Multimillionaire's Nearly $10 Million Art Collection Recovered In Auto Shop (No Luck Finding His Porsche, Though)
The good news: Police were able to track down almost everything that was heisted from the home of Jeffrey Gundlach. The bad news: his Porsche is still nowhere to be found.
While the multimillionaire was on a business trip earlier this month, thieves broke into his home and stole five luxury watches, his Porsche, fine wine, cash, and an art collection that included pieces by Piet Mondrian, Jasper Johns and Philip Guston. Altogether the heist was valued at $10 million.
But police in Pasadena got a tip and worked together with Santa Monica police to raid an auto shop in Al & Ed's Autosound Wednesday, where police found most of the collection, according to City News Service. The business manager Jay Jeffrey Nieto, 45, of Canyon Country was arrested. He was arrested on suspicion of possessing stolen property.
Police followed tips that led them to Wilmer Bolosan Cadiz's home in San Gabriel, where they found four more paintings, CNS reports. Cadiz was arrested Wednesday on suspicion of receiving stolen property. Police found the final painting at a home in Glendale, but the man with the painting is cooperating with police officers and is not considered a suspect.
Gundlach offered a reward for the paintings and the car, but it's not clear who if anyone might receive the $1.5 million he offered.
As for the Porsche? Gundlach is hoping that he gets lucky. He told the Los Angeles Times, "Maybe whoever has it will drive to a Ralphs parking lot and just drop it off and end this."