Bill Gross, the legendary bond manager, is parting with one of his most-prized investments: His collection of rare U.S. stamps.
Gross, who co-founded Pacific Investment Management Co. and served as the firm’s investment chief until his 2014 departure, plans to sell the collection through a series of auctions. The first sale, which includes many of Gross’s most valuable stamps, is set for September, according to Siegel Auction Galleries.
Scott Trepel, Siegel’s president, expects that initial sale to raise more than $9.1 million, breaking the record—also held by Gross—as the biggest single-day stamp auction. He had sold his British collection for that price in 2007.
“The first sale is about 150 items, and they are the greatest hits of American stamp collection,” Trepel said. “When you add it all up, it comfortably breaks the record.”
Check out: ‘Bonds, like men, are in a bear market,’ and other bizarre things Bill Gross has said
An expanded version of this report appears on WSJ.com.
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