Chicago mobster Calabrese's jewels estimated at $500,000

Jewels and watches seized from Chicago mobster Frank Calabrese Sr will sell on July 10-24

A vast collection of jewels, watches and rare coins will appear in an online auction from July 10-24, after being confiscated from Chicago mobster Frank Calabrese Sr in 2009.

Calabrese's defence lawyer described him as "a collector"

The hoard was discovered - along with guns and cash - in a secret stash hidden behind a family portrait at Calabrese's home in Oak Brook, Chicago. Following the raid, the 75-year-old mobster is now serving a life sentence, having been convicted of racketeering and 13 murders.

Calabrese had once belonged to The Outfit, Al Capone's infamous crime syndicate, before being brought down by his own son, who testified against his father as a means of escaping the gang.

The collection includes more than 250 diamonds, earrings, rings and luxury watches as well as a selection of rare coins, including the coveted 1927 St Gaudens $20. A man of taste, Calabrese certainly knew how to compile a neat collection, boasting watches from luxury brands such as Piaget and Baume et Mercier.

The stand-out item from the stash will be an 8.64 carat loose diamond, which will auction with a starting bid of $133,700. Official estimates have not yet been set for any of the items, although the entire sale will realise in excess of $500,000.

The mobster has already seen some of his items sell well, after an auction of Calabrese's banknotes raised $245,860 in August 2011. The collection featured scarce, yet popular, $500 and $1,000 bills from the 1928 and 1934 series Federal Reserve Note issues.

Paul Fraser Collectibles expects the items at the July auction to sell with similarly strong results, their values boosted by their fascinating yet grizzly past. We are currently offering this gruesome memorabilia collection from Albert Pierrepoint, Britain's most famous hangman.

Check back with Paul Fraser Collectibles over the coming weeks for the latest results from this memorable sale.

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