An enormous gem promoted as the world's largest cut emerald failed to fetch any bids at an auction in Kelowna, B.C. on Saturday after its owner was arrested by the RCMP on fraud charges the previous day.
No buyers at Western Star Auctions or on its company website made a bid above the minimum reserved price of $500,000 for "Teodora," the 11.5-kg stone seller Regan Reaney had boasted would grab $1.15 million.
"No one stepped up to the plate, so it's in the hands of the consigners now," Western Star Auctions owner Mike Odenbach said. "Whatever they do is up to them."
Reaney had told buyers the emerald weighed 57,500 carats, was mined in Brazil and purchased in India. He told Kelowna news outlet Castanet that he had bids of more than $1 million from Houston and Dubai.
But doubts were raised in the media about the authenticity of the gem. An American expert wondered if the emerald was in fact a type of white beryl that had been dyed green, which would greatly reduce its value.
Another man claimed he had seen an ad for a similar stone on eBay for only a few hundred dollars.
On Friday night, Reaney was arrested by the Kelowna RCMP on outstanding warrants relating to fraud charges from Ontario. Kelowna RCMP wouldn't comment on the nature of the charges, but said they acted after it was clear officers in Hamilton, Ontario, would return Reaney to their jurisdiction.
RCMP said Reaney would remain in custody until a court appearance on Monday.
Odenbach was as surprised as anyone at the outcome.
"We were pretty shocked when that went down," he said. "It was one of those things you don't expect, that's for sure."
Odenbach said he had seen the emerald's gem certificate and spoken to the Calgary appraiser, and "their story hasn't changed."
"There's been a lot of controversy around it, as with any large stone in history. So I don't know what's going on as far as Mr. Reaney and I don't know if I'll hear from him, or what I'll do," he added.
