermes handbags, Tiffany (TIF) jewelry, a convertible Mercedes (DAI) -- many auction participants were struck by the mundanity of the cache. No great art hung on the Madoff walls, for instance. Nor were antiques a Madoff thing.All told, the Madoff auction brought in about $1 million for victims of the Ponzi scheme, better than the $500,000 expected by Gaston & Sheehan, the auctioneers. -- Written by Scott Eden in New York Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV