Tuesday, February 17, 2004

Auction opens on Erpenbeck assets

The Cincinnati Enquirer

The online auction of items seized from convicted swindler Bill Erpenbeck started Monday with robust bidding for Erpenbeck's Rolex watch and his wife's diamond necklace.

As of 5 p.m. on the www.bid4assets.com Web site, 23 bids had been received for the 18-karat Gold Submariner Rolex, and the high bid stood at $7,750.

The 14-karat gold necklace with seven diamonds drew seven bids, the last for $675.

The U.S. Marshal's Service is selling the items, seized in 2002 when the former home-building company president was under investigation for bank fraud.

Two other items up for auction attracted less interest. A pair of 18-karat gold earrings with diamonds had fetched three bids and a high bid of $425, below the undisclosed reserve price. No bids were received as of 5 p.m. for the woman's Adolfo natural ranch mink coat with a small tear on the back.

The Web page for Erpenbeck's 2001 BMW 325ci convertible had been clicked on 48,645 times as of 5 p.m. Monday. The reserve price is not disclosed, but the minimum bid is $13,000.

The last of the auctions will end Thursday at 3 p.m.

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