$267,000 Aston Martin owned by fraudster Bernie Madoff's brother goes up for sale

paulfrasercollectibles

2015-06-26 12:26:35

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$267,000 Aston Martin owned by fraudster Bernie Madoff's brother goes up for sale

A court has granted permission for the classic car to be sold at RM Auctions this summer

The authorities have sold off just about everything they can belonging to Bernie Madoff. His art, clothing, watches, wine cellar, slippers and even underpants have all gone under the hammer, generally fetching more than the prices expected.

However the long arm of the law, (perhaps holding an auctioneer's gavel) has reached a little further, and has now stretched as far as Madoff's brother Peter. Specifically it has reached a vintage automobile which Madoff's UK firm bought for him in 2008.

The 1958 Aston Martin MK III Drophead Coupe was bought for $267,000 - but company wasn't reimbursed for the purchase. Irving Picard, who is liquidating Bernard Madoff's firm this week won permission for the sale to go ahead.

RM auctions will be handed the task of selling the car, which will make an unusual addition to its impressive line-up in Monterey, California.

BugattiThis Bugatti Grand Raid roadster will be appearing in the sale

Lots already include a classic Bugatti Grand Raid roadster and a 1970 Porsche 911S delivered to Steve McQueen on the filmset of the movie Le Mans. The former is one of only 10 Bugatti Grand Raid roadsters built, and one of just two examples bodied by Carrosserie Worblaufen in Switzerland.

Picard, who has investigated potential reclaims from all the members of the Madoff family involved in the business, has recovered around $7.6bn in total for investors who lost more than $17bn in the Ponzi scheme.

RM's auction in Monterey, California takes place from August 19-20 later this year. Watch this space for more news of the sale.

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