U.S. Marshals Service Auctions Big-ticket Properties on Bid4Assets.com

. March 7, 2007

SILVER SPRING, Md., March. 6 — Bid4Assets, Inc. — a leading online auction site for forfeited, surplus and tax-defaulted property from federal, state and local government — today announced it is auctioning two big-ticket properties on behalf of the U.S. Marshals Service: a 2001 Ferrari Spider and a boat mooring in the elite community of Avalon, Calif. on Santa Catalina Island. Bidding opens at $72,000 for the Ferrari and at $115,000 for the boat mooring. Both properties will be auctioned the week of March 19 and are expected to sell for more than $100,000. The auction listings can be viewed and additional information on the properties is available at http://www.bid4assets.com/usms.

The white Ferrari Spider has a red leather interior with white piping, bucket seats, a black convertible soft top, an Alpine Radio/DVD, low profile Pirelli tires, a six-speed manual transmission, a rear mount engine that is viewable through a glass cover and mileage of 8,618. The car will be available for inspection by the public on March 13 in Daytona Beach, Fla., and the auction is March 20-22. The car was forfeited last year as a result of a money laundering case brought against the defendant by the U.S. Department of Justice.

Also for auction by the U.S. Marshals Service, March 19-21, is mooring #21 in Avalon Harbor on Santa Catalina Island, Calif. Mooring #21 is among the row of boat moorings located closest to shore and can accommodate up to a 30- foot boat. The mooring previously was owned by Hubert Allen Jeffreys, the former president and chief executive of skateboard manufacturer Earthboard Sports USA Inc., who plead guilty to one count of securities fraud in 2005.

About Bid4Assets, Inc.

Bid4Assets (http://www.bid4assets.com/) is the online auction marketplace for high-value assets, like real estate, jewelry and rare collectibles from government and private sellers. Bid4Assets conducts online auctions for a growing list of federal and state government agencies, including more than 40 counties nationwide, the U.S. Marshals Service and the U.S. Department of Treasury. The privately-held company, launched in 1999, is based in Silver Spring, Md.

About U.S. Marshals Service

The U.S. Marshals Service (http://www.usmarshals.gov/) administers the Department of Justice Asset Forfeiture Program by managing and disposing of properties seized and forfeited by federal law enforcement agencies and U.S. attorneys nationwide. Currently the U.S. Marshals Service manages property worth more than $878 million. Proceeds from the sale of forfeited assets — such as real property, vehicles, businesses, financial instruments, vessels, aircraft and jewelry — are deposited into the Asset Forfeiture Fund and are used to support future law enforcement initiatives.

Category: Auction News

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