By Patsy R. Brumfield/NEMS Daily Journal
Diamonds, gleaming Wedgewood and Christofle china and two baby grand pianos are among 1,000-plus items at auction Saturday from jailed financier R. Allen Stanford’s Virgin Islands estate.
“Absolutely everything must sell,” said auctioneer Seth Worstell from his Houston, Texas, business where the sale begins at 10 a.m.
It’s not the first time Stanford possessions have been sold to recoup funds for some 20,000 investors worldwide who lost their retirement funds and life savings when Stanford’s empire crashed in early 2009 under a U.S. government investigation.
Stanford was convicted last March and is serving a 110-year sentence for masterminding a $7.2 billion Ponzi scheme.
While previous sales offered real estate, stocks, planes and yachts, Worstell describes this one as “estate-type stuff,” from household items to wine collections, jewelry and guns.
Perhaps one of the auction’s most valuable items is a 1.75-carat, flawless diamond pendant appraised at $73,000.
Worstell said he believes it was bought at Tiffany’s but the company will not certify its origin to anyone except the original buyer.
The Houston-based company also sold in May the personal and office assets of former Stanford chief financial officer, James M. Davis, from Baldwyn.
Davis’ goods included high-end Maitland-Smith furniture, a grand piano and a high-value grandfather clock.
Worstell speculates that Stanford’s fine china has never been used.
The sale will last six to eight hours, and anyone interested may call Worstell at (713) 670-7776.