What to Do With Madoff's Mets Tickets? Ebay!
One of the fascinating pieces of fall out from the economic recession has been the significant slowdown and defaulting on payments for "premium" seats at the new Yankee Stadium and the Mets' Citi Field. Now there's a poster child for the phenomenon, with none other than Bernie Madoff, the man who unintentionally taught all we laypeople the definition of a "Ponzi scheme", having his repossessed Mets' season tickets sold via online auction.
Yes, you read that correctly. The re-negotiated season tickets of Bernie Madoff are about to be sold on eBay. They "re-negotiated" because the court appointed trustee for Madoff's financial concerns -- a man with the unbelievably Law & Order name of Irving Picard -- was able to swap Madoff's original tickets, second row seats behind home plate in the Delta Club Platinum section, for seats some four or five rows back, an exchange that has already saved taxpayers nearly $20,000. Unfortunately, those seats still have a face value of $60,750. Ouch. It'll take some pretty deep pockets to shell out for those seats, no matter how good they are.
All of this raises some fascinating questions. The first two that come to mind are, 1) what could you possibly set as the starting value for those tickets on eBay, and 2) if you had a chance to bid on those seats, how high would you go? Remember, they're in the first five rows, directly behind home plate, in an idyllic new stadium in New York. The seats would set you back $295-$695 per game, but that's assuming you get them in a season ticket package, so they'd probably be even pricier if you bought them for a single game.
I'm willing to start the bidding at $100. Any takers?
April 9, 2009; 11:46 AM ET
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