Madoff's Palm Beach Home Under Contract

Offer on the property listed for $6.5 million reportedly more than $5 million

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    NEWSLETTERS

    TK
    AP
    A large banyon tree sits in the front yard of Bernard Madoff's Palm Beach, Fla. home Tuesday, Sept. 8, 2009. The house will be sold at auction. (AP Photo/J Pat Carter)

    One man's busted Ponzi scheme is another man's fortune.

    A California couple is under contract to purchase Bernie and Ruth Madoff's Palm Beach residence, according to the Palm Beach Daily News.

    The final price won't be disclosed until the sale closes, but the 8,753-square-foot home, which was originally listed for $8.5 million, was, as of a couple months ago, dropped to $6.5 million. The buyers' offer was reportedly more than $5 million.

    "Obviously this is good news,'' Roland Ubaldo, supervisory deputy of the U.S. Marshals Service in the Southern District of New York told the Daily News. ``We are under contract for the Palm Beach property, but, as they say, `it's not sold till it's sold.' ''

    Though, apparently it was love at first sight.

    "They saw it only once,'' Sothebys' Mary Boykin, who worked with the buyers - a California couple paying cash - told the Daily News. "They fell in love with the place and didn't care about its provenance."

    The boat dock was apparently a selling point, though we can't say the same for the bull motif Madoff had a thing for. But those sculptures, paintings and figurines will most likely be part of an auction once the house is officially off the market.

    The Madoff's Palm Beach home is the last of their three properties - which also included a beach house in Montauk, NY and a Manhattan penthouse -- to be sold.

    Madoff is currently serving a 150-year sentence for orchestrating a $65 billion Ponzi scheme.