A pair of ruby slippers worn in The Wizard of Oz have been recovered after being stolen in 2005. The slippers were taken from a display case at the Judy Garland Museum in Grand Rapids, Minnesota. The insured ruby slippers were loaned to the museum by a Hollywood memorabilia collector named Michael Shaw and are estimated to be worth $2 million to $7 million.
It was not until summer 2017 that a lead came through, allowing the FBI to get enough information to create a sting operation resulting in getting the slippers back. The slippers were recovered this July, thirteen years after they were stolen. Several suspects have been included in the ongoing investigation, but none have been arrested.
Three other pairs of ruby slippers worn by Judy Garland are owned by the Smithsonian, the Academy of Motion Picture Arts and Sciences, and a private collector. In addition to law enforcement’s original $250,000 reward, a fan offered an additional $1 million in the return of the stolen slippers.
The ruby slippers were insured for $1 million. The insurer played a role in the recovery after a man approached them claiming he could help get the slippers back. At that time, the police looked to the FBI for help on the case. No details have been released about the nature of the sting operation and the FBI is still asking anyone with information to come forward.
In the event a business’ property is stolen, property insurance helps cover the loss. Property insurance includes a company’s buildings, contents, and other people’s property in their care at the time of the theft. Along with theft, property insurance also covers damage, natural disasters, and fires. In the event that property is damaged, property insurance will pay for the infrastructure, equipment, supplies, furniture, and inventory that was damaged. Although, property insurance may not cover all natural disasters. When applying for property insurance, be clear about the coverage your business needs.