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Bernie Madoff's wife's engagement ring has been sold at auction for $550,000 (£344,000) to a mystery buyer.

The anonymous individual, who attended the public bidding for the former financier's possessions, went home with the 10.5-carat jewel that Madoff had presented to his partner when he proposed.

Other items in the Sheraton New York Hotel event's portfolio included a Steinway and Sons grand piano – which exchanged hands for $42,000 – a valuable watch that went for $67,500 and a pair of embroidered velveteen slippers.

Personal belongings that went under the hammer also included items of clothing, shoes, jewellery and soft furnishings.

Disgraced tycoon Madoff was sentenced to 150 years in prison in June this year after being found guilty of orchestrating a Ponzi scam that swindled wealthy investors out of billions of dollars.

The public auction was held in New York last weekend and was the second open bidding war of the fraudster's personal effects this year.

Watches and other possessions that once belonged to Bernard Madoff will be going up for auction in New York.

The tycoon's wristwtches, jewellery, clothing and books will be going under the hammer after the millionaire was sentenced to 150 years in prison in June this year.

Madoff was found guilty of a Ponzi scam that swindled wealthy investors out of billions of dollars.

Items set to go on sale include a collection of watches, a Steinway piano, embroidered slippers and various items of jewellery.

The auction is due to take place at the Sheraton hotel in the city this weekend and will be the second public sale of the former financier's possessions.

Recently, the US government took possession of a 43-carat diamond worth £12.5 million following a fraud investigation.

Officials have planned to put the so-called Golden Eye stone up for auction to raise money to fund the law enforcement organisations that were involved in the operation.