Madoff's Skivvies Fetch $200 at Auction

Sale raises $400K to go to victims

By Polly Davis Doig,  Newser Staff

Posted Jun 5, 2011 12:02 PM CDT

(Newser) – It's questionable why anyone would pay $200 for used underwear, but the definition of "collector's item" sank even to that level yesterday as the contents of Bernie Madoff's Palm Beach mansion went on the auction block. “It’s history! It’s the big thing! It’s the biggest thing of the century!” said one bidder who lost Madoff’s honorary diploma from Yeshiva University. When the dust settled, the US Marshals' auction collected more than $400,000 for Madoff's duped investors—who are out $65 billion.

“It went about as expected,” the auctioneer tells the Miami Herald. “When we sold the stuff from his house in New York, it brought in millions, but that included boats and cars and jewelry. This one was mostly household goods." Click through the gallery to see some of what was sold.

A flag is seen from Bernard L. Madoff's estate before it is auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
A television screen shows shoes from Bernard L. Madoff's estate that will be auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Shoes from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
A Rolex watch from Bernard L. Madoff's estate is examined before being auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Clothes from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Items from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
A bag from Bernard L. Madoff's estate is seen on display before being auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Items from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Shoes from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Stationary from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Books from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Items from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
Paintings and dishes from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
A person looks at some of the items from Bernard L. Madoff's estate are seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
A statue from Bernard L. Madoff's estate is seen on display before they are auctioned off on Saturday at the Miami Beach Convention Center on June 2, 2011.   (Getty Images)
In this March 12, 2009 file photo, Bernard Madoff arrives at Manhattan federal court in New York.   (AP Photo/ Louis Lanzano, file)
In this Jan. 14, 2009 file photo, Bernard L. Madoff leaves Federal Court in New York.   (AP Photo/Stuart Ramson, file)
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