Sale of Rita Crundwell's assets closing in on $8 million

2012-12-10T03:00:00Z 2012-12-12T04:36:10Z Sale of Rita Crundwell's assets closing in on $8 millionBarb Ickes The Quad-City Times
December 10, 2012 3:00 am  • 

The meter is still running on the amount of restitution the city of Dixon could get from the sale of assets belonging to its former comptroller.

After another weekend auction of Rita Crundwell’s seized belongings, the U.S. Marshals Service has recovered $7,933,699, which means the city still is out at least $45 million in missing funds.

Crundwell, 59, admitted last month in federal court to defrauding Dixon taxpayers in a fund-transfer scheme, which she carried out over more than 20 years. She is to be sentenced Feb. 14 to up to 20 years.

She also is facing 60 felony counts of theft in state court in Lee County, where she has pleaded not guilty.

A considerable portion of the stolen money was used to pay for Crundwell’s world-renowned quarter-horse breeding operation. Her 401-horse herd was sold at auction in September, fetching $5,340,000.

The Marshals Service also sold 18 of Crundwell’s cars, trucks, boats and tractors in online auctions in October, November and another last week. The proceeds from the vehicles totaled $1,187,570, including the $800,000 from her luxury motor home, which was valued at $2.2 million.

Her 1967 Corvette Roadster sold online for $43,060.

In auctions ending over the weekend, online bidders paid a total of $275,734 for Crundwell’s personal property, including furnishings from her homes in Dixon and Englewood, Fla.

Still to be sold are her five real-estate holdings, and the Marshals Service already has received unsolicited offers on three of them. The bids total $1,690,000, including a $700,000 offer for the ranch on Dixon’s Red Brick Road that housed her horse herd.

Counteroffers are being accepted until Dec. 21.

Also yet to be sold is her jewelry collection, valued at $500,000.

Jason Wojdylo, chief inspector for the Marshals Service, said his office filed for an administrative forfeiture of the jewelry and is awaiting its approval.

Meanwhile, Dixon Mayor Jim Burke is waiting to see how much in losses the city is able to recoup.

Although he does not expect to see the entire cache returned, he said Crundwell’s April arrest instantly improved Dixon’s outlook.

“Now that we’ve got the outflow stopped, we’re doing much better,” he said.

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(2) Comments

  1. 1of3
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    1of3 - December 11, 2012 8:45 am
    I agree with you pta mom, It makes no sense to me how this could have gone on for so long without anyone knowing, and without anyone else being involved. Im glad the City is getting some of it's money back, but it is a far cry short from what was taken.
  2. pta mom
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    pta mom - December 11, 2012 6:43 am
    I'm still having a hard time trying to figure out how no one in Dixon got suspicious sooner.
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