Description: BROWN CHANEL HANDBAG WITH BOX, Chanel Carte d'authenticite 6748834. Quilted leather exterior with gold tone hardware - 12 in. x 8 in. high x 3 1/2 in. deep.
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Money Bags From the Teachers'' Union Ex-Chief
By Amy Argetsinger and Roxanne Roberts
The Washington Post, Monday, November 5, 2007; Page C03
One woman''s booty is another''s bargain: The ill-gotten treasure chest of former Washington Teachers'' Union president Barbara Bullock went on display Saturday in advance of this weekend''s live auction of the luxury goods.
Bullock, now serving a nine-year prison term, spent approximately $800,000 on these designer purses, furs and pricey knickknacks with money embezzled from the union. The seized items sat in an FBI warehouse until this past summer, when Stephanie Kenyon of Sloans & Kenyon in Chevy Chase sent a truck to collect them for auction, with the proceeds going back to the union. "This stuff is new, high-end, glitzy, luxury, status-symbol-type of material," she told us. "Some of the Fendi purses are really wild."
Bought with embezzled funds, now up for auction. (Courtesy of Sloan and Kenyon)
The purse-obsessed Bullock spent tens of thousands on Chanel, Hermès and Judith Leiber handbags, which are estimated to sell for $500 to $800 at auction. (That''s about a quarter of their original price; ditto for the minks and jewelry.) The top lot: a 288-piece Tiffany sterling silver flatware service (Chrysanthemum pattern) purchased for $100,000-plus and estimated to sell for $25,000 to $35,000. Too much? Well, the Buccellati sterling wine cooler is expected to bring just $3,000 to $5,000. The feds also seized electronics that will sell at another auction -- except for the TV that union officials kept for headquarters.
Absentee bidding already started on eBay; the live auction begins Saturday.