Piece of Berlin Wall auctioned for $23,500 in Suwanee

by: Ashley Swann Updated:


SUWANEE, Ga. - People from all over came to Suwanee Saturday to watch as a piece of the Berlin Wall was auctioned off in front of City Hall. Standing over 13 feet tall and weighing some 8,000 pounds, it belonged to a local wealth manager who pleaded guilty this year to stealing millions from 57 former clients through a Ponzi scheme.

"When you're spending someone else's money, you can buy a lot of different things," auctioneer Scott Schwartz told Channel 2. "This is certainly a one-of-a-kind thing and we're happy to have the opportunity to sell it."

Proceeds from the sale will go to those victims, including Atlanta resident Bill Frye.

"It represented a pretty big chunk of my savings at the time," Frye said. "It would be really great if it went for a lot of money."

Bids came in by phone, Internet and in person. In the end, local restaurant owner Ray Stanjebich placed the winning bid at $23,500.

Stanjebich, an immigrant from Serbia, says the piece of history is especially meaningful to him.

"It means a lot to me because I'm an immigrant to this country, and on top of that, from a communist.