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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Madoff's spoils go under the hammer AFP - Sunday, November 15 Send IM Story Print A Bernard Madoff New York Mets baseball jacket is displayed during a press preview of a US Marhals Service auction of personal property seized from Bernard and Ruth Madoff. A treasure trove of spoils from the Wall Street swindler and his wife raked in nearly a million dollars in an auction to help pay back some of his victims. NEW YORK (AFP) - – A treasure trove of spoils from Wall Street swindler Bernard Madoff and his wife raked in nearly a million dollars in an auction to help pay back some of his victims. But the proceeds were still just a mere drop in the ocean compared to the 21.2 billion dollars investors are said to have lost in Madoff's grandiose scam that duped celebrities, charities and scores of ordinary people over several decades. Ruth Madoff's pair of 14-carat Cartier diamond earrings went under the hammer for 70,000 dollars, just one in a flurry of sales to a packed room of bidders. Some 200 lots, among them jewels, diamond-encrusted watches and a New York Mets baseball jacket emblazoned with Madoff's name, were seized from the couple's home and sold by adjudication at the Sheraton Hotel in New York. For more than three hours, hundreds of people packed a room to place their bids, with others bidding online. Madoff, a former Nasdaq chairman, had a weak spot for watches and the 40-some Rolex, Cartier, Blancpain, Muller, Bulgari, Patek Philippe and Audemars Piguet he and his wife had stocked fetched up to 65,000 dollars each. The blue satin Mets jacket bearing his name in orange launched a bidding war on the floor, far surpassing its low estimate of 500 dollars before selling for 14,500 dollars to an online bidder. The proceeds were to help repay the hundreds of investors cheated by Madoff's 65-billion-dollar Ponzi scheme -- much of it apparently comprised of phony funds -- with Gaston & Sheehan Auctioneers taking in an undisclosed fee. The crowds fawned over Ruth Madoff's two dozen jewels on display. A platinum, diamond and emerald bangle brought in 50,000 dollars. Objects with little value other than having belonged to the infamous crook also had notable success, including his personal stationary -- estimated at 100 dollars and sold for 2,500 -- or a wooden duck valued at a mere 60 dollars but sold for 4,750. The Madoff name along with that of his wife appeared on many other goods, ranging from golf clubs to beach boards. Ruth Madoff's furs, all neatly hanging in plastic bags, attracted little interest, but the crowds grouped around her designer bags bearing labels such as Hermes, Prada, Chanel or Louis Vuitton. In all, the sale brought in 942,650 dollars -- nearly twice the 500,000-dollar initial estimate. Madoff, 71, is now serving a 150-year prison sentence for fraud at a prison near Raleigh, North Carolina. His wife was not charged with a crime. Court-appointed liquidator Irving Picard has already sold or placed for auction several real estate properties -- including a Manhattan penthouse and Palm Beach retreat -- belonging to the Madoffs, as well as their yachts. A Long Island beach getaway sold for eight million dollars. But Picard has so far only recuperated a very small portion of the billions lost by Madoff's investors. Recommend Send IM Story Print News Search Top Stories Obama vows 'serious' bid to cut US deficit Madoff's spoils go under the hammer Commercial real estate woes imperil US recovery British PM vows law to crackdown on banker bonuses Paris rampage after cash giveaway cancelled: police More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris rampage after cash giveaway cancelled: police Obama vows 'serious' bid to cut US deficit British PM vows law to crackdown on banker bonuses All Blacks defeat competitive Italian rugby team Madoff's spoils go under the hammer More Most Viewed » Somali centenarian weds 17-year-old Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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