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Final auction of Madoffs' personal property nets $500,000

By the CNN Wire Staff
  • Auction proceeds will go toward compensating victims of Bernie Madoff's Ponzi scheme
  • Items from the Madoffs' residences in New York and Florida were auctioned
  • Marshals Service: More than $100 million in assets have been recovered from the Madoffs

(CNN) -- The last remaining personal property belonging to Ponzi schemer Bernie Madoff and his wife, Ruth, netted nearly $500,000 in an auction in Miami Beach, Florida, the U.S. Marshals Service said Tuesday.

Proceeds from the June 4 auction go to the U.S. Department of Justice Assets Forfeiture fund and will be used to compensate "the many victims of this crime of historical proportions," said Neil DeSousa, U.S. marshal for the Southern District of Florida. "Rest assured that the U.S. Marshals Service's top priority in this case was restitution toward the victims."

To date, about $24 million in property sales and $80 million in cash assets from the Madoffs have been recovered, the Marshals Service said.

Art, antiques, furniture and clothing from the Madoff residences in New York and Palm Beach, Florida, were featured in the 275 lots included in the final auction.

Owning a piece of Bernie Madoff

Madoff, the mastermind of an estimated $50 billion Ponzi scheme, pleaded guilty in March 2009 to 11 felony charges, including money laundering, perjury, false filings with the SEC and fraud. He was sentenced to 150 years in prison.