Bloomberg: Auctioneers sold off hundreds of the fake investor’s possessions, including the piano, a diamond and empty photo albums
Justice is slow, and very very cheap.
Bernard Madoff's possessions including a Steinway grand piano and his wife's engagement ring were sold at auction on Saturday, according to Bloomberg.
The piano brought in $42,000, and the financier's wife Ruth's 10.5 carat diamond ring commanded $550,000.
Those are decent prices for a U.S. Marshalls sale, but it's not likely to offset much of what is owed Madoff's creditors, including many Hollywood figures and prominent charities.
What's left of Bernie Madoff? Empty photo albums, for sale. (Net: $1,000)
As of Sept. 30, approximately $1.5 billion has been recovered for Madoff’s investors, the trustee overseeing Madoff’s bankruptcy,
When he was arrested in December 2008, Madoff’s account statements reflected 4,900 accounts with $65 billion in nonexistent investments, according to Picard. Investors lost about $20 billion in principal.
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