Jeffrey Gundlach - Where's My Porsche?

CrimePAY$ $1,700,000 Reward 1-888-755-TIPS (8477)

9-27-12 Update: Millions of dollars in contemporary art was recovered Wednesday after a tipster led Santa Monica police to an automotive electronics store in Pasadena and then to at least two residences, police said on Thursday.

The art belongs to bond-fund manager Jeff Gundlach, whose Santa Monica home was burglarized earlier this month.

Update 9-24-12: During a news conference in Los Angeles on Monday, Gundlach said a $200,000 reward initially offered for tips leading to the undamaged return of his art works remains in place.

But he posted a new, separate $1 million reward for a 1936 Mondrian painting called “Composition (A) En Rouge Et Blanc,” plus an additional $500,000 for three works together – a 1956 Johns piece called “Green Target” and two wood boxes by Joseph Cornell, “Medici Princess” and “Pinturicchio Boy.”

Anyone providing information resulting in the successful recovery of all 13 works, including pieces by Frank Stella, Guy Rose and Hanson Duvall Puthuff, would stand to receive a total reward of $1.7 million. He emphasized that rewards would only be paid if the works were returned undamaged.

SANTA MONICA, California – A wealthy bond-fund manager who lost his expensive Porsche and irreplaceable paintings by Jasper Johns, Richard Diebenkorn and other prominent artists to burglars is offering a $200,000 reward for their safe return.

Jeffrey Gundlach returned to his Santa Monica home from a business trip earlier this month to find bare walls where the paintings by Johns, Diebenkorn, Piet Mondrian, Guy Rose and Hanson Duvall Puthuff had once hung, the Los Angeles Times reported Friday (lat.ms/UxOEAH).

The thieves also lifted expensive watches and pricey bottles of wine, as well as some cash. They apparently then drove off in Gundlach’s red 2010 Porsche Carrera 4S, closing the garage door behind them.

Police estimate they got away with $10 million worth of loot.

The item that had the most sentimental value to Gundlach, the Times reported, was Mondrian’s “Composition (A) en Rouge et Blanc”  (see below). The 52-year-old bond-fund manager admired the image with its prominent double lines so much that he borrowed it for his investment firm, DoubleLine Capital of Los Angeles.

The oil painting titled "Composition (A) En Rouge Et Blanc" by artist Piet Mondrian is pictured, in this handout photograph released by the Santa Monica Police Department September 20, 2012

Police believe the burglars struck sometime between Sept. 12 and Sept. 13 while Gundlach was in New York on a business trip. They have declined to say if they believe his house was targeted or if he was a random victim.

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This entry was posted on Saturday, September 22nd, 2012 at 8:02 am and is filed under $1,000,000+, California, Solved. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.