Madoff Auction Hits $2 Million

By Richard Gibson
Nov 14 2010

The second auction containing items for the Bernie Madoff estate ended yesterday in New York after raising $2 million.

Bernie Madoff was once believed to be the best investor and fund manager in the business. However, last year it was discovered that he was nothing but a fraud who managed to carry out one of the most successful Ponzi schemes in the history of the US.

Madoff would eventually plead guilty to the charges and be sentenced to 150 years in prison for his crimes. Now all of the items from his lavish lifestyle are hitting the auction block and are being used to raise funds that are then distributed to his victims.

The total amount of money that Madoff managed to steal has been called into question. Some estimates put it at nearly $1 billion. The Justice Department has it at $600 million over the course of 6 years.

The first auction of Madoff’s possessions raised $1 million. This last auction was able to raise more based on the quality of the items that were being offered.

One item actually belonged to Madoff’s wife, a massive diamond ring that was said to be an anniversary present. The ring fetched $55,000, well above the appraised value of the ring itself.

The desk that Madoff used to carry out his scheme was also on the block along with a watch, which fetched $67,500. His underwear and socks also sold for a total of $1700 along with other personal items.