Singapore to auction luxury goods, properties from US$2.4 billion money laundering case

Singapore will auction luxury goods and properties worth more than US$2.4 billion seized as part of a money laundering case, according to audit firm Deloitte. The property sales will be conducted by SRI, Edmund Tie & Company and Knight Frank, while Hotlotz will handle the auction of luxury goods, including jewellery, watches and handbags. Some properties will be offered through an expression of interest process overseen by List International Realty.

The auction will take place in phases between September and mid-2027, with the specific assets included in each phase still being finalized. Deloitte, appointed by the Singapore Police Force, is managing and realizing the non-cash assets seized in the case. The eight offenders involved in the illicit gambling ring, all originally from China, have since been convicted and deported after serving their sentences.

Hotlotz will host 15 online auctions of the luxury items from September to May 2027. The first two auctions, scheduled for September 7 and 27, will feature handbags and accessories, as well as jewellery pieces from renowned brands such as Chanel, Louis Vuitton, Christian Dior, Graff, Bulgari, Van Cleef & Arpels, Hermes, Patek Philippe, Richard Mille, and Rolex. The presale estimate for the first two auctions is between US$2.9 million and US$3.9 million.

Online bidding for the first auction will open at 10am on September 7 and close at 4pm on September 20. Viewing for selected properties will be conducted at Le Freeport, a high-security storage facility in Changi, and appointments are strictly by reservation. Hotlotz founder and CEO Matt Elton emphasized the importance of transparency, ensuring bidders are aware of the items' origins and that starting prices are benchmarked against other auctions rather than original retail or secondary-market prices.