Public gets preview of Schrenker auction items
Anne Marie Tiernon/Eyewitness News
Indianapolis - The public got a preview Friday of the items that go on auction Saturday from the Marcus Schrenker estate. Schrenker is the Geist money manager accused of crashing his plane in an elaborate scheme to disappear. Now he's in jail, and his many material possessions are on the auction block.
A lavish lifestyle is now on display for potential buyers in a former furniture store in a Castleton strip mall. The space is now rented out to display truckloads of items. From a boat to motorcycles to kitchen canisters and office supplies, everything is tagged and ready for auction.
More than 1,000 people are expected at the Saturday event, many hoping for a bargain on the items that used to fill the Geist home of Marcus Schrenker. He's in jail awaiting trial for securities fraud. There are claims totaling $30 million against him - investors who say they lost their life savings.
Some believe the money spent on toys parked outside, like several dirt bikes, a Sea Doo and 29-foot Rinker Boat which used to be docked near Theresa Begert's home.
"I came to look at the boat and I came to just look at a few things furniture pieces for my home. But I think there are going to be so many people here it's going to go for way over what everything is worth," said Begert. "I guess that will be good for the people he owes money to."
There is patio furniture, a pool table, a grand piano and a diamond ring.
"I think it's something to see. All this is a high standard of living based on somebody else's money," said Steve Jones.
The Yamaha bike Schrenker used to escape after intentionally crashing his plane in Florida is attracting attention. The bike's "get away" notoriety may fuel bids despite what some say about is its real value.
"Hopefully not more than $1,000 but it could go as high as $2,000 because people get carried away at these auctions," said Steve Verplank.
That's what the liquidators hope for when the bidding begins. A court will decide how to split up the proceeds from the auction which begins Saturday at 9:00 am in Castleton.