The following report is courtesy of Bruce Smith from the Associated Press:

Three guitars said to have belonged to rock superstars, including one JIMI HENDRIX may have used to record the classic 'Hey Joe', are among items a flamboyant economist charged with fraud bought with his investors' money.

Al Parish, a former economics professor at Charleston Southern University, spent more than $1 million on the guitars. Documentation on the others indicates one was made for BEATLE George Harrison and the third belonged to Keith Richards of the ROLLING STONES.

Parish, hospitalized with amnesia for a time when authorities began investigating earlier this year, has been charged with defrauding hundreds of investors of more than $50 million.

The guitars are among hundreds of items of jewelry, pens and art in which Parish invested.

He spent $525,000 on a sunburst Fender Stratocaster reputedly played by Hendrix between 1965 and 1968 and used to record 'Foxy Lady' and 'Hey Joe', according to court records.

He also bought a 1968 Gibson Les Paul guitar said to have been owned by Keith Richards and photographed on the cover of the Stone's album Get Yer Ya-Ya's Out, a live album released in 1970.

The $561,000 price for that guitar included a second that George Harrison is said to have ordered for his housekeeper Darlene. That acoustic guitar was made by renowned guitar crafter Tony Zemaitis.

The guitar has an inscription GH-Darlene inside and was originally purchased from the housekeeper, according to court records.

"If all of them are authentic, the Hendrix would be really valuable in absolute and relative terms," said David Dantzler, an attorney for the Atlanta company rounding up Parish's assets.

But he said there is a lot of uncertainty in identifying instruments, especially those used to record hits 40 years ago.

"You cobble together all the facts you can," Dantzler said. "In Norman Rockwell or American art you can get somebody to say, 'This is an authentic Rockwell.' But with these kinds of pieces you put together all the facts you can and let the collector determine if they justify the price."
"You really have to make sure you know the history of where it came from," agreed Darren Julien, who operates Julien's Auctions in Los Angeles, which deals with expensive entertainment memorabilia. "High-end collectors spend a lot of money on stuff but they have to do their due diligence."

Julien's company this summer is auctioning a Bentley owned by Yoko Ono. He's sure it's authentic because her name is on the title. But other items take more research and some things his auction house can't sell because they can't guarantee they are 100 percent authentic, he said.

The guitars, which have been housed with a collection of others in Charlotte, N.C., are soon heading to a vault in Charleston. Dantzler said they will likely be sold through an agent or auction house.

Dantzler said there is apparently a picture of Hendrix playing a guitar that appears to be the one Parish bought.

"If it's the one in the picture, then it's valuable. If it's the one in the picture and he also used it to record 'Hey Joe,' then it's really valuable," Dantzler said.

But, he said, "I don't think we're going to find an expert who says, 'Yes, this is the guitar that Jimi Hendrix actually recorded 'Hey Joe' with.'"

Bob Merlis, a spokesman for Experience Hendrix, L.L.C., the Hendrix family music company that owns and administers the performer's music rights, said Hendrix played a lot of instruments.

"He was not a big guitar aficionado, amazingly enough," said Merlis. "He would just go to the store, buy one off the rack and restring it because he was left handed and play it. They were kind of disposable for him."

Merlis said Experience Hendrix is not able to say if guitar is authentic or not.

Authorities have also seized five automobiles, hundreds of pieces of animation art, oil paintings and a $2.5 million Revere silverware collection from Parish.

With the silver "we have every confidence it's authentic," Dantzler said. "I don't think with the guitars you'll ever be able to figure it out. You'll be able to figure out it's an authentic Fender, but it's the connection to the artist that makes it valuable."