Piece of Berlin Wall to be auctioned off in Suwanee - Dallas News | myFOXdfw.com

Piece of Berlin Wall to be auctioned off in Suwanee

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SUWANEE, Ga. -

A section of the Berlin Wall will be auctioned off  to pay back victims in an Atlanta-area Ponzi scheme.

The 12-foot, 8,000 pound chunk of the wall was sold to a Georgia businessman in 1991 and then sold a number of other times after that.

Three years ago, a company bought the piece of the wall with money it illegally bilked from dozens of investors in a Ponzi scheme. Now the wall is being sold to pay those victims back.

The Auction Management Company is holding the auction, which they believe is the first piece of the Berlin Wall ever to be auctioned off.

Scott Schwartz of the Auction Management Company wouldn't say much he thinks the wall will go for, but records show that it sold for $40,000 a few years ago.

The painting of an American flag on the side of the wall that faced West Germany perked the interest of a local art expert over the weekend, who said that famous artist Peter Max may have painted it. If that's the case, the wall could be worth millions.

"Before we waive that flag too much, we'll make sure we get that substantiated. We don't want to sell anything under false pretenses, but if it is, we're going to have some fun on Saturday," Schwartz said.

The piece of the wall is being displayed in front of Suwanee City Hall. The auction will be held at 4:30 p.m. on May 25.

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