Bernie Madoff's clothes get transformed into collectible $500 iPad covers

paulfrasercollectibles

2015-06-26 12:31:14

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Bernie Madoff's clothes get transformed into collectible $500 iPad covers

For the first time in long while, punters are making money with the help of jailed fraudster Madoff

Collectors in the niche market of fraudster memorabilia take note.

IPad covers fashioned from convicted fraudster Bernie Madoff's clothing have been selling for $300 to $500 of late.

It is the latest move in the long-running Bernie Madoff sell-off.

Since last year administrators for his estate have been trying to make a dent in the multi-billion dollar black hole his Ponzi scheme left behind by selling an array of items.

In 2010 his personalised New York Mets jacket sold for $14,500, while his 18K gold Rolex Monoblocco 'Prisoner' watch (nicknamed as it was of a similar design to ones sold to British PoWs in the Second World War) made $65,000.

Entrepreneur John Vaccaro bought up a large amount of Madoff's wardrobe and, with the help of a designer, produced the iPad covers from Madoff-worn trousers, sweaters and sweatshirts.

A $500 iPad cover from the Madoff collection

"First I searched all the pockets to see if there were any $100 bills inside, then I found a designer who could make the cases from the cut-up clothing, which was tricky," Vaccaro told the New York Post newspaper.

"I've made 31 so far, and only have a few pairs of pants, sweaters and sweatshirts left."

It goes to show how a famous name can cause relatively mundane items to surge in price.

A set of Ruth Madoff's 14-carat diamond earrings sold for $70,000 last year, more than trebling their estimate of around $21,000.

Madoff's black velveteen slippers have also sold for $6,000 while his wine cellar recently netted $41,500.

Madoff is due for release from prison in 2039.

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