The Philippines said on Thursday it plans to sell millions of dollars worth of jewelry seized from former first lady Imelda Marcos, who is accused of plundering state coffers during her husband’s two-decade rule.
The flamboyant wife of former President Ferdinand Marcos is probably best known for her collection of more than 1,200 pairs of shoes, but she also built up an extensive jewelry collection.
Representatives from auction houses Christie’s and Sotheby’s will visit the Philippines next week to value the collection, an official at the government anti-graft agency said on Thursday.
“We’re trying to have it by November,” said Nick Suarez, a spokesman for the Presidential Commission on Good Governance, adding the auction could be held in Geneva.
He said it could also take place in May next year, another peak time for jewelry sales.
Previous attempts to sell the jewels have fallen through because of disputes, such as over where to hold the auction.
Collection worth up to $20 million
The collection is reported to include a Persian-style necklace with over 100 carats of canary and pink diamonds, and a diamond-studded bracelet with a 31-carat marquise as the center-stone.
Some of the jewelry was confiscated by Philippine customs officials and by U.S. authorities in Hawaii, where the Marcos couple fled after they were pressured out by mass protests in 1986.
Media have reported its value as high as $20 million, representing a tiny portion of the up to $10 billion the couple are accused of plundering.
Suarez said it was previously valued at between $4 and $6 million.
Marcos was examining ways to stop the sale, according to an aide, but Suarez insisted it would go ahead.
“These are settled matters, the Supreme Court has ruled on the matter,” he said.
Under Philippine law, wealth confiscated from the Marcos couple should be sold and the money returned to the public purse.
Imelda, now in her late 70s and living in a posh high-rise condominium in central Manila, returned to the Philippines five years after the “people power” revolt and has been fighting corruption allegations ever since. Ferdinand died in 1989.
Local media reports have cited sources as saying she is eager to get back her jewelry, which is now held in the central bank’s vaults.
Vilified for her extravagance by many, Marcos also remains a heroine to her supporters, mostly slum dwellers.
She was the subject of a critically acclaimed documentary film “Imelda” last year, although she withdrew her support for the film and tried unsuccessfully to block its release.
