Naked pictures of Madonna and photos of 'Arnie's sex act': Hedge fund manager stumbles on Penthouse treasure trove after he buys magazine founder's abandoned storage locker

PUBLISHED: 13:29 EST, 28 January 2013 | UPDATED: 06:41 EST, 29 January 2013

A New York hedge fund manager stumbled on a treasure trove when he bought an abandoned storage locker that belonged to the founder of Penthouse magazine.

The storage spaces in Edgewood, New Jersey, yielded unreleased nude photos of Madonna and actress Lauren Hutton, letters from Dick Cheney and the Unabomber and what appears to be a picture of former California Gov Arnold Schwarzenegger 'engaged in a sex act.'

All of it - including thousands upon thousands of nude and pornographic pictures - was part of the estate of Bob Guccione, the founder and publisher of Penthouse, who made half a billion dollars from his adult entertainment enterprise.

Pornographer: Bob Guccione made $500million from his Penthouse magazine empire, but his company was forced to declare bankruptcy in 2003

Schwarzenegger was also reportedly in the collection

Famous faces: Unreleased nude photos of Madonna, as well as a picture of a young Arnold Schwarzenegger in a 'sex act' were among the collection

Jeremy Frommer, a former managing director at Royal Bank of Canada, has become obsessed with buying old storage lockers and searching hidden treasures, he told the New York Post.

The Post reports that Guccione, who died in 2010 of cancer at age 79, likely left the material behind when his company was forced declare bankruptcy in the face of falling circulation at Penthouse.

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The storage locker was chock full of one-of-a-kind relics from the heyday of the magazine's heyday.

The photos of Madonna and Hutton included the original negatives and release forms. The Post reports that a picture of Arnold Schwarzenegger engaged in a 'sex act' was also included.

Lucky find: Hedge fund manager Jeremy Frommer says he stumbled across the trove of pornography and old records from the height of the Penthouse empire

Correspondence with Ted Kaczynski, the Unabomber, was found in the collection

Letters from Dick Cheney were also found

Famous pen pals: Guccione also had letters from the Unabomber Ted Kaczynski and former Vice President Dick Cheney. It is unknown what the letters from Cheney entailed

Empire: Penthouse debuted in 1965 and made a name for itself in popular culture for decades by pushing the limits of pornography and taste

Guccione had letters from a woman claiming to be Cuban president Fidel Castro's mistress, as well as correspondence from the Unabomber - who sent in letters espousing his political ideology that he demanded be published.

There were also letters from Cheney, who was a U.S. Congressman and Secretary of Defense before becoming Vice President.

Original footage and props from the infamous semi-pornographic 1979 film 'Caligula' were discovered.

The lockers also included 63 oil paintings by Guccione himself, who was an accomplished artist. Guccione also kept his personal notes about his business empire in the locker - including his plans for the disastrous Penthouse Boardwalk and Casino and details about he scored the nude photos of Miss America Vanessa Williams, which led to her giving up her crown in 1984.

And then, of course, is the pornography. There are thousands of photos of Penhouse Pets, as well as amateur submissions from women from around the world.

Frommer said he is working with film producer Rick Schwartz to curate and preserve the collection and plan an exhibition of some of the material.

Bob Guccione's Penthouse secrets bared - NYPOST.com

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I have been unfortunate enough to see pictures of Madonna naked. I wish they could make special eye soap that does not burn your eyes as much as normal soap.

- LowestFormOfHumour , BourneMouth, United Kingdom, 29/1/2013 16:45

Click to rate Rating 64

Eeeewwwwwww! Pretty sure most people have seen everything of Madonna, even when they didn't want to.

- LK UK US , Kettering, United States, 29/1/2013 16:01

Click to rate Rating 57

Madonna will be sooo embarassed to have nude pictures of her out there!! LOL :)

- kateinanu , Antigua, Antigua and Barbuda, 29/1/2013 15:32

Click to rate Rating 30

We've seen Madonna nude, not something to be repeated.

- Agent Smith , S.Yorks, United Kingdom, 29/1/2013 12:49

Click to rate Rating 39

Pushed limits? Penthouse Mag is distinctly soft compared with what's available today. Titillation yes, downright filth, no thanks.