New York billionaire surrenders stolen antiquities worth $70M
ABC News
The antiquities were stolen from 11 different countries.
Billionaire investor and philanthropist Michael Steinhardt was forced to surrender $70 million worth of stolen antiquities and comply with a lifetime ban on collecting antiquities on Monday, the Manhattan District Attorney's office said.
Steinhardt had to give up 180 stolen antiquities, which court records said were looted and illegally smuggled out of 11 countries, trafficked by 12 criminal smuggling networks, and lacked verifiable provenance prior to appearing on the international art market.
The Larnax, a small coffin from the islands of Crete, Greece, dating back to 1400 BCE, was among the surrendered pieces.
The Larnax is valued at $1 million and was bought by Steinhardt for $575,000 in October 2016 from known antiquities trafficker Eugene Alexander, the DA said.
