Sports memorabilia dealer ADMITS he trimmed corners on most valuable baseball card ever sold at $2.8million... but the value is likely to INCREASE

• The 1908 T206 Honus Wanger card once owned by Wayne Gretzky is the most famous and most valuable trading card in history
• Bill Mastro, once the 'King of Memorabilia, admitted he altered the card after he was charged in fraud in a separate case
• Card was bought by Arizona Diamondbacks owner Ken Kendrick in 2007 for $2.8million
• Trimming the corners of the card would have given it a fresher, newer appearance and made it more valuable

By Michael Zennie
PUBLISHED: 13:28 EST, 10 April 2013 | UPDATED: 22:06 EST, 10 April 2013

• http://www.dailymail.co.uk/news/article-2307048/Honus-Wagner-card-Memorabilia-dealer-Bill-Mastro-admits-trimming-corners-2-8million-dollar-baseball-card.html

A shyster sports memorabilia dealer has admitted he trimmed the corners on the most valuable baseball card ever sold, but the $2.8million 1908 Honus Wagner is likely to increase in value as a result.
Bill Mastro, Chicago's 'King of Memorabilia,' made the confession on Tuesday as he pleaded guilty to defrauding customers by using straw bidders to drive up the price of his rare sports merchandise. 
The famous card, which has a well-documented story, was famously purchased by hockey legend Wayne Gretzky after it was discovered by a small-time collector in 1985.

Proud owner: This is the infamous Gretzky Honus Wagner card, being displayed by Ken Kendrick after he bought it for $2.8million

On trial: Bill Mastro was once the 'King of Memorabilia.' He is now on trial for selling fakes and manipulating prices. He admitted to doctoring the most famous card in the world

It broke baseball card-collecting records in 2007 when Arizona Diamondbacks owner Ken Kendrick paid $2.8million for it.
Trimming the corners of the card would have given it a fresher, newer appearance and made it more valuable.
Despite the alteration, the so-called 'Gretzky card' won't lose value. In fact, it could go up as a result of the news, Steve Levine, of Goldin Auctions in New Jersey, told MailOnline.

'I think in this industry and hobby, the bigger the story, the better. Also, especially if you can verify it,' he said.
'We all know that this has happened with that card. Now it’s the infamous Bill Mastro-trimmed-Gretzky-Honus Wagner card,' Levin said.
Last week, Goldin Auctions sold a different T206 Wagner card for $2.1million. The condition of that card was three grades lower than the Gretzky card that Master altered.

Most famous card in the world: This 1909 Honus Wagner baseball card is the most famous collecting card ever sold

Levin said the Gretzky card could easily fetch $3million is it were sold today.
In a statement released by the Diamondbacks on Wednesday, Kendrick said: 'As a collector of rare cards and a fan who enjoys the history of the game of baseball, today's news does not change my pride in owning the Honus Wagner T-206 card.

Value: This card is worth so much because of its rarity - only 30 left - and its documented history

'In fact, I've been advised that the notoriety of this turn of events has actually increased the value of the card and I will continue to enjoy having it as part of the "Diamondbacks collection."'
Despite Mastro's admission, a judge on Tuesday threw out his plea deal and said that the two and a half years of prison time promised by prosecutors might not be enough.
In addition to artificially driving up the price of goods at his Mastro Auctions company, Mastro is also accused of selling fake collectables.
Among his alleged forgeries a bogus lock of Elvis Presley's hair and a fake 1869 Cincinnati Red Stockings trophy.
Rumors have long circulated about the Gretzky card. It is a remarkable example of an exceptionally rare collectible.
Pittsburgh Pirates star Honus Wagner is considered one of the best shortstops in the history of the game.
The T206 Wagner card was larger than normal baseball trading cards and was sold in packs of American Tobacco cigarettes. 
Wager ordered American Tobacco to stop printing his card after just 200 were made, objecting to the card being sold in cigarette packs because he didn't want kids smoking.
He destroyed most of the originals himself.
Only about 30 are known to remain.
Mastro came upon the Gretzky T206 card in 1985 when a small-time collector from Hicksville, New York, sought to sell it for $25,000.
In 1991, Gretzky bought the card for $410,000. He sold it to WalMart in 1995 for $500,000.

Legend: Honus Wagner was one the greatest baseball players of his day and is considered among the great shortstop ever. However his baseball card is so valuable because it is so rare

WalMart then gave the card away on live TV as part of a nationwide promotion to increase its baseball card sales.
A Florida postal worker won the card, but had to immediately sell it because she couldn't afford the taxes on such a large gift.
After being sold several more times at auction, Kendrick later purchased it in 2007.
Collectors have long speculated that the card had been altered. One of the original owners, who sold it to Mastro, even publicly alleged that Mastro had cut the corners.
However, Mastro had never confirmed that until Tuesday.