Bond fund star Jeffrey Gundlach offers reward for stolen art
LOS ANGELES, Sept 24 |
LOS ANGELES, Sept 24 (Reuters) - Superstar bond fund manager Jeffrey Gundlach, whose collections of art, pricey watches and fine wine were recently plundered by burglars, called a news conference for Monday to discuss the case and offer a reward for the safe return of his paintings.
The overall value of the property taken from Gundlach's home in the coastal town of Santa Monica, near Los Angeles, two weeks ago was placed at more than $10 million, including a red Porsche Carrera 4S sports car the thieves apparently drove away in.
The bulk of the massive heist consisted of paintings by Jasper Johns, who last year won the Presidential Medal of Freedom, the late Dutch abstract artist Piet Mondrian and several others.
Police said thieves also got away with luxury watches made by the likes of Glashutte and Breitling, as well as expensive bottles of wine and a small amount of cash
The burglary occurred sometime between the afternoon of Sept. 12 and the night of Sept. 14, according to police, while Gundlach was not home.
Gundlach, the founder CEO and chief investment officer of DoubleLine Capital, is regarded in the financial industry as the new king of the fixed-income world with $45 billion in assets under management.
He made headlines on Wall Street a year ago when he emerged victorious in a court battle with TCW Group Inc., the asset management firm that fired him in December 2009.
A Los Angeles jury found him liable for breach of fiduciary duty as well as taking trade secrets and interfering with the contracts of TCW clients, but Gundlach walked away unscathed as the jurors declined to award any damages.
Meanwhile, he won an unpaid wages claim of $66.7 million against TCW.
Gundlach has offered a $200,000 reward for information leading to the undamaged return of the burglarized artwork, and was expected to reveal new, previously undisclosed information about the case, as well as to discuss the reward, a source familiar with planning for the announcement told Reuters.
The Los Angeles Times reported in an online dispatch that Gundlach planned to post a new, larger reward for tips that lead to the safe return of the stolen paintings, and was not seeking the conviction or arrest of anyone.
Other art pieces taken from Gundlach's collection include works by Frank Stella, Guy Rose and Hanson Duvall Puthuff.
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