Diamond Necklace Sold At Ponzi Victim Auction

Published on 22/05/09

Diamond necklaces were among the items sold at an auction for those affected by an alleged major fraud.

Those who have lost out as a result of the Ponzi scheme saw some of their treasured possessions go under the hammer yesterday (May 21st).

A 70-carat diamond necklace was one item sold, fetching $75,000 (£47,000), which amounted to only half of the piece's pre-sale estimate price.

Auctioneer Loyd Breen told the Times that this is unlikely to be the last sale for this cause.

He said: "We have appointments this week to see five more people for our next auction. It’s snowballing."

As well as gorgeous glittering jewellery, Picasso paintings and Ivory collections were among the possessions sold to help those affected by the alleged fraud raise money to help cover their day-to-day costs.

In other auction news, a blue diamond which sold for $9.48 million (£6.2 million) has been named the Star of Josephine by its new owner, lovers of diamond necklaces may be interested to hear.