Ty Warner, the billionaire creator of the Beanie Babies fad that dominated the piggybanks of children and adults alike in the late 1990’s, will plead guilty to tax evasion after hiding millions of dollars in a (you guessed it!) Swiss bank account. Warner’s lawyer said the toy giant, who has an estimated net worth of $2.6 billion, accepted “full responsibility for his actions”, and will be ordered to pay roughly $53.5 million in fines.
Beanie Babies were a huge hit in the 90’s, based on the premise that they would skyrocket in value over time. Collector guidebooks had some dolls (which retailed for around five bucks) estimated to be worth thousands of dollars by 2010, but if Warner was planning to sell off his Beanie Baby collection to pay the fine, he may struggle. Ebay listings have the “rare, collectable, guaranteed to be worth thousands one day!” toys hovering at an average of around 99 cents each.
Via The Independent
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