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OFF THE TICKER

Just Think of It as a Bake Sale

May 13, 1993|Associated Press

NEWPORT BEACH — A fax machine and a gold-plated grand piano are up for bids. So are a 1964 Rolls-Royce and some furs.

The $1,000 deposit is refundable, and it's all for a worthy cause.

The estate sale May 26 is at the $1-million home of Stephen A. Wagner, former finance director of the Newport-Mesa Unified School District.

Wagner is in jail awaiting sentencing for embezzling $4 million from the district, and bankruptcy trustee Ted Albert plans to apply the auction proceeds as restitution.

The Wagners were known for conspicuous consumption, even by opulent Newport Beach standards. The auction will be heavy on furs.

Albert expects the auction to bring in only about $100,000, a fraction of the amount Wagner has admitted stealing.

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