Ownership Disputed Over 840-Pound, $400 Million Emerald
FoxNews.com has picked up an article from The Wall Street Journal that reports a story about an 840-pound emerald.
In the article, “Five People Claim Ownership of an 840-Pound $400M Emerald” we are told of a man who had original ownership of the large diamond. And, he kept it in a storage box.
Then he reported it stolen.
Lt. Thomas Grubb is in charge of the investigation. He was notified of the “theft” by the emerald’s original owner, Larry Bieglar who is a gem broker and real estate investor who had a disagreement it seems with two other men.
The men, Todd Armstrong and Kit Morrison, are two businessmen who claimed they paid $1 million for diamonds but Bieglar didn’t deliver. They went on to say that he had put the 840-pound emerald up for collateral.
Bieglar has a much different story. He claims that the two guys offered him $80 million for the emerald and he accepted; he felt that $80 million was a fair price. He also says these guys didn’t pay anything.
As the article goes on to report, Armstrong and Morrison placed the emerald in a warehouse and agreed to turn it over to the police until the matter was resolved.
The Los Angeles based police traveled to Las Vegas to retrieve the emerald.
They found the emerald and were surprised. It looks like a big black rock. It is all in one piece.
It turns out the emerald is actually a Brazilian emerald and when appraised in that country only came in at $372 million.
When you start getting to these sizes of gems it is difficult to know the correct value.
In the case of the emerald, unless a person is going to “break it down,” it really isn’t much good other than for viewing as in a museum.
Diamonds tend to be the most expensive gem. I found the largest to be possibly 7,000 carats. If I took a value of two thousand dollars per carat and multiplied it by 7,000 I get $14 million; that is a far cry from $400 million. Of course there may be extra value because of the “uncut” size but how is that figured?
I think an excellent point is made by Maarten De Witte who suggests that either the diamond is worthless because of size or out of everyone’s ability to purchase for the same reason; it’s too big.
For a lot of us the only experience we have with diamonds is when we give or get one upon engagement.
I was told by a dear friend of mine that he purchases diamonds because should our economy ever become worthless with respect to our currency he would have something to “barter with.”
People are interesting especially when it comes to wealth.
More pictures here.