No Steals at Rothstein Bling Auction
Auction of Rothstein's watches and jewelry raised $3.7 million for his victims
An auction raised $3.7 million for the victims of Ponzi schemer Scott Rothstien.
Scott Rothstein might have robbed his customers blind to get all his wealth, but there were no steals for his items up that were up for auction Wednesday.
Some of the convicted Ponzi schemer's most expensive trinkets were on the block at the Broward County Convention Center, but some who attended said you would almost have to start your own Ponzi scheme to afford some of the prices.
"The bidding was insanely overpriced. I didn’t see any bargains," said Dr, Richard Britestein, an avid watch collector hoping to score some of Rothstein's confiscated bling. "People were paying more than retail."
Organizers said the auction raised more than $3.7 million, which will go toward paying back the victims of Rothstein's scheme. It's the fourth auction of Rothstein's possessions.
Usually, auctions are chance to get quality at a discount, but Rothstein was no ordinary guy.
The Fort Lauderdale resident bilked investors out of more than a billion dollars and he used the money to finance the life of a king with plenty of jewelry, cars and other toys.
In June 2010, Rothstein was convicted of fraud and is currently serving a 50-year prison sentence.
Two of Rothstein's cars, a black 2008 Corvette and a white 2009 Mercedes-Benz SL550 Roadster, were also sold Wednesday and two people who were familiar with the legendary scam artist said they have had their eyes on the vehicles for some time.
John Arena was a Rothstein neighbor and would often see the Benz in the driveway. He lost the bidding war for the classy car after his $73,000 offer was trumped.
Arena said he knew at some point he'd get a shot at the car because of Rothstein's lifestyle.
“There was a lot of rumors and so forth. I figured something like this would have to come to an end,” he said. "It was just too much. Too many cars. Too big of a house. Too much going on.”
Car dealer Bill Brennan bought Rothstein's Corvette for $35,000, a decent deal since he plans to resell the vehicle to make a profit.
"I’ll make money on it," he said.
Brennan had met Rothstein a few times at social gatherings and the two weren't exactly best buds. But Wednesday's purchase wasn't about revenge. It was about business, Brennan said.
"The history means nothing to me," he said. "I had run ins with him when he was a free man. I never liked him. Arrogance, Huge arrogance."
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