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.