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SOUTHLAND PREVIEW / The Business Week Ahead

Los Angeles County : IRS to Auction Seized Assets:

September 05, 1994|From Times Staff and Wire Reports

Assets seized as part of two money-laundering cases will be auctioned at 3 p.m. Thursday at the Century City Marriott, following a preview that begins at noon. Rare wines, including vintages from the 1920s, '30s, '40s and '50s, will be sold, along with more than 100 pieces of Waterford crystal and other stemware. More than 900 ounces of gold bullion and coins will also be auctioned. Much of the merchandise was seized by the government in an international fraud and money-laundering case involving flamboyant golf tycoon Ken Mizuno and a Japanese company he once owned called Ken International. The company, which developed golf courses and other properties in Japan, admitted to selling 52,000 memberships to the Ibaragi Country Club when only 1,830 were available. About $100 million was used to purchase properties in California, Nevada and Hawaii, the most famous being the Indian Wells Country Club and Hotel Indian Wells.

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