Those assets had included the Lil Wayne album Tha Carter V, an engraving on paper by Pablo Picasso and $5 million held in an E-Trade brokerage account.
Shkreli s trial lawyer Benjamin Brafman in an email to CNBC confirmed that the balance of Shkreli s forfeiture was satisfied by the sale.
Brafman also wrote, I can also confirm that the sale price was substantially more than what Mr. Shkreli paid for it.
Brafman declined to answer whether Shkreli would receive any of the proceeds of the sale after the amount taken to satisfy the forfeiture.
Shkreli bought the Wu-Tang Clan album at auction for a reported $2 million in 2015 giving him the only copy of the record, and allowing the New York City resident total control of whether anyone else could listen to the music on it.
U.S. sells âPharma Broâ Shkreliâs unique Wu-Tang Clan album By Syndicated Content
By Jonathan Stempel
NEW YORK (Reuters) â The U.S. government said it sold imprisoned drug company executive Martin Shkreliâs one-of-a-kind album by Wu-Tang Clan to pay off the $7.36 million he was ordered to forfeit after being convicted of fraud.
In a letter to U.S. District Judge Kiyo Matsumoto, who oversaw Shkreliâs 2017 trial in Brooklyn, prosecutors said the forfeiture amount has been fully satisfied following the sale of the album âOnce Upon a Time in Shaolinâ and other asset sales.
The sale price and buyer were not disclosed because of a confidentiality provision in the contract, prosecutors said.
US sells unique Wu-Tang Clan album seized from pharma bro Martin Shkreli
Published
image captionThe album was bought by so-called Pharma Bro Martin Shkreli
The US government has sold a one-of-kind Wu-Tang Clan album previously owned by a drug firm executive once dubbed the most hated man in America .
Martin Shkreli, who became notorious for hiking the price of a life-saving drug, bought Once Upon a Time in Shaolin for $2m (£1.4m) in 2015.
The hip-hop record was marketed by the Wu-Tang Clan as a unique piece of art.
Shkreli handed it over to US prosecutors in 2018 after being convicted of defrauding investors.
Wu-Tang album sale pays off Shkreli s debt - The Washington Post washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
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Martin Shkreli had the only copy of a Wu-Tang Clan album. The U.S. government just sold it to cover his debt.
Sonia Rao, The Washington Post
July 27, 2021
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FILE - In this Aug. 3, 2017, file photo, Martin Shkreli arrives at federal court in New York. Seth Wenig/Associated Press
The exclusive Wu-Tang Clan album once belonging to former hedge fund manager Martin Shkreli was sold Tuesday to an unnamed buyer, according to federal prosecutors. Shkreli, who was convicted of securities fraud and conspiracy, forfeited the album after his sentencing three years ago.
The money from the sale covered the remainder of a roughly $7.4 million debt Shkreli owed the government as part of his sentencing in March 2018, according to a Department of Justice news release. Due to a confidentiality agreement between prosecutors and the buyer, the release did not disclose how much the album sold for.