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‘Diamonds Are a Girl’s Best Friend’ Nets $50K
Oct 23, 2018 10:09 AM
By Rapaport News
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RAPAPORT... A brand-management company that owns the Marilyn Monroe
estate has bought the trademark rights to “Diamonds Are a Girl’s Best Friend”
at an auction of assets belonging to Nirav Modi’s US businesses.
ABG Intermediate Holdings, which trades as Authentic Brands
Group (ABG), acquired the intellectual property related to the actress and singer’s
famous song title for $50,000 last month, according to a court filing. The
purchase covers several trademarks registered in the US, Canada, the European
Union and with the World Intellectual Property Organization, as well as
relevant internet domain names — including diamondsareagirlsbestfriend.com —
and a video-game registration.
A. Jaffe and Firestar Diamond, two of Modi’s American
jewelry brands, were the previous owners. They filed for Chapter 11 in February
after the Indian tycoon became the subject of a fraud investigation, with
bankruptcy trustee Richard Levin subsequently liquidating the companies’
assets, including jewelry and intellectual property.
“There were a lot of industry players excited and
contemplating what we believe was a six-figure property,” Donald Palmieri,
president of the Gem Certification and Assurance Lab (GCAL) and appraiser to
the trustee, told Rapaport News Monday. “Many expressed interest,
even excitement, but when the sale occurred, only one bidder showed up who had
serious interest and an open wallet.”
That bidder, ABG, offered $25,000, but later doubled the
amount after Levin declared the property unsold.
“They…asked what the trustee wanted,” Palmieri continued.
“He said ‘$50,000,’ and [ABG] said ‘$50,000.’ There were plenty of major
players in the room who could have jumped in, but there were no further bids.”
ABG, founded by Canadian businessman Jamie Salter, acquired the
rights to the Marilyn Monroe estate in 2011 for an undisclosed amount. The
company did not respond to a request for comment Monday.
Image: Marilyn Monroe from the trailer for the film Gentlemen Prefer Blondes.
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Tags:
a. jaffe, ABG, ABG Intermediate Holdings, Authentic Brands Group, Canada, Diamonds Are a Girl’s Best Friend, Donald Palmieri, European Union, firestar diamond, gcal, Gem Certification and Assurance Lab, Jamie Salter, Marilyn Monroe, Nirav Modi, Rapaport News, trademarks, US, World Intellectual Property Organization
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