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Madoff possessions up for auction

By Laurie Frankel, CNN
STORY HIGHLIGHTS
  • Items from Bernie Madoff's properties are up for auction this weekend
  • More than 400 pieces will be open for bidding
  • Items include a 10.5-carat engagement ring and a grand piano

(CNN) -- This weekend, you can buy a piece of Ponzi scheme history.

The U.S. Marshal's Service will auction off more than 400 pieces of personal property belonging to Bernard and Ruth Madoff in New York on Saturday morning.

Bernie Madoff is serving a 150-year prison sentence, after pleading guilty in 2009 to multiple fraud charges in connection with a decades-long Ponzi scheme.

The items for auction were seized from his homes in New York City and Montauk, Long Island.

Big ticket items include a 10.5-carat diamond engagement ring, estimated to fetch as much as $350,000, and a Steinway and Sons grand piano, that could bring in $16,000.

But the auction also features smaller, more personal items. A pair of black velveteen slippers, size 8.5, with red quilted lining and the initials "BLM" embroidered in gold thread, could catch the eye of collectors, as could rows of Mr. Casual Belgium shoes.

Several miniature bronze bull statues are also on the auction block.

Deputy U.S. Marshal Roland Ubaldo declined to say how much the auction would raise.

But a first auction of Madoff's property last year brought in more than $900,000, with most items selling for prices well beyond the highest pre-sale estimates.

Auction proceeds will be deposited in the U.S. Department of Justice Asset Forfeiture Fund to compensate the victims of Madoff's multi-billion dollar fraud.