Jerry Yang's 2007 WSOP Main Event Bracelet and Other Property Up for IRS Auction
On Tuesday, PokerNews became aware of a posting about an upcoming public auction sale being held by the Internal Revenue Service of the United States. The posting, which can be found here, appears to have items up for sale once belonging to Jerry Yang, winner of the 2007 World Series of Poker Main Event, including the Corum bracelet and Corum watch Yang was awarded that year for besting a field of 6,358 entries in the Main Event to earn a whopping $8.25 million in prize money.
The reason for the listing has been given "under the authority in Internal Revenue Code section 6331, the property described below has been seized for nonpayment of internal revenue taxes due from Taxpayer." According to the listing from the U.S. Department of the Treasury, the property up for auction is as follows:
"Corum bracelet and Corum watch won at the 2007 World Series of Poker Main Event; Corum ladies watch; Wittnauer watches; Movado watches; Rockwell Timekeeper; Raymond Weil watch; Gold herring- bone necklace and bracelet; White gold bracelet with blue sapphires and diamonds; bracelet with “Mom” inscription; 14K man’s gold bracelet with “WSOP Champ;” Man’s gold necklace with an “A’s of Hearts” pendent with white embedded diamonds (10K); silver breast plate “Hmong” cultural jewelry."
The listing also reads that "the assets will be offered first in the aggregate and then as individual lots and will be declared sold by whichever method receives the highest bid amount" with the minimum bid set at $6,389.40.
The Notice of Encumbrances lists several tax liens, including a federal tax lien for $571,894.54. According to the IRS website, "a federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets."
Since his WSOP Main Event victory in 2007, Yang has earned a little over $150,000 in live tournament earnings.
The auction is set for April 4, 2013 at 11 a.m. PT, and bidder registration time is 10 a.m. The location of the sale is listed at Internal Revenue Service, 4330 Watt Avenue, Sacramento, California 95821.