‘Bond King’ Bill Gross to auction off stamps for charity

 REUTERS/Jim Young

Billionaire investor Bill Gross plans once again to auction off part of his $42 million stamp collection, with proceeds again going to charity.

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Gross, known as “the Bond King,” is a co-founder of the Pacific Investment Management Company (PIMCO).

The most valuable stamps being offered in October may be a set of four, 24-cent stamps from 1869 that depict American artist John Trumbull's painting, “Declaration of Independence” upside down.

The inverted stamps were part of the first batch of multi-colored stamps ever printed, and could sell for $1 million, according to Reuters.

Gross is worth $2.5 billion, according to Forbes magazine. He abruptly quit PIMCO in September 2014 and soon after joined Janus Henderson Investors, where he runs the $2.1 billion Janus Henderson Global Unconstrained Bond Fund.

This is not the first time Gross has sold part of the collection. Between 2007 and 2014, he sold a collection of non-U.S. stamps for $27 million, giving the money to charities, including Doctors Without Borders.

The recipient of proceeds from October’s sale has yet to be named.

Gross's stamp collection will be auctioned in three or four phases starting Oct. 3.