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Star money manager and Investment Advisor October cover subject Jeff Gundlach received good news Thursday night, as authorities announced the recovery of his prized artwork. Two suspects are in custody.
Gundlach’s home was burglarized two weeks ago in which valuable art, wine, watches and cash were taken, in addition to his red 2010 Porsche Carrera 4S. While the art was recovered, none of the other items were found.
The bulk of the audacious heist consisted of rare works by contemporary painter Jasper Johns, and the late Dutch artist Piet Mondrian as well as several other artists.
Gundlach, CEO of DoubleLine Capital, had called a dramatic and chaotic press conference in downtown Los Angeles on Monday, in which he offered a total of $1.7 million for information leading to the recovery of the art. A condition of payment was that the 13 pieces of art are returned undamaged.
"The focus was on recovering the artwork, and it was all recovered," Gundlach told the Los Angeles Times. "The thieves had worked on moving the property, but we were able to get a good lead and apprehend them. It's a great day for the art world."
The Times reported Santa Monica police arrested two suspects in the crime:
“The big break in the case came Wednesday when Pasadena police officers received a tip that the stolen art was held at an automobile stereo shop, Santa Monica police said in a news release. Officers raided the Al & Ed's Autosound store on South Rosemead Boulevard, recovered all but one of the stolen paintings and arrested the store's manager — Jay Jeffrey Nieto, 45, of Canyon Country — on suspicion of possessing stolen property.”
A second suspect, Wilmer Cadiz, 40, was arrested at his home in Rosemead, also on suspicion of possessing stolen property, according to the paper.
The final painting was recovered at a residence in Glendale. The person who was in possession of that painting has not been arrested and is cooperating with investigators, police said.