Monday, March 4, 2013

What happened to Imelda Marcos shoes?

Imelda Marcos and her extensive shoe collection is the stuff of legend.

Over the twenty-year period that her husband Ferdinand was the president of the Philippines, Imelda was busy on the shopping spree to end all others, amassing over a thousand pairs of shoes, priceless artwork and jewellery.

When the Marcos family were ousted from power in 1986 by a “people’s revolution” their estimated wealth was around $10 billion, reputedly siphoned from the public funds of this poor country.

Funnily enough, it seemed to be the collection of footwear that enraged people most so what actually happened to Imelda Marcos shoes.
And what and where did $10 billion’s worth of stuff get to?

The next president after, Cory Aquino, initiated an investigation but over the last 25 years, and presidential changes, including one ex president Gloria Arroyo now being investigated for corruption herself, only $4 billion’s worth has ever been accounted for.

The Philippines Commission for Good Government has been continuing to try and track down some of the more high-ticket items, to sell and replace funds in the government coffers.

Imelda Marcos shoes were notorious but small fry when compared to the rest of the fortune.

The commission has found numerous property, millions of dollars worth of shares and has  tracked down a diamond and ruby tiara resting in a Swiss bank with an estimated value of $8 million, but so far the Art has remained elusive.

There was a list of 300 missing paintings and today nearly, 150 of these remain outstanding

Imelda Marcos bought paintings by some of the Greatest artists is the world including work by Van Gogh, Cezanne, Monet, Rembrandt, Rafael,  Michelangelo and Picasso displaying impeccable taste and a budget that would make a Russian oligarch look cheap.

Recently one of the missing paintings surfaced when Imelda Marcos’ assistant was charged in New York with trying to illegally sell a painting by Monet and was found to have another three in her possession

buy some electronic gold scales

According to the investigating commission, no one knows where the rest of the paintings and booty may be hidden and it is possible that they remain in Imelda Marcos ‘collection – husband Ferdinand dying in 1989.

Recently, Imelda Marcos’ lawyer has questioned the ownership of the Marcos acquisitions, pointing out that Ferdinand Marcos was extremely rich before he took office.

However the supreme court of the Philippines does not agree and the Investigating commission continue to try and track down the missing artwork.

The investigation appears to be on limited time. These days the Marcos family are back in power. Despite Imelda’s age- she is 80, she has become a congresswoman and her son Bong Bong a senator who may become president in 2016.

It seems likely that the missing fortune will never be recovered and simply swept under the political carpet.

But what happened to Imelda Marcos shoes?

Most of the celebrated marcos shoe collection is now on display in a museum specially built for the purpose, in Marikina an area known for its shoe manufacturing.

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What happened to Imelda Marcos shoes?