NEW YORK — Two unreleased, collectible rap albums might go up for auction in the wake in the criminal conviction with the albums’ owner, pharmaceutical company investor Martin Shkreli.
Shkreli was sentenced to seven years in prison for securities fraud on Friday. He owns an unreleased Wu-Tang Clan album and statements to own an unreleased Weezy album. Both might be auctioned from the government since Shkreli has to forfeit much more than $7.3 million in a very brokerage account and also assets.
The 34-year-old entrepreneur called “Pharma Bro” boasted he paid $2 million in 2015 for “Years ago in Shaolin,” the 31-track double album the Wu-Tang Clan spent six years creating. Shkreli won a bidding to your sole copy with the album in 2015. Group member RZA said he wanted the album — which has been packaged in the hand-crafted silver and nickel case and carries a 174-page book enclosed in leather — to get thought of as a bit of contemporary art
Prosecutors said the forfeiture order requires Shkreli to mention if they are still owning the album — or has results of an acquisition than me — by Thursday. For the time being, he “shall not, directly or indirectly, transfer, assign, license, waste, pledge, encumber, hypothecate, distribute, dissipate, dilute or remove” it in the court’s jurisdiction, reads an order, that’s still controlled by appeal.
Along while using Wu-Tang Clan album, the us govenment has listed a Picasso painting and Lil Wayne’s “Tha Carter V” as substitute assets for Shkreli. In September 2017, Shkreli place the Wu-Tang Clan album for sale on eBay. It’s unknown if he sold it.
Jeff Gold, a longtime record executive and who owns Recordmecca, a music collectibles and memorabilia store, said value of the albums have decreased since in Shkreli’s hands.
“Martin is just not viewed because of the average person from a necessarily positive way, so his connection to (the albums) I don’t think is a positive,” he said.
Gold the rollout of Wu-Tang’s album “brilliant” and said “there’s never been anything like this.” But he added, “These (albums) are problematic to market.”
Shkreli spent your childhood years in Brooklyn and said rock music was his preference as the kid, not rap.
“I told RZA to his face, ‘I’m not your biggest fan,’” he told the most popular New York radio show “The Breakfast Club” in 2016. “I can’t name every track on every affiliated Wu album. That’s not me.”
He said he was coming to Wu-Tang’s music during summer school, and then he became a fan. He was quoted saying while he learned about the rare Wu-Tang album, he’d for it to be.
Pharma Bro gets jail for stock fraud
'Pharma Bro' gets Several years in prison in securities fraud case