They’ll drink to that!
An extensive collection of wines and liquor owned by infamous Ponzi swindler Bernie Madoff was auctioned off yesterday for nearly twice its estimated value — even though much of the stockpile was considered second-rate.
Pre-bid estimates had the 262 bottles of wine and booze — some of them mini-fridge-sized — going for between $15,000 and $21,000. But when the on-line auction’s final hammer fell, the Madoff markup was in full effect — with the total collection selling for $41,530.
“Some of the bottles are better viewed as conversation pieces rather than valued for their contents, but conversation pieces they are,” the auction house said in a statement.
Not a drop of booze went to waste. Auction organizers said all 59 lots found a buyer, including a group that included 2-ounce mini-bar bottles of everyday Smirnoff vodka, Bombay gin and Grand Marnier liqueur. The itty-bitty bottles — estimated to sell for $20 — sold for $300.
Fifty-four of the 59 lots sold above the high estimate, organizers said. Five sold within the estimate.
The proceeds went to compensating Madoff’s victims, said Kimberly Janis, auction director for Morrell and Company, which organized the sale.
Madoff, 73, is serving a 150-year federal prison sentence for running a Ponzi scheme that bilked investors out of $65 billion.
The wines and liquors were seized from Madoff’s former mansion in Palm Beach, Fla. The prize of the auction was considered to be a 12-bottle case of 1996 Bordeaux from Chateau Mouton Rothschild with a presale estimate of $3,200 to $3,800. The bottles, despite their wrinkled labels, sold for $6,800.
Connoisseurs said much of the diverse collection was unimpressive and was likely acquired as gifts from various clients.