Madoff’s Pricy Property

There were more traditional ways to buy underwear. But last Saturday, all of disgraced financier Bernie Madoff’s property, including his boxer shorts were sold off to bidders.

The auction was New Yorkers’ final chance to see and potentially take home Madoff’s personal possessions. To pay back victims of his Ponzi scheme, the government sold some of the last of thousands of items seized from his Manhattan Co-Op and Montauk beach house. Serious bidders and gawkers were shoulder-to-shoulder to see artifacts behind one of the biggest financial scams in history.

Certainly buyers looking for exclusive high-end items found them, but the majority of the items remaining were an oddly personal mix, including hundreds of pairs of shoes.

On an auction preview, Auctioneer Sheehan said a ten-carat engagement ring would probably be the day’s biggest seller. It sold for $550,000.

Many of his most expensive items, such as yachts and his apartment were already sold off and the US Marshalls Service said it made $1 million from another sale. After paying for the outsourced appraisers and auctioneers, the money will go into a fund to compensate victims.

The photos below show just some of the items from an auction preview last Wednesday:

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