BOCA RATON, Fla. - Cars, diamonds, watches were all up for grabs at auction Wednesday, every last items owned by Ponzi schemer Scott Rothstein. It was the second major sell-off of the former South Florida lawyer turned federal prison. Rothstein is now serving a 50 year sentence for racketeering and fraud.
Jewelers like Lee Josephson of Boca Raton tried to capitalize on Rothstein's errors.
"People are intrigued by the fact that Rothstein owned all of this jewelry and they're going crazy for it," says Josephson. "There's a diamond in this auction that we're excited to possibly own."
The intrigue brought with it competition for Josephson.
"There are watch dealers from California who flew here just for this, there are others from all over the country," says Josephson.
"It's nice to see a packed room of people bidding. We estimate to collect in the hundreds of thousands or even $1 million," says auctioneer Rick Levin.
Although Josephson won less bids than he hoped, he says there's a serious lesson here.
"It shows how ridiculous someone is when money is no object. I'm blown away by how many watches Rothstein owned, he has more than most stores have in stock. I hope the people who got burned are reimbursed," says Josephson.
The items sold won't be picked up until Thursday or Friday. The government wants to first do background checks on all the buyers.