Sale of Michael Jackson’s Property Canceled


via NY Times

BEVERLY HILLS, Calif. — Hours after an extensive collection of memorabilia owned by Michael Jackson went on view for a public auction, the auctioneer and Mr. Jackson announced Tuesday that they had agreed to cancel the sale and return the property to him.

Mr. Jackson hired Julien’s Auctions last year to sell the contents of Neverland Valley Ranch, his former estate northwest of Los Angeles, and the company put together an auction of more than 1,000 items. But last month Mr. Jackson’s company, MJJ Productions, sued to prevent the auction, saying that he had not been given an opportunity to review the items in advance.

The terms of the agreement were not revealed. But in a joint statement, MJJ Productions and Julien’s said that the exhibition, at a former Robinson’s-May department store, would remain up until April 25.

“From an artistic standpoint we are very disappointed,” said Darren Julien, president of Julien’s. “It’s just kind of a relief for us, because it’s a resolution. Litigation is not fun for anybody.” Continue reading

First “African-American” comic book up for auction


via AP

YORK (AP) – The comic book that’s billed as the first ever created by African-Americans for a black audience is up for auction.

A copy of All-Negro Comics No. 1, as it was called, is up for sale by comics entrepreneur Stephen Fishler. He says the comic is very rare – lasting one issue in 1947.

All-Negro Comics sold for 15 cents and was the brainchild of a black Philadelphia journalist, Orrin C. Evans.

The comic book, featuring such characters as detective Ace Harlem and Hep Chicks on Parade, is for sale as part of the online ComicConnect Event Auction. It began Feb. 27 and continues March 13, 14 and 15.

Micheal Jackson Puts Memorable Neverland Pieces to Auction

signed oil painting of MJ dressed as a King

signed oil painting of MJ dressed as a King

via Daily Mail

What lies within the gates of Neverland has been something of a mystery. But as Michael Jackson auctions off 2,000 belongings, he gives a rare insight into his weird and wonderful world.

As the former King of Pop is rumoured to be almost bankrupt, he is selling off furniture and art from his California ranch.

The auction will be conducted in Beverly Hills by Julien’s Auctions between April 22 and 25, with some of the proceeds going to The MusiCares Foundation.

Inside MJ's Rolls-Royce with 24k gold embellishment, leather and rich walnu

Inside MJ's Rolls-Royce with 24k gold embellishment, leather and rich walnut

MJ's signature gloves covered in Swarovski crystals

MJ's signature gloves covered in Swarovski crystals

Continue reading

Bugatti Found in Garage Sells for $4.4 Million

via AOL

LONDON (Feb. 7) – A car abandoned in a garage in Britain for half a century sold at an auction in Paris for euro 3.4 million — about $4.4 million — Saturday.
The 1937 Bugatti Type 57S went under the hammer at Bonhams’ Retromobile car show and sale in Paris. It was sold on behalf of the family of its last owner, Dr Harold Carr.

The orthopedic surgeon drove the car for several years, but in the early 1960s it was parked in his garage in Gosforth, near Newcastle in northern England, where it remained for nearly 50 years until his death in 2007.
Bugatti once represented the height of motoring achievement. The supercar was so ahead of its time it could go up to 130 mph when most other cars topped out about 50 mph.

This particular car is especially valuable because it was originally owned by Earl Howe, a prominent British race car driver, and because its original equipment is intact, so it can restored without relying on replacement parts.
Bonham’s said a European collector bought the car.

The company founded in 1909 by Ettore Bugatti collapsed in the 1940s after a long string of racing victories.
The rights to the legendary Bugatti name were purchased in 1998 by Volkswagen, which has built the Bugatti Veyron, one of the world’s fastest and most expensive cars.

N.Y. Law Firm Accuses Suge Knight Of “Gangster Style” Business


via HipHopDX

Kaye Scholer, one of the New York law firms representing the trustee in Suge Knight’s bankruptcy case, is requesting a $6.8 million case fee for handling last week’s auction of Death Row Records [click to read]. The firm cited their need to go above and beyond the normal means to track down Knight’s assets for the auction.”The representation of the Trustee in this case has been particularly complex due to the individuals involved in the company’s operations and intentionally illicit, ‘gangster-style’ business operations of the debtor,” stated a Kaye Scholer bankruptcy case fee application.

A federal bankruptcy court in California was scheduled to hear discussions on the matter yesterday, but none of the rulings have been made public. According to the Wall Street Journal, Kaye Scholer cites expenses used to recover assets Knight intentionally hid as a large contributor to the $6.8 million tab. The firm says those assets allegedly included “a Malibu home, that Knight transferred to friends in an effort to shield those assets from creditors, a secret storage locker in Michigan that contained a ‘treasure trove’ of unreleased songs by famous Death Row artists [and] other secret tracks–and records of hidden bank accounts–stashed in a southern California warehouse.”

The firm also claims it had to negotiate settlements with at least three women who claimed Knight owed them over $500,000 in child support. If Kaye Scholer’s accusations are true, the firm joins a list of creditors that includes Death Row co-founder Lydia Harris [click to read] and the Internal Revenue Service.

When asked about the winning bid by the WIDEawake Entertainment Group–a bid that was over $10 million short of the worse predicted sales–Robert Orgel, who helped track down the assets, was tight-lipped.
“This was a messy case,” Orgel told Adding that “it is no surprise” that the assets drew only $18 million.

Ferrari Auctions For $11 Mil…Most EVER!

via Huffington Post

A record was set for the highest price ever paid for a vintage car at auction when a 1961 Ferrari California Spyder was sold for almost $11 million (from CNN):

A 1961 Ferrari California Spyder sold for $10,894,900 at an auction in Maranello, Italy, Saturday. It was the highest price ever paid for a vintage car at auction, according to RM Auctions and Sotheby’s, the companies that organized the sale.

The previous record was set in 1990 when Sotheby’s sold a 1962 Ferrari 250 GTO in Monaco for $10,756,000.

But that was a race car, not a convertible designed for driving on the street, pointed out McKeel Hagerty, president of Hagerty Insurance, a company that insures high-value collectible cars in Europe and North America. Ferrari race cars have traditionally sold for much higher figures than the company’s street cars, Hagerty said.

“Ferrari 250 GTO’s are now selling privately for twice that,” he said.