
EVEN a 14-carat pink diamond ring can start looking tarnished if it is immersed in muck. That rose-gold ring, worth up to $15 million by one estimate, was to be the centerpiece of a Christie's auction last week, until legal actions in Manhattan scuttled the sale minutes before it was to start — on two successive evenings.
Mr. Esmerian had used the jewelry as part of his collateral for $177 million in loans (now $187 million, with interest and costs) from Merrill Lynch, most of which went to finance the purchase of Fred Leighton. Mr. Esmerian's contention — part of his legal maneuvers last week — was that his jewelry collection had been undervalued for the forced sale.
You're in Easy Mode. If you prefer, you can use XHTML Mode instead. |