Peter Madoff’s Aston Martin Sells at Auction for $247,500

An Aston Martin previously owned by Peter Madoff, brother of Bernard L. Madoff, sold at auction for $247,500 in Monterey, California, according to RM Auctions.

The 1958 Aston Martin MK III Drophead Coupe was sold late yesterday, Amy Christie, a spokeswoman for the auction house, said in an e-mail. An online sale catalog valued the car at $200,000 to $250,000.

The proceeds will go to investors who lost as much as $19 billion in the jailed Bernard Madoff’s Ponzi scheme, according to Irving Picard, the trustee liquidating Madoff’s firm in New York. Madoff’s U.K. firm bought the car for Peter Madoff in 2008 for $267,000 and wasn’t reimbursed for the expense, Picard said in a court filing.

The car, with a carriage green finish and tan upholstery and showing about 30,400 miles, is one of 84 Drophead Coupes built and has a “well-maintained older restoration,” according to the catalog. It had servicing and “paintwork” in 2008 from Aston Workshop in the U.K. at a recorded 30,184 miles, RM said. The restoration has held up and the car performed well on a recent road test, it said in the catalog.

Charles Spada, a lawyer for Peter Madoff, declined to comment on the auction.

Peter Madoff, sued by U.K. liquidators in 2009 for allegedly enriching himself unjustly by taking the Aston Martin, transferred ownership of the car to Picard on May 4, the trustee said in a filing. It is being auctioned with agreement from the U.K. liquidators, Picard said.

Peter Madoff was chief compliance officer at Bernard L. Madoff Investment Securities LLC. He was among those to whom Bernard Madoff confessed shortly before his arrest, according to Ira Sorkin, a lawyer for Bernard Madoff. Peter Madoff also co- signed Bernard Madoff’s $10 million bond following the money manager’s arrest.

The main case is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, 08-ap-1789, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

The $247,500 sales price includes the buyer’s premium, Christie said in the e-mail.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net