Tuesday, 24 May 2016
Last updated 17 hours ago
Sep 2 2009 | 12:56pm ET
Arch-fraudster Bernard Madoff’s beach house, one of the Ponzi schemer’s three homes, is being put up for sale.
The U.S. Marshals Service will list the 3,014-square-foot home, which the Madoffs bought 30 years ago, this week. Authorities hope the sale will net $8.75 million, which will be put towards restitution of the many victims of Madoff’s $65 billion scam.
While many hedge fund managers—including Walter Noel, who leads Madoff feeder fund Fairfield Greenwich Group—have palatial manors on eastern Long Island, Madoff’s digs are somewhat modest. It sits on just 1.2 acres, and has just four bedrooms and three baths. The Associated Press, which got a tour of the home from the Marshals, said the home’s “faded furnishings look as old as Madoff’s epic fraud. There’s no garage. Not even a walk-in closet.”
The house isn’t even properly in the Hamptons; the Madoffs sunned themselves in quieter, less-swanky Montauk, at the very eastern end of Long Island.
The house does have its charms, of course, including “stunning views” of the Atlantic Ocean and “a steep, lushly landscaped driveway off Old Montauk Highway.” But buyers hoping to nab some artifacts of history’s greatest financial fraudster will have to head to an auction house. The Marshals plan to sell of the Madoff’s belongings—“from pieces of art to Ruth Madoff’s shoes,” according to Deputy U.S. Marshal Roland Ubaldo—separately.
Madoff’s Montauk hideaway will soon be joined on the market by his Manhattan apartment and Palm Beach, Fla., mansion.
“Our goal is to place the homes on the market soon to minimize the amount of time they remain in our inventory and maximize the return to the victims,” U.S. Marshal Joseph Guccione said.