Bankruptcy Judge Authorizes Sale of Aston Martin Owned by Peter Madoff

A 1958 Aston Martin once owned by Peter Madoff, brother of Bernard Madoff, is to be sold at auction to help pay former investors who suffered losses from the brother's Ponzi schemes.

The trustee liquidating Bernard Madoff's firm in New York won permission from U.S. Bankruptcy Judge Burton Lifland to sell the car. Bernard Madoff's U.K. firm bought the 1958 Aston Marton MK III Drophead Coupe for his brother in 2008 for $267,000. According to trustee Irving Picard, Peter Madoff never reimbursed the firm for the purchase.

RM Auctions is selling the Drophead Coupe at auction in California in August 2011.  The company sold a similar car for $330,000 in 2011.

Liquidators of Madoff's U.K. firm sued Peter Madoff in 2009 for allegedly enriching himself unjustly by taking the Aston Martin. The liquidators transferred ownership of the car to the trustee on May 4, 2011.

Trustee Irving Picard sought a total of $198.7 million from Peter Madoff and other members of Bernard Madoff's family. To date, he has recovered about $7.6 billion for investors who lost more than $17 billion in Madoff's schemes. Most of the money is not available for distribution as of this time.

If you are looking into filing for bankruptcy and would like to learn more about the process, contact a Chicago bankruptcy attorney for more information.

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