Items belonging to the disgraced financier Bernard Madoff fetched around $ 1 million at an auction in New York, twice as much as originally thought -- and the money earned is going back to some of his victims.
Around 200 items -- ranging from a half-used sticky pad to expensive jewelry -- were auctioned off in the grand ballroom at the Sheraton New York Hotel & Towers.
The sale brought in $ 942,650 - nearly twice the $500,000 initial estimate, but represents a fraction of the estimated $21 billion he stole from his clients.
The items were taken from Madoff's homes on Manhattan's Upper East Side, in the Hamptons and in Palm Beach, Fla., which federal authorities seized after he was convicted of defrauding investors.
They include dishes, pens and stationery, boogie boards emblazoned with the 71-year-old's last name, and a Rolex nicknamed the "Prisoner Watch."
Proceeds from the auctions will be divided among Madoff's victims.
Next week, Madoff's yachts will hit the block, sold in Florida by an auctioneer billing itself as "The World's Largest Boat and Yacht Liquidation Company.''
Madoff's apartment on East 64th Street in Manhattan is on the market for $9.9 million and the Florida home for $7.9 million; the Hamptons house sold last month for $9.41 million.
In addition to spending the rest of his life behind bars, Madoff's punishment included the forfeiture of almost all of his wealth.
Even if the goods displayed weren't grand enough, the path leading to them was.
Red velvet ropes cordoned off the staircase to the hotel's grand ballroom, where the Madoff belongings shared space under a crystal chandelier with about 400 lots of other people's belongings also seized by the government.
Texas-based auctioneer Gaston & Sheehan is running the Manhattan sale for the Marshals Service, hoping to raise at least a half-million dollars to be divided among Madoff's victims. That's only a small dent in the tens of billions his Ponzi scheme cost them, wiping out many financially.
Bidders with a photo ID and $250 refundable cash deposit didn't have to be rich to participate in the auction, starting at 10 a.m. Saturday; online bidders must submit a $1,000 refundable deposit.
Some spoils of Madoff's lavish lifestyles came cheap.
The auctioneers estimate that $80 to $90 could probably buy three used boogie boards marked with "Madoff,'' or a set of wooden duck decoys.
In a glass case were his-and-hers monogrammed stationery and envelopes, going for $90 to $100, along with the pad of adhesive notes.
Across the ballroom hung a blue satin New York Mets jacket with "Madoff'' stitched on the back, valued at up to $720.
Ruth Madoff's Brooks Brothers brown pea coat with a raccoon fur collar, with a $300-to-$460 estimate, had an online high bid of $65 on Friday afternoon. And someone offered $180 for three of Bernard Madoff's Polo golf shirts -- valued at up to $210 and bearing the word "Bull,'' the name Madoff gave to one yacht.
Madoff's Rolex -- with an estimate of up to $87,000 -- was part of his 40-plus watch collection that also included 16 other Rolexes. All were made in Switzerland, where the swindling financier created billions of dollars in losses.
Madoff wanted his watches in impeccable condition, so he had them restored -- thereby devaluing them for collectors, experts say.
Still, prospective buyers apparently are bullish on his personal trove. Inquiries are coming from around the world, from as far as Pakistan, said Bob Sheehan, who was to wield the auctioneer's hammer on Saturday.
"There's huge interest,'' confirmed Marshals Service spokesman Roland Ubaldo. "I've been getting calls from duck-decoy aficionados. People are interested in his fishing rods and his sports memorabilia.''
Madoff, sitting behind bars in Butner, N.C., will never enjoy them again.
