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Bernard Madoff's Wine, Liquor Sold At Criminally High Prices
By
Garth Johnston
Published May 19, 2011
Modified May 19, 2011
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By
Garth Johnston
Published May 19, 2011
Modified May 19, 2011
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Considering how well the auction of Bernie Madoff's junk went last year is it any surprise that his wine collection did boffo business on the auction block as well? Yesterday's auction of more than 250 bottles of wine and liquor in 59 lots sold for $41,530—$20,000 dollars more than the highest pre-bid estimate for the set. Somebody even spent $300 to buy four airline-size bottles of booze!
Other surprisingly large sales included three bottles of gin estimated to be worth between $50 and $90 that went for $350, two bottles of Johnnie Walker Black that sold for $320 and nine bottles of standard booze like Jack Daniels, Jose Cuervo and Drambuie that sold for $500! Only five lots sold near their estimated value, while 54 went for above wine retailer Morrell & Company's high estimates.
Of course it wasn't all stuff you can find at your corner liquor store. There were also lots of French wine that sold quite well too. A "well-regarded Chateau Mouton-Rothschild from 1996 was valued at $3,200 to $3,800—and sold for $6,800."
All of the proceeds from the auction will be going to compensating Madoff's victims, who are also soon to be getting further compensation from Madoff trustee Iriving Picard.
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Bernard Madoff
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Garth Johnston
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