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

Author: admin

17 Aug

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. Next >>