Prepare your paddles.
The famous Erika Jayne diamond earrings were forced to turn around amid its ongoing legal battles heading to the auction block in California on Dec. 7, Page Six can exclusively reveal it.
“It’s probably the most talked about jewelry in the world right now, which adds an unknown factor of excitement and interest,” Stephen Swan, Vice President of John Moran Auctioneers, tells us.
“We haven’t established a starting offer yet, but as this is a court-ordered sale, the starting offer will be very attractive.”
Jayne’s estranged husband, Thomas Girardi, purchased the earrings in 2007 for a retail value of $750,000. Since then, the ‘Real Housewives of Beverly Hills’ star, 51, claimed the studs’ value had risen to $1.4million.
However, Mollie Burns Keith, gemologist and director of the jewelry department at John Moran Auctioneers, exclusively tells Page Six that the earrings have not been appraised since 2004 and that Jayne’s “unsubstantiated figure” is ” based on clearly nothing”.
However, she says the sparklers will receive a new report from the GIA, which is a full and unbiased scientific assessment of the diamonds, before the auction.
“The original ranking was done in 2004 and these need to be updated,” adds Burns Keith.
Swan says the starting offer will “certainly be lower” than the retail price Girardi, 83, paid.
We are also told notoriety of earrings won’t play a role in how much the earrings are worth at auction, but this factor is likely to “propel” people to place higher bids.
“What an exciting time to have these and own them,” Swan says. “They are definitely a phenomenon in our culture right now and what better way to start a conversation over dinner than being able to show them off.”
If Jayne wanted to make an offer to get her earrings back, that option is on the table.
“There’s no reason she can’t bid on it,” Swan confirms.
However, as Burns Keith cheekily points out, “She would have to go through the pre-approval process to verify the funds.”
Swan says all new bidders must be vetted before they can place bids.
“If you are a first time bidder and have no history with us and are looking to bid on higher value items, we require proof of funds, possibly a deposit, verification or proof that you bid at another auction house,” he says. “We just make sure you’re not going to bid and then walk away from that.
Jayne has a mountain of legal debt due to the numerous lawsuits filed against her for the crimes her ex-husband allegedly committed.
Her attorney, Evan C. Borges, even previously told Page Six, “The fact that Erika needed the help of other people to pay her bills shows that there is no hidden treasure that she ever took for her that really belongs to the estates of the bankruptcy of Girardi or Girardi & Keese.
However, if Jayne wants someone else to buy the earrings on her behalf – that can be a loophole – but that could lead to more legal complications.
“That’s something we should talk to the trustee about because usually you can’t bid on your own property,” Swan told Page Six. “Even though she may have been controlled, I think the goal here is to sell her as much as possible.”
There may be one last push for Jayne to get her earrings back through the court system: her appeal.
After a judge ruled in June that Girardi bought the luxury items with misappropriated funds from her former company Girardi & Keese, the “Pretty Mess” singer and her attorneys filed an appeal on the verdict in July.
Swan says lawyers are expected to weigh in on how the appeal decision would factor into the auction, but he says all legalities will be “settled” by December 7.
“There will not be a time when the [highest bidder] will have to give [the earrings] back,” says John Moran Auctioneer Vice President. “Title will pass to them under the terms of the bankruptcy court.”
The court granted John Moran Auctioneers – in partnership with 360 Asset Advisors – the right to oversee this auction as they also managed the judicial sale of the former Girardi residencehave a broad global reach, a history of selling high-end jewelry and fine art for over 50 years, and an established relationship with the fiduciary and estate community in the Los Angeles area.
All proceeds from the sale will be given to the trustee, and then the trustee will distribute them among all the appropriate parties. The auction house is compensated for its services through a buyer’s premium.
Although the live auction begins Dec. 7 at 1 p.m. ET / 10 a.m. PT, Swan says there are a “multitude of different ways” people can place bids from “anywhere in the world.” world”.
“You can bid online if you want – before the auction – in what we call a proxy bid,” he explains. “However, on the day of the auction, you can be in the room with a paddle [at the John Moran headquarters in Monrovia, Calif.]and you can also bid live online, and watch and hear the auctioneer from home or wherever you are.
Bids from absentees prior to the live auction may be submitted online at JohnMoran.com or in person at company headquarters from Thanksgiving through December 7.
Each earring weighs over 7 carats, so they have a combined total of over 14 carats.
“They’re almost colorless and they have a really nice clarity,” says Keith Burns. “These are nice clean stones and they are super shiny. The setting is really charming. They were in very good condition. »
She concludes: “We are delighted to represent them and we will do our best on behalf of the people who entrusted them to us.