House for Sale: Marshals Trying to Dump Madoff's Florida Digs

Seized Ponzi schemer's properties will be sold for victims

By Brian Hamacher
|  Friday, Aug 14, 2009  |  Updated 5:12 PM EDT
View Comments (
)
|
Email
|
Print
White Collar Criminals

Getty Images

The government is ready to sell Bernie Madoff's homes, but first they need a good realtor.

advertisement
Photos and Videos
More Photos and Videos

Bernie Madoff's luxurious Palm Beach mansion will be put on the market, as soon as the government can find a good realtor.

The United States Marshals Service, which seized the house in early April, is taking proposals from real estate brokers for the sale of the Wall Street Cheat's properties, including two in New York and the Florida spread.

Madoff's wife Ruth bought the five-bedroom, seven-bath house in 2004 for $3.8 million. The waterfront property has nearly 6,500 square feet on two floors and includes a private boat dock where the swindler kept his luxury yachts, also seized by marshals in April.

His New York residences include a 3,000 square foot Montauk, Long Island beach house, worth roughly $7 million and a Manhattan Park Avenue penthouse, also worth about $7 million.

A 2008 estimate put the Palm Beach house at over $9 million.

The Marshals are hoping to find realtors in the next week who can maximize the profits and compensation for the victims of the infamous Ponzi schemer.

Madoff, 71, was sentenced in June to 150 years in prison for defrauding investors of billions of dollars in one of the biggest Ponzi schemes ever.

Ruth Madoff has hoped to save the Palm Beach home earlier this year, when she claimed the house was her permanent residence, even though the couple spent most of their time in New York. The Feds disagreed, and the house was seized.

Since the scandal broke, it has twice been the target of pranksters, who have stolen and returned a sculpture and blanketed the house with toilet paper.

Details and requirements for proposal submissions can be found at www.usmarshals.gov/madoff.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Follow us on Instagram!
We post photos taken by our news... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out