Rothstein Auction Generates over $5 Million

By: Timothy McFarlin | Published: June 8th, 2010 | Category: Budget & Debts

Scott Rothstein, the disbarred attorney and mastermind behind a Ponzi scheme worth roughly $1.2 billion, has recently had a second auction of his luxury cars and boats which brought in $5.8 million. An 87-foot yacht sold for $2.51 million.

The former attorney, who used his law firm as a front while running his multi-billion dollar Ponzi scheme, is waiting to be sentenced on June 9th. He might receive up to 100 years in prison for five counts of fraud. Most of the upscale “toys” in the auctions were used to impress and lure investors to buy interest in phony lawsuit settlements.

His law firm had 70+ lawyers and 150+ employees, with offices spread throughout the country in Boca Raton, West Palm Beach, Fort Lauderdale, Miami, Tallahassee, Florida, New York and Venezuela.

The auction brought people from all over including Canada and Puerto Rico. Most of the bidders and people in attendance know Rothstein. Some, who felt used by the former attorney, felt their bidding would serve as a way to recover some, certainly not all, of what was lost.

Others didn’t know anything about Rothstein nor his scheme, but instead, came to bid on some sports cars and boats. Roughly over 1,000 people attended the auction and

The first auction, back in January, featured mostly office furniture and various items from his law firm and took in $182,000.

Here are some items from the auction and their respective selling prices:

* 2007 Rolls-Royce Phantom, a car that sold new for $338,350, drew a top bid of $240,000.
* 1999 55-foot SeaRay Sundancer sold for $220,000.
* 2008 Ferrari F430 Spyder convertible, sold for $199,000
* 2006 Nor-Tech Supercat, sold for $187,500
* 2008 Bugatti Veyron, sold for $858,000
* 2010 Lamborghini LP 670SV, which cost around $457,500 new, according to Car and Buyer, sold for $382,000
* 2008 Mercedes-Benz SLR, which had a dealer retail price, according to Edmunds.com, of $362,339, sold for $301,000
* 2005 33-foot Riva Aquariva Super boat, sold for $255,000.
* 2009 Bentley Continental GTC, which was listed new for around $220,000, sold for $179,000
* 2006 Ferrari Spyder F430, $165,000
* 1967 Covette, $103,000

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