The Charity Auction organized by England Captain Rio Ferdinand went for a toss when a pair of diamond-encrusted football boots worth £125,000($187,500) was sold off for £18,000($27,000) A second pair, donated by ex-skipper John Terry and covered with a dazzling 2,374 jewels was sold for a mere £20,000(30,000), despite being worth £135,000($202,350). The third pair donated by Ferdinand himself, also valued for £125,000(187,500) went for a mere £22,000($33,000) Ferdinand’s Live the Dream Foundation was largely undervalued with the three pairs being sold off for £325,000 less than their combined values.
The embarrassing cock-up occurred because the reserve prices were not put on the three most expensive pairs of boots in the world. Due to the massive quandary, the three buyers had to wait for four months to get their hands on their purchases. However, they got their bargains, and the jewelers donated the lump sum amount to Rio’s charity.