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CNN Live Sunday

Creditors of Brunei's Prince Jefri Auction Off His Personal Belongings

Aired August 19, 2001 - 16:16   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DONNA KELLEY, CNN ANCHOR: His family is one of the richest in the world, but the disgraced Prince Jefri of Brunei has been dodging his creditors. The former finance minister of the oil-rich country spent billions of dollars and lost favor with his brother, who's the sultan of Brunei. He's now heavily in debt and creditors recently auctioned off some of his personal belongings.

CNN's Andrew Brown has more on the high-priced liquidation.

(BEGIN VIDEOTAPE)

ANDREW BROWN, CNN CORRESPONDENT (voice-over): Prince Jefri had a soft spot for shopping and couldn't resist collectibles, like this giant horse. He spent as much as half of Brunei's reserves supporting his lavish lifestyle, decorating palaces, entertaining dignitaries and mistresses, and installing luxurious bathroom fittings. His toilet brushes were gold-plated.

This auction provides a glimpse at Jefri's decadent lifestyle. The prince's vibrating massage chair was reportedly part of the fire sale, along with flight simulators for a jetliner and an attack helicopter.

Jefri has already been forced to sell Nickel (ph) I and II, the names he gave to his two lifeboats.

Jefri served as finance minister for 13 years until falling out with his brother, the sultan of Brunei, and other family members, who accused him of using public money to support his extravagant ways.

Jefri and the sultan have settled their dispute, but a group of creditors is still seeking a billion dollars and are liquidating his company, Amedeo. Meantime, Jefri is on an austerity drive, living in Europe and the U.S. on a strict monthly allowance. These days he has to get by on just $300,000 a month.

Andrew Brown, CNN.

(END VIDEOTAPE)

KELLEY: A month. Could you do it?

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