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U.S. to Auction Madoff Belongings in Two-Day Auction

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May 27 (Bloomberg) -- Bernard and Ruth Madoff’s last possessions confiscated in criminal cases will be autioned over two days staring June 3 in Miami Beach, Florida, and simulcast online, the U.S. Marshals Service said.

The auction will begin with 345 lots of jewelry, watches, coins and currency and conclude with 275 lots from the Madoff residences in New York and Palm Beach, according to a statement today. Proceeds will go the U.S. Department of Justice and be used to compensate the conman’s investors. Recoveries from the Madoffs’ possessions to date are $23 million in property sales and $80 million in cash assets, the U.S. Marshals said.

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

To contact the editor responsible for this story: Mary Romano at mromano6@bloomberg.net

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