Madoff Auction Includes 17 Rolexes and 11 Hermes Handbags

Since Bernard Madoff ripped off so many people in his $65 billion Ponzi scheme, the government has found the perfect way to repay his victims: by auctioning off all the extravagant stuff Madoff was able to afford through fraud. According to Bloomberg.com, said items include 17 Rolex watches (including one incredibly rare Oyster chronograph worth an estimated $63,500) and 11 leather Hermes handbags that once belonged to Bernie's wife Ruth Madoff.

Some other treasures include more watches (seven from Cartier) and more high-end purses from Chanel, Prada, Jil Sander, Judith Leiber, Bottega Veneta and Louis Vuitton. Tiffany & Co. cufflinks, Christofle flatware, and more of Ruth's fur coats are also in the mix. All of the items associated with the Madoffs will be part of a larger auction of things seized in connection with "narcotics crimes, white-collar crimes, all federal crimes," according to a US Deputy Marshal.

The Madoff items were taken from Bernie and Ruth's Upper East side penthouse apartment and their Montauk, New York beach house (which sold for $9.4 million). The Madoff auction will occur on November 14 at the Sheraton New York Hotel & Towers.