Lalbaugcha Raja Ganeshotsav auction fetches Rs 2.35 crore; gold bar sells for Rs 75.9 lakh

The annual auction of gold and silver items at Lalbaugcha Raja Ganeshotsav Mandal fetched Rs 2.35 crore on Saturday evening, TOI reported. It featured a distinctive 1-kg gold brick that fetched Rs 75.9 lakh and a similarly-weight gold necklace that fetched Rs 74 lakh.

Due to time constraints, not all items were auctioned and additional sales were planned for later. The auction was held at the pandal where the idol is displayed during the festival, the TOI report noted.

Treasurer Mangesh Dalvi informed that the total cash donations from September 7 to 20 stood at Rs 5.65 crore, taking the total revenue from Ganeshotsav 2024 to Rs 8 crore.

From September 8 to 20, the large hundi collected 4.15 kg of gold and 64.3 kg of silver. Mandal president Balasaheb Kamble noticed devotees offering various items, including idols, crowns and even a small pair of silver khadaoons, TOI said.

Interestingly, the 20-kg gold crown worth Rs 16 crore, donated by the Anant Ambani Foundation, was not put up for auction as it will be a permanent installation. Kamble added that they managed to auction only a fraction of the offerings in four hours, planning to continue later.

According to a TOI report, in 2023, the mandal collected 3.2 kg of gold and 51.6 kg of silver in eight days, including a 1-kg gold necklace and a 100-gram gold bar. The highest income recorded by Lalbaugcha Raja Mandal was Rs 11.5 crore during its 75th anniversary in 2008. The price of 22-carat gold was Rs 72,310 and 24-carat gold was Rs 74,000 per 10 grams, while silver was priced at Rs 89,000 per kg on Friday. On Sunday, the price of 22-carat gold was Rs 69,600 and 24-carat gold was Rs 75,930 per 10 grams. On the other hand, silver was priced at Rs 93,000 per kg. The Lalbaugcha Raja idol is situated in the Lalbaugcha Raja Sarvajanik Ganeshotsav Mandal in Putlabai Chawl. The Kambli family has been the custodians of the idol for over 80 years.