Jerry Yang learned the hard way how dangerous it is not to pay your dues to the IRS, when the Internal Revenue Service put some of his properties up for sale. Not even the main event bracelet that he won back in 2007 was exempt, as he was found to be delinquent on his taxes. Back then, Yang took the world of poker by surprise when he won a massive amount of $8.25 million after prevailing in a tough competition against 6358 players.
The Corum bracelet and watch were presented to him on that occasion to serve as a silent reminder of his success, but it seems like they will no longer stay in his possession. Professional poker players who are fortunate enough to win such a bracelet, value it not for its intrinsic worth but for what it stands for. It is easy to imagine the disappointment that Jerry feels these days when he is about to be stripped of this Corum bracelet. Selling the piece of jewellery shouldn’t be a problem for the IRS, as many collectors and aspiring poker players would be thrilled to have such a bracelet in their collection.
The Internal Revenue Service briefly presented the reason for why Jerry Yang’s property and bracelet were seized and put up for sale. He didn’t pay his taxes and under section 6331, the IRS is entitled to seize his property and an auction will be organised to sell those assets. On the comprehensive list of products that will be sold in the upcoming auction, there is a 14K gold bracelet with WSOP Champ inscribed on it, another one with “A’s of Hearts” pendent, Corum, Wittnauer, Movado, Raymond and Rockwell watched as well as a silver breast plate.
The IRS plans on selling the aforementioned products and many more as an aggregate and then as individual objects. Those interested in buying should now that the starting price was set at $6,389.40, but at least for some of the jewellery the price is expected to go up significantly. The government issued a series of tax liens Jerry Young as a result of his failure to pay his taxes and the total amount was set at a massive $571,894.54.
For the poker player, this is a significant blow as his career took a turn for the worse since 2007 and his total earnings from poker were slightly above $150,000. Less than a month from now, on April 4 the auction will be held at 4330 Watt Avenue, Sacramento, California 95821.