DALLAS, Texas – A cobolt chandelier and a 42-foot-long sculpture that once belonged to jailed financier R. Allen Stanford are set for auction May 22.
The 7-foot-tall Dale Chihuly chandelier, made of hand-blown glass and steel, is valued from $60,000 to $80,000, with proceeds expected eventually to make their way to former Stanford International Bank Ltd. customers, who lost their life savings in the $6.9 billion Ponzi scheme Stanford presided over.
The Stanford empire came crashing down in early 2009 under the weight of a federal investigation.
Hundreds of Mississippians lost their savings and retirement funds they’d built up through certificate of deposits sold through Stanford offices in Tupelo, Jackson and Memphis.
The sale comes from Stanford property seized by a court-appointed receiver charged with building a victims fund, although few if any of them have received any money yet.
Also up for sale as a former Stanford item is a Terrance Main sculpture – a 10-piece, 42-foot-long piece called “Terrestrial Tale” with an estimated value of $20,000 to $30,000.
Heritage Auctions of Dallas will oversee the sales.
Also up for auction, although they didn’t belong to Stanford, are 10 Andy Warhol screen prints.
In photos provided by the auction house, Stanford’s former chandelier appears to have found a home in at least two places – a business foyer and an island-style great room. Heritage notes each piece came from a private collection in Florida.
Stanford was known for living a life of luxury with lavish homes, private jets, yachts and more.
He’s serving a 110-year prison sentence in a Florida high-security facility after his March 2012 conviction in Houston, Texas, where his empire had its headquarters. Stanford insists he did nothing wrong and has appealed the conviction and sentence.
To look at STANFORD ITEMS in the auction, go to http://fineart.ha.com/c/search-results.zx?N=50+793+794+792+2088+4294953609.
Patsy R. Brumfield/NEMS Daily Journal