Van Gogh Art Heist: Inside Job or Something More?

Oct. 1, 2009— -- It's like something out of "Ocean's 11." A house in a wealthy, gated and guarded community is hit by thieves in the middle of the day. The burglars make off with at least 16 pieces of art by some of the world's great masters -- Renoir, Rembrandt, Pollock and Van Gogh to name a few. No one sees a thing.

The owners estimate their loss at more than $27 million, though they've been qouted in press acounts as saying that single pieces of the collection might be worth up to $60 million.

The art works were owned by Dr. Ralph Kennaugh, 62, a former faculty member at Harvard Medical School who had recently retired from his oncology practice and moved to California with his roommate and business partner 31-year-old Angelo Amadio. The men rented a house in the exclusive enclave of Pebble Beach, Calif., where neighbors include Clint Eastwood.

Last Friday, the two men arrived home just before 7 p.m. "My business partner went into the house first; we had been out all day looking at real estate. I dropped him off by the garage and I parked the car and when I got into the house he said we have been robbed," said Amadio.

Amadio said at least 16 pieces of art work are missing including a Matisse and a Jackson Pollock that Amadio believes is worth $20 million. Several other pieces of lesser value are also gone. A 2002 appraisal indicated the entire collection was worth $27 million.

"We have been working on this constantly and aggressively since we learned of it," said Commander Mike Richards of the Monterey County Sherriff's Office. Richards said he has "found evidence that a window may have been forced" although other windows were "unsecured." There are security guards posted at the entrance to the housing complex. In addition, numerous surveillance cameras line the area so police are hopeful these will yield some clues.

Although it wasn't found in the original search, Richards said one of the victims handed the police an extortion note that turned up on the property. It is a typewritten note demanding money in exchange for the return of the paintings. It also conveyed death threats to the victims should they contact law enforcement.