Property Of Convicted Central Texas Financier Up For Sale

R. Allen Stanford (File)

HOUSTON (October 2, 2012)—More of billionaire R. Allen Stanford's property goes up for auction this weekend and the proceeds will go toward those he's convicted of defrauding in a multibillion-dollar Ponzi scheme.

Seth Worstell Auction Co. of Houston will conduct the auction at 10 a.m. Saturday at its auction house in northeastern Houston.

The firm has generated more than $267,000 in sales in two previous auctions, which is a small fraction of the $220 million recovered in real estate, stock and other asset sales over the past 3½ years.

Stanford, a Mexia native, Baylor graduate and former Waco businessman, is serving a 110-year prison sentence for defrauding investors out of more than $7 billion.

Worstell said items from Stanford's residence in St. Croix will be auctioned, including furniture, appliances, golf carts, a boat and two baby grand pianos.