The wealth management industry loves to follow the drama of PIMCO Founder Bill Gross. (Remember when he addressed the Morningstar Investment Conference audience wearing sunglasses?)
In the latest drama, Gross is fighting this week to prevent his son, Nick, from auctioning off five rare postage stamps he received from his father as part of his inheritance, according to The New York Post. The bond fund giant, who retired from his role at Janus Henderson earlier this year, claims the 1918 “Inverted Jenny” stamps were to be kept in the family and passed onto his grandchildren.
The stamps are rare because the image of the Curtiss JN-4 “Jenny” airplane is upside down, due to a printing error. In 2018, one of the stamps sold at auction for a record $1.35 million. Nick Gross, a musician and founder of media and entertainment company Gross Labs, could get up to $3.4 million if they hit auction this Friday at Spink, The Post reports.
