Rare $2 Million Wu-Tang Album Sold By The U.S. Federal Government
Wu-Tang fans across the globe will instantly recognize the true value of the only physical copy of their Once Upon A Time In Shaolin Album. It appears that the Federal Government was also well aware of it's worth. The album was acquired by convicted felon Martin Shkreli in 2015, for $2 million and was seized and sold by the government. This was all in an effort to repay some of the $7.4 million forfeiture judgement that was set against Shkreli at the time of his securities fraud conviction. Shkreli was referred to by many as the "Pharma Bro," and was the hedge fund manager that cheated investors into elevating the stock price of a biotechnology company that he operated. As reported by TMZ, he had infamously increased "the price of the AIDS/cancer medicine from $13.50 to $750," and was sentenced to 7 years in prison, and forced to repay a $7.4 million forfeiture. The government seized and sold the album to complete the payments owed.
When Shkreli first purchased the original Wu-Tang album for $2 million, he was counting on holding it in safekeeping as long as he could, to ensure that he saw the value of this rare album increase to its fullest potential. He certainly had no way of guessing the Federal Government would take control of his possessions, and force their sale to cover the fees associated with his case.
That's precisely what ended up happening.
As part of his 2018 sentencing, the judge ordered Shkreli to repay $7,360,450 in forfeiture and by all accounts, it seems he has made good on roughly $5,121,967.70 of that amount, to date. That left the disgraced hedge fund manager with a remaining balance of $2,238,482.
Today, an official announcement was released by Jacquelyn M. Kasulis, the Acting United States Attorney for the Eastern District of New York. NPR reports her as stating; "Shkreli has been held accountable and paid the price for lying and stealing from investors to enrich himself. With today's sale of this one-of-a-kind album, his payment of the forfeiture is now complete."
The contract for the sale of the album included a provision which prevented the sale price and the name of the buyer from being publicized, but there are some details that have been shared about this high-priced original. It is confirmed as being the only one in existence, and it was encased in a hand-carved nickel box. It included a manuscript with lyrics that was leather-bound, and of course, it came with a certificate of authenticity.
Shkreli is surely unimpressed by the sale of his valued collectable item, but on the up-side, he's officially all squared off with the Federal government.
from TheRichest - Feed https://ift.tt/3y8MX48
Post a Comment