Madoff Brother's Home Listed For $4.495M

May 31 2013 | 10:16am ET

The U.S. Marshals Service has already sold off Bernard Madoff's homes. Now, it has turned its attention to the Long Island mansion formerly occupied by his brother, Peter.

The Marshals last month listed the Old Westbury, N.Y., home for $4.495 million. It features a 600-square-foot formal living room, library, tennis court and two-bedroom pool house.

In addition, the home's contents have been cataloged and tagged; they will be sold at auction after the house itself is sold. Proceeds from both sales will go towards paying off Bernard Madoff's victims.

Peter Madoff, his brother's chief compliance officer, began a 10-year prison sentence in February. He pleaded guilty last year to aiding his brother's $65 billion Ponzi scheme, but said he had no knowledge of the fraud until it collapsed.

The Marshals have already sold Peter Madoff's primary home, a two-bedroom apartment in Manhattan, for $4.6 million. He and his wife owned the Long Island home for more than 20 years.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...