Madoff Jewelry Brings Top Dollar

Some of the personal items seized by Federal Marshals in the Bernard Madoff Ponzi scheme fiasco were auctioned yesterday, bringing in about $1-million dollars, twice as much as originally estimated. Ruth Madoff's diamond pendant earrings fetched $70,000 -- three times the expected amount. A pair of Cartier onyx and diamond earrings brought the same price. Several other pieces of jewelry formerly owned by Madoff and his wife did well, but bids on a few vintage watches didn't bring the minimum and remained unsold.

One of the most insane bids was for three duck decoys. Valued at about $50, the trio sold for $11,500. Hopefully the money recovered from this and future auctions (for big-ticket items, like Madoff's homes and boats) will actually go to the people who were impacted by the scheme.

More About the Madoff Auction

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