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AUCTION OF ROYAL ASSETS IN BRUNEI RAISES OVER £5 MILLION


August 20, 2001
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An auction of the assets of Prince Jefri of Brunei's bankrupt construction company, Amedeo, has provided an unprecedented peek into the affairs of one of the world's richest families. Bidders have walked away with an eclectic range of goods, from gold toilet seats to luxury building materials intended for the construction of five-star hotels and palaces.

The auction of Amedeo's assets came following a lawsuit by the Sultan of Brunei, Prince Jefri's older brother, after £10 billion vanished from the country's coffers. Prince Jefri, formerly Brunei's finance minister and head of its investment agency, agreed to return the money in an out of court settlement that allowed him to leave the country and receive a £200,000 a month stipend.

Just over £5 million was raised by the auction, more than half of that on the final day with the sale of 7,000 metric tons of marble slabs and an entire marble factory imported from Italy.

Two Mercedes fire engines, enough chandeliers to light the palace of Versailles, and flight simulators for a Comanche attack helicopter, an Airbus A340 and a simulator for a Formula One racing car are still available to private offers.

The event attracted over 2,000 bidders from around the world, some of whom simply wanted to purchase goods with royal cachet.

The Prince has distanced himself from the sale, complaining through his agent that the auction was conducted without consultation with him. Brunei media quoted the agent as saying that the auction was "not a sale by him, nor does it reflect his own financial position".

Photo: © Alphapress.com
Prince Jefri of Brunei has distanced himself from an auction of luxury goods owned by his now bankrupt Amedeus construction company
Photo: © Alphapress.com
Enough chandeliers were available for auction to light the palace of Versailles
Photo: © Alphapress.com
Two thousand interested bidders turned up to view the eclectic items on offer, from golden table ware to the machinery recquired to operate a bowling alley

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