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Jewels belonging to jailed Chicago mobster Frank Calabrese to go up for auction

  • Author: Allison Jackson
  • Updated: September 29, 2016
  • Published June 26, 2012

Looking for a diamond ring or a ruby pendant with a bit of history?

About $500,000 worth of gems, jewelry, old coins and luxury watches belonging to Chicago mobster Frank Calabrese Sr. will go under the virtual hammer next month, the BBC reported.

The elderly ex-loan shark has no need for the jewels now – he's serving a life sentence for his involvement in a racketeering conspiracy involving multiple murders going back decades.

Texas-based Gaston & Sheehan will conduct an online public auction between July 10 and 24, according to their website, which features a catalogue of 256 items.

"He's got lots of diamonds," said Bob Sheehan, owner of the auction firm Gaston & Sheehan.

Police seized the stash of valuables during a raid on Calabrese's suburban home two years ago.

According to the Associated Press, a treasure trove of hundreds of loose diamonds, engagement rings, watches and old coins was found stashed in a secret compartment hidden behind a family portrait.

Apparently Calabrese preferred to receive jewels instead of cash from late borrowers, though his defense lawyer described him as a "collector," the Chicago Sun-Times reported.

Proceeds from the online auction will go towards paying the $24 million compensation that Calabrese was ordered to pay back in 2009 when he received his life sentence, the BBC said.

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