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

Fund Focus: Asian Frontier Capital Offers U.S. Investors Access To Untapped Markets

Mar 2 2015 | 6:47am ET

Hong-Kong based asset manager Asian Frontier Capital is making a capital raising...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk Management: The Due Diligence Challenge And Branding Opportunity

Mar 2 2015 | 8:41am ET

The hedge fund firms that make it easier for prospective investors to gain comfort...

 

Editor's Note