In the end, Gross may have ended up pooping his son’s payday, said New York-based lawyer Jason Advocate. “If he would like to have the stamps back, he is welcome to buy them at auction,” Nick told The Post earlier this week. Leading up to the auction, Nick, a drummer for the MTV-featured rock band Open Air Stereo, disputed that his dad put any restrictions on the stamps’ sale. The fifth stamp sold for $425,000, within the auction house’s range of $250,000 to $675,000. That’s well short of the $2 million to $3 million estimate given by Spink & Sons, the auction house that sold them Friday afternoon. “The low price could be a function of the dispute over ownership, over questions about title,” according to a source close to the situation.Ī block of four of the prized “Inverted Jenny” stamps - named for a 1918 printing error that pictured a so-called Jenny biplane upside-down - ended up selling for $1.45 million. Nevertheless, the letter may have been enough to scare away bidders, insiders said. Gross’s letter to the auction house wasn’t a formal cease-and-desist order, so auctioneers moved forward with the sale as planned. “He’s not going to make a capital case out of it.” “He’s decided not to pursue this any further at this time,” the source said. But source close to Gross denied on Friday that the “Bond King” was a bidder. The bond-trading tycoon had even been weighing whether to bid on them himself, insiders said.

Gross claims he gave each of his three kids some priceless “Jennys” seven years ago - but on the condition his grandchildren ultimately inherit them, sources told The Post.Įarlier this week, lawyers for Gross wrote to the auction house, Spink & Sons, challenging his son’s right to sell the rare stamps. The final gavel price for the prized “Inverted Jenny” stamps, however, fell sorely short of the $3.4 million hoped for by Nick Gross, an LA-based rock drummer - and he might have his pop to blame for the missing $1.5 million, sources said.Īs The Post reported earlier this week, the elder Gross - who Forbes estimates is now worth $1.5 billion, even after a headline-grabbing 2016 divorce from Nick’s mother cost him $1 billion - has been fuming over Friday’s auction because he claims his son had no right to sell the stamps. The 31-year-old son of billionaire “Bond King” Bill Gross has sold five rare postage stamps against his father’s wishes - and bagged nearly $1.9 million in the process. PIMCO asks 'bond king' Bill Gross to see a copy of his memoirs before publishing PIMCO Bond King wins art war against neighbor in Laguna Beach after lengthy battleīill Gross claims he was fired from PIMCO after insulting boss with F-bomb Billionaire investor Bill Gross rips 'absurd' CNBC 'idolatry' of Cathie Wood

Family feud set for sale