'Bernie Madoff auction' auctions watch for $250

First published: 31-12-2009

Bernard Madoff, the man who temporarily made off with billions of pounds worth of pilfered funds, has been the subject of yet another auction held this week in California.

In a report for the Orange County Register, it was revealed that a Swatch watch belonging to the individual was given away to the highest bidder at the surprisingly low price of $250 (£150).

The buyer, a retiree from the local area by the name of Steven Jones, revealed that he would be passing it on to his nephew as a jokey present.

However, it was not the only watch getting the attention of buyers, as a number of more high-end jewellery and fine art offerings were also available to buyers.

As a result, a Rolex watch studded with diamonds also went for the price of $4,200 (£2,800) to one lucky bidder.

Madoff, who was jailed earlier this year for 150 years - the maximum sentence allowed - stole around $18 billion (£12 billion) from investors, though the amount missing from accounts was closer to treble that.