( CNN ) -- The last of Bernie Madoff 's ill-gotten gains that remain in the hands of the U.S . Marshals Service will go on the auction block next week , authorities said Friday . A diamond watch , platinum diamond rings and artwork belonging to Madoff and his wife , Ruth , will be up for grabs on June 4 , the Marshals Service said . Proceeds from the auction will go into a U.S. Department of Justice fund and be used to compensate the victims of Madoff 's Ponzi scheme , described by authorities as the largest in history . He cheated thousands of people out of billions of dollars . Auctioneers in Miami will sell off 276 lots of property taken from the Madoff residences in New York and Palm Beach , Florida , the Marshals Service said . The auction will also be simulcast online , authorities said . Madoff was known as an aficionado of fine watches , and the auction will include a men 's Audemars Piguet watch with a diamond dial . Other items will include an English rosewood apothecary ; a carved wood bull sculpture ; and a John Wootton oil painting , authorities said . The auctioneers are also putting 262 bottles of fine wine and liquor on the block , though some of the alcohol is more valued because of the scandalous background of its owner . `` As artifacts of history they are unique , which is why we have chosen to offer all of the bottles seized , including those which normally would n't pass muster and make it into our auction , '' Morrel Wine Auctions said in a news release . `` Some of the bottles are better viewed as conversation pieces rather than valued for their contents , but conversation pieces they are . '' To date , about $ 23 million in property sales and $ 80 million in cash assets from the Madoffs have been recovered , the Marshals Service said . Madoff 's scheme fell apart with his arrest in December 2008 , and he pleaded guilty in federal court in New York in March 2009 to multiple federal counts of running the largest , longest-running Ponzi scheme ever . He was sentenced to 150 years in prison and is serving time at a federal facility in Butner , North Carolina .
Bernard Madoff was convicted of running the largest fraud scheme in history . He cheated thousands of people out of billions of dollars . The U.S . Secret Service is selling his assets to compensate those swindled .