U.S. Government Sells Martin Shkreli’s Wu-Tang Clan Album in Effort to Pay Off His Debts
According to legal documents obtained by XXL on Tuesday (July 27), Shkreli was ordered to forfeit $7.4 million in assets after being found guilty of securities fraud back in 2018, after obtaining the manufacturing license for the drug Daraprim and inflating the price from $13.50 to $750 per pill. He was later sentenced to seven years in prison.
Shkreli's forfeited assets include his copy of Wu-Tang's Once Upon a Time in Shaolin album, which he purchased for $2 million. The album he had was the only copy to exist.
The document also notes that "proceeds from the sale of the album will be applied to satisfy the outstanding balance owed" on Martin Shkreli's " Forfeiture Money Judgment." Additionally, the doc adds, "The contract of sale contains a confidentiality provision that protects information relating to the buyer and price."
Jacquelyn M. Kasulis, Acting United States Attorney for the Eastern District of New York, spoke of the sale of Shkreli's Once Upon a Time in Shaolin. "Through the diligent and persistent efforts of this Office and its law enforcement partners, Shkreli has been held accountable and paid the price for lying and stealing from investors to enrich himself," she said. "With today’s sale of this one-of-a-kind album, his payment of the forfeiture is now complete."
According to a report from NBC News this afternoon, the 31-song album is stored in a "hand-carved nickel-sliver box," accompanied by a "174-page leather-bound manuscript printed on gilded Fedrigoni Marina parchment."
Martin Shkreli purchased the Wu-Tang Clan album via an auction and sold it on Paddle8 on Nov. 24, 2015. The LP sold on eBay for over $1 million in 2017.