Gundlach Increases Reward for Stolen Art

Monday, 24 Sep 2012 | 6:13 PM ET

Bond king Jeffrey Gundlach of DoubleLine Capital has significantly increased the reward he's offering for the safe, undamaged return of more than a dozen rare paintings stolen from his Los Angeles mansion.

Jeffery Gundlach
Jeffery Gundlach

He had earlier offered $200,000 but at a news conference announced he is raising that to $1.7 million.

Handing out images of his missing paintings to reporters, Gundlach held up one by Piet Mondrian, for which he is specifically offering "One million dollars for the undamaged return."

He is also offering $500,000 for the successful, undamaged return of a Jasper Johns painting called "Green Target" and two paintings by Joseph Cornell.

Gundlach's home was burglarized earlier while he was apparently out of town. In addition to the paintings, thieves got away with watches, cash and a red Porsche Carrera 4S.

When asked if he had insurance, Gundlach would not comment. As for the investigation, he would only say, "We have a couple avenues we're pursuing that are of interest in terms of the results that may be obtained, and we're hopeful that this reward will further incentivize anyone who knows anything about this activity to report it. "

- By CNBC's Jane Wells



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