Enough Nikes, Yeezys and Adidas to shod all the people in Sydney’s Woollahra council area will be sold after the demise of the ‘Bernie Madoff’ of sneakers.
In all, a neatly boxed 59,780 pairs of shoes — nearly enough to shoe all of Palo Alto or Pensacola — from a man authorities have portrayed as the Bernie Madoff of sneakers.Almost one month after US federal prosecutors accused Michael Malekzadeh of orchestrating a multimillion-dollar Ponzi scheme, a court-appointed receiver is looking to unload a trove of high-status shoes squirrelled away in his warehouse.
The goal is to sell as many of the sneakers as possible, as soon as possible, to reimburse thousands of customers who authorities say ordered shoes but never got them. Experts caution that even if all the sneakers sell, the amount raised wouldn’t go anywhere near covering what the victims are owed. Customers might not get their money back for months, if ever.
His warehouse is now being guarded by a security officer. Experts say the cache, still boxed and tagged, could be worth anywhere between $12 million and $20 million – at best., a book about the sneaker industry, said some of the shoes might be worth thousands on the resale market but calculated that the majority will average $US200 to $US300.
Court documents list more than 15,000 creditors over 197 pages, ranging from individuals to financial firms including PayPal, American Express and Chase Bank. It remains unclear whether the financial institutions involved will receive their money back first.
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