ROYAL PALM BEACH, Fla. (AP) – Pawnbroker Levi Touger tells reporters wanting to see the Lamborghini a Bernie Madoff victim hawked for quick cash that they needn’t bother stopping by. He doesn’t have it.
And, by the way, it was a Ferrari.
Touger’s Royal Pawn & Jewelry has made loans to some of the well-heeled Palm Beach investors caught in Madoff’s alleged $50 billion scam, turning his business into a bit of a media sensation as television crews inquire about filming the big-ticket booty. He says reports have overstated the items people were pawning, but not the income bracket of some of his more recent clients.
“People call me and say, ‘Levi, if I need you, what could I get?’,” he said.
But you won’t find Italian sports cars and yachts in the parking lot of Royal Pawn.
First, he couldn’t afford the insurance to keep stuff like that lying around. Second, he’s not a car dealer.
But he acknowledges that the financial meltdown has resulted in more people pawning off their belongings, which serve as collateral for the 60-day loans that Touger provides, with interest of course. Continue reading