Auction of Schrenker items not expected to yield big results
Indianapolis - Investors who say they were bilked of millions by an Indiana money manager who tried to fake his death in a 2009 plane crash won't get much of their money back.
More than $30 million in claims have been filed against Marcus Schrenker, but a court-appointed receiver expects an auction of the financier's property on Saturday to bring in less than $1 million.
Receiver Wayne Davis says the sale of Schrenker's $1.15 million Indianapolis home netted just $100,000 to be distributed to claimants.
Items in Saturday's auction include a boat valued at $69,000 when purchased, Michelle Schrenker's $32,000 diamond ring and the motorcycle Schrenker used to flee after parachuting from his plane over Alabama. Other items include furniture, weapons, and the Schrenker children's toys.
Key Auctioneers senior vice president Tim Boeglin estimates the items being auctioned are worth up to $500,000 retail but will fetch less.
Wayne Davis, the court-appointed trustee overseeing liquidation of the assets, said, "I'd like to get face value and maybe a celebrity bonus."
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