Tags:

Madoff's Wine Fetches $41,530 for Ponzi Victims

Wednesday, 18 May 2011 07:54 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

* "Eclectic" collection of wine, spirits

* Proceeds were 2-3 times pre-auction estimate

* Proceeds go to Madoff's Ponzi scheme victims

By Jonathan Stempel

NEW YORK (Reuters) - Every little drop helps.

The eclectic wine and spirits collection belonging to imprisoned Ponzi schemer Bernard Madoff fetched $41,530 at an online auction held Wednesday.

All 59 lots, ranging from fine Bordeaux to the types of small bottles often found in hotel minibars, found buyers, with 54 selling above the highest estimated pre-auction price.

The winning bids exceeded the roughly $15,000 to $21,000 the auction run by Morrell & Co Fine Wine Auctions in New York had been expected to raise.

"Proceeds from this auction are going towards compensating Madoff's victims, so we couldn't be happier with the results," auction director Kimberly Janis said in a statement.

As expected, the top lot was a case of 1996 Chateau Mouton-Rothschild, a Bordeaux, which went for $6,800. It had been expected to go for $3,200 to $3,800.

A case of Veuve Clicquot, yellow label brut, also fared well. It sold for $1,500, above its $240 to $350 pre-auction estimate and roughly triple what it might cost at retail.

Meanwhile, a lot of 2-ounce bottles of Bombay Dry Gin, Grand Marnier and Smirnoff Vodka commanded a $300 winning bid, well above the expected $10 to $20.

Storage conditions of the lots is not known.

Madoff's wines were seized by the U.S. Marshals Service, which often auctions seized property to benefit crime victims.

An auction last November of Madoff's furniture, monogrammed clothing and other personal effects raised about $2 million.

Madoff, 73, is serving a 150-year sentence in a North Carolina federal prison. (Reporting by Jonathan Stempel in New York; editing by Andre Grenon)

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Krauthammer: GOP Must Push Its Agenda After Taking Senate

Tuesday, 21 Oct 2014 22:07 PM

Republicans have 3-1 odds of taking over the Senate, and they need to use that power to push their agenda, conservative  . . .

Wyoming Gay Couples Get Marriage Licenses

Tuesday, 21 Oct 2014 22:03 PM

Wyoming has become the latest state to allow same-sex unions, bringing the wave of legalizations to a place where the 19 . . .

Alveda King: Obama Proves Skin-Color Voting Doesn't Help Blacks

Tuesday, 21 Oct 2014 21:13 PM

Alveda King, niece of the Rev. Martin Luther King Jr., is at sharp odds with the Rev. Al Sharpton about which political  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved