When it was unveiled a few weeks ago, the world’s largest emerald was heralded as an 11.5-kg behemoth that would could fetch as much as $1.15 million. Today, its owner Regan Reaney, has been arrested on fraud charges and the gem is left unsold at a B.C. auction.
The Vancouver Sun reports that Reaney was arrested Friday night on unrelated fraud charges. The auction item, which the owner had thought would get seven figures, went unsold, Barb Johns, of Western Star Auctions, told the Sun.
The auction house's owner said that dozens of bidders showed up but there were no bids for the item.
Reaney’s arrest was as a result of fraud offenses, said RCMP Constable Kris Clark reported :
“The Kelowna RCMP became aware of his warrants through interaction with Reaney and made the arrest once Ontario agreed to return him to their jurisdiction. Reaney is known to police in Ontario, but is new to Kelowna and had no other dealings with the RCMP here.” Read the report by the Kelowna Daily Courier.
The emerald was mined in Brazil and cut in India and was kept under tight security for the auction on January 28.
"The gemstone is named 'Teodora' and rough translation is 'God's Gift.' To me we're being given an opportunity to expose ourselves internationally as an auction company that can handle items like this. You know, it really does feel like a gift," Odenbach Western Star Auctions owner, said earlier this month.
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