Collector banned from collecting: Billionaire Steinhardt surrenders $70 mln antiquities, accepts collecting ban–Manhattan DA

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NEW YORK, Dec 6 (Reuters) - Hedge fund billionaire and philanthropist Michael Steinhardt has surrendered $70 million of stolen antiquities and accepted a first-of-its-kind lifetime ban on acquiring antiquities to resolve a criminal probe, Manhattan District Attorney Cy Vance said on Monday.

Vance said his probe, begun in February 2017, found “compelling evidence” that the 180 antiquities were stolen from 11 countries, with at least 171 passing through traffickers before Steinhardt’s purchases.

A lawyer for Steinhardt did not immediately respond to requests for comment. Vance’s office said the accord marks “the conclusion of the grand jury investigation into Steinhardt.” Vance said the antiquities will be returned to their rightful owners in Bulgaria, Egypt, Greece, Iraq, Israel, Italy, Jordan, Lebanon, Libya, Syria and Turkey. Law enforcement in these countries assisted in the probe.

Among the antiquities was a 4th century B.C. wrought stag’s head worth $3.5 million that Steinhardt loaned in 1993 to the Metropolitan Museum of Art.

 

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