'Bond Wizard' Increases Reward for Stolen Art to $1.7 Million

Investment manager Jeffrey Gundlach, a victim of one of the largest home heists that ever took place in Santa Monica, Calif., announced a reward of $1.7 million for the return of his stolen art undamaged.

Crowned Barron's "King of Bonds" in 2011, Gundlach is CEO of DoubleLine Capital, where he manages more than $30 billion for the Los Angeles investment firm.

Police had initially "conservatively" estimated the value of the stolen items, which include his 2010 Porsche Carrera 4S at $10 million.

On Sept. 14, 2012, according to the Santa Monica Police Department's report, officers answered a call about a residential burglary in the 500 block of 12th Street that happened sometime between Sept. 12 at 3 p.m. and Sept. 14 at 8 p.m.

During a press conference in Los Angeles on Monday afternoon, Gundlach announced he was offering $1 million for the "unharmed return...no questions asked" of an oil painting by Piet Mondrian called "Composition (A) En Rouge Et Blanc," 1936.

In addition, he is offering $500,000 total for the "undamaged" recovery of a 1956 piece of artwork by Jasper Johns called "Green Target" and two collages by Joseph Cornell from 1946 and 1952. He is offering another $200,000 for nine other pieces of his stolen art.

Gundlach's 2010 Porsche, which was parked in the garage, several expensive watches, wine and a small amount of U.S. currency had also been taken, according to the police.

The police say the investigation is ongoing.

"The victim had just returned home from a trip and discovered that his residence had been burglarized, and that numerous high-end paintings and two wooden box art pieces had been stolen from various rooms throughout the home," read the police report.

Police believe a truck or van could have been used in the heist. A detective working on the case declined to comment on whether Gundlach had an alarm or security system in place, citing the nature of the ongoing investigation.

Gundlach first offered a $100,000 reward for any tips leading to the recovery of the stolen items, then upped it to $200,000 before raising it to today's levels.

Gundlach was once the chief investment officer at investment management firm TCW, where he reportedly made about $40 million a year before he was abruptly terminated in 2009, accused of stealing trade secrets. TCW and Gundlach eventually reached a settlement.

While Gundlach is more interested in the return of the stolen art, the Santa Monica Police Department is offering a bit of small change for information as well: a reward of up to $1,000 for information that leads to an arrest and conviction by calling 1-800-78-CRIME anonymously or www.wetip.com.