Think of it as a Ponzi scheme with a heart of gold. Instead of taking one person's money to pay yourself and another investor, Circa Jewelry has taken its own money ($50,000 to be exact) to buy a bracelet that belonged to the Madoffs, and now plans to sell it for the benefit of charity's victimized in the Madoff fallout. Specifically, the Gift of Life Bone Marrow Foundation, based in Boca Raton.
The New York Post caught up with Circa Jewelry owner Chris Del Gatto, whose company has offices in five locations around the world, one of which is in the Palm Beach Towers:
Del Gatto estimates the bracelet, which is platinum and encrusted in diamonds and emeralds, is worth $25,000, but had no problem paying way above the pre-bid auction price of $15,600.
"I felt compelled to prop up the price a bit," said Del Gatto.
"When this whole thing broke, we had clients and friends affected. And it became obvious there would be an auction."
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The Gift of Life Bone Marrow Foundation received a donation of $1 million from Madoff in 2006.