Embattled Investor Holding Fire Sale
Gawdy office wares up for sale amid Ponzi scheme accusations for Stanford
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Allen Stanford's empire is crumbling, but he's passing the savings on to buyers of gawdy Miami office artwork.
In the market for a bronze sculpture of a killer eagle? How about a tapestry of King Louis XIV? Both gaudy items, along with a host of artwork and furnishings can be yours as an investment group in Miami liquidates their office decorating excesses under orders from a judge.
The Stanford Financial Group has $2 million worth of expensive paintings, office tables and other pricey junk from its Miami offices for sale as the company defends accusations that its chairman conducted a massive Ponzi scheme.
Texas billionaire R. Allen Stanford was hit with fraud charges by the SEC in February in an alleged $8 billion scam. He has denied their allegations.
"A lot of his furniture was very regal. I think he took himself very seriously," Pamela Grimmé, co-owner of AMC Liquidators, told the Miami Herald.
AMC is handling the sale of Stanford's fancy knickknacks. It took 24 truckloads to clear out the 90,000-square feet of office space in the Miami high rise where the group rented four floors worth of space.
Grimmé's business is used to handling leftover hotel furnishings, so this sale isn't quite the norm for her company.
"I think the investment in art was ridiculous," Pamela Grimmé said. "We've got originals here - which is scary."
Posted Monday, Jul 13, 2009 - 8:15 PM EST
