{"id":13491,"date":"2011-12-14T15:37:38","date_gmt":"2011-12-14T15:37:38","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/12\/apple-founding-papers-sold-at-auction-for-nearly-1-6m\/"},"modified":"2011-12-14T15:37:38","modified_gmt":"2011-12-14T15:37:38","slug":"apple-founding-papers-sold-at-auction-for-nearly-1-6m","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/12\/14\/apple-founding-papers-sold-at-auction-for-nearly-1-6m\/","title":{"rendered":"Apple founding papers sold at auction for nearly $1.6m"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Apple Phone<\/p>\n<\/div>\n

Apple\u2019s founding papers have been sold at auction for $1,594,500 (\u00a31.03m).<\/p>\n

Sotheby\u2019s had estimated the three typed partnership agreements would sell for between $100,000 and $150,000.<\/p>\n

The documents were signed by the firm\u2019s three co-founders, Steve Jobs, Steve Wozniak and Ronald Wayne on 1 April 1976. The papers include an amendment added 11 days later when Mr Wayne quit.<\/p>\n

The buyer was Eduardo Cisneros, chief executive of Cisneros Corporation.<\/p>\n

His Miami-based firm owns stakes in a range of businesses covering real estate, TV production and telecommunications.<\/p>\n

Sotheby\u2019s said five other bidders took part in the sale.<\/p>\n

The sale price includes a 12% buyer\u2019s premium paid to the auction house Sotheby\u2019s for holding the auction. That values the documents themselves at $1.35m.<\/p>\n

The third man<\/strong><\/p>\n

The seller was Wade Saadi \u2013 founder and chief executive of the IT recruitment firm Pencom Systems.<\/p>\n

He bought them from Mr Wayne in 1994 for \u201cseveral thousand dollars\u201d.<\/p>\n

The documents reveal that Mr Wayne was paid $800 when he decided to hand back his 10% stake in the firm. He later received a further $1,500.<\/p>\n

Mr Wayne played a crucial role in the firm\u2019s creation, helping Mr Jobs convince his friend Mr Wozniak to leave Hewlett-Packard and set up the new company.<\/p>\n

He was given a 10% stake in the company so he could act as a tie-breaker if the other two men had a disagreement.<\/p>\n

However, Mr Wayne left the company after less than a fortnight because he was worried that if it failed his assets could be seized by Apple\u2019s creditors.<\/p>\n

Instead he returned to the computer games maker, Atari, where he had first met Mr Jobs.<\/p>\n

When interviewed by the Daily Telegraph last year, Mr Wayne said he was happy with his decision, despite the outcome.<\/p>\n

\u201cI felt the enterprise would be successful but at the same time there could be bumps along the way and I just couldn\u2019t risk it,\u201d he said.<\/p>\n

\u201cWould I like to be rich? Everybody would like to be rich but I couldn\u2019t keep up the pace. I would have been wealthy, but I would have been the richest man in the cemetery.\u201d<\/p>\n

The auction is the latest evidence of the public\u2019s interest in Apple\u2019s history.<\/p>\n

Earlier this week Amazon revealed that the biography of Steve Jobs was its best-selling title of 2011. The book was released in October following the death of the company\u2019s co-founder.<\/p>\n

BBC<\/strong><\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Apple Phone Apple\u2019s founding papers have been sold at auction for $1,594,500 (\u00a31.03m). Sotheby\u2019s had estimated the three typed partnership agreements would sell for between $100,000 and $150,000. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13491","post","type-post","status-publish","format-standard"],"yoast_head":"\nApple founding papers sold at auction for nearly $1.6m - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/12\/14\/apple-founding-papers-sold-at-auction-for-nearly-1-6m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Apple founding papers sold at auction for nearly $1.6m - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Apple Phone Apple\u2019s founding papers have been sold at auction for $1,594,500 (\u00a31.03m). 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