New York, NY 10009 Bernard Madoff, the mastermind of the largest Ponzi scheme in history, has about $826 million in assets, including $2.6 million in jewelry alone. The numbers were revealed in a document filed in federal courts on Friday, as part of an appeal to free him from jail prior to his June sentencing. According to the documents, the bulk of Madoff’s net worth comes from his business, Bernard L. Madoff Investment Securities, which was valued at $700 million. The business has been seized and will be auctioned off in the coming weeks. The document listing Madoff’s assets was posted on the website of the Wall Street Journal. It mentions $22 million worth of real estate – including a $7 million penthouse in New York City, an $11 mansion in Palm Beach, Florida and other homes in Montauk, New York, and Cap d’Antibe, France. Furnishings for all homes come to nearly $10 million. There is also a $7 million yacht in France, several cars, $65,000 in silverware, a $39,000 Steinway piano and $2.6 million in jewelry. In addition, the Madoffs owned a 50 percent stake interest in an aircraft valued at $12 million Most of the assets are held in the name of Madoff’s wife, Ruth. Prosecutors are currently working to freeze her assets. In January, Madoff was caught mailing five packages that contained diamonds and other valuable jewelry: two went to his brother, the others to his children. According to the Financial Times, the list of valuables contained “diamond Cartier and Tiffany watches, a diamond bracelet, four diamond brooches, a jade necklace, a gold watch and other assorted jewellery… One package contained about 13 watches, one diamond necklace, an emerald ring and two sets of cufflinks and could exceed $1 million.” At the time, Ira Sorkin, Madoff’s lawyer, claimed that the transfers were innocent mistakes by Madoff and his wife, and that most of the items had been returned. Prosecutors countered that the packages containing diamonds were in violation of the court order which prevented Madoff from concealing or disposing of his assets. This Thursday, Madoff pleaded guilty to the 11 criminal charges brought against him. Following the court proceeding, he was handcuffed and taken to jail where he awaits a June sentencing.
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