Madoff beach house sold

MONTAUK, N.Y., Sept. 17 (UPI) --

Convicted swindler Bernard Madoff's beach house on New York's Long Island sold for more than the $8.75 million asking price, the listing broker said Thursday.

The 3,000-square-foot shingled home -- with 182 feet of ocean frontage, four bedrooms, three baths, a double-height great room with a two-story stone fireplace, a deck and a pool -- was put on the market two weeks ago by the U.S. Marshals Service as part of plan to repay victims of the $65 billion Ponzi scheme, the largest investor fraud ever committed by an individual.

Neither the Corcoran Group brokerage nor the Marshals Service would say who bought the property or the exact selling price, The New York Times reported.

The deal should close "in a couple of weeks," agent Joan Hegner told the Times.

"We have fully signed contracts," she said.

A 4-foot tall rusted steel Aztec-style sculpture worth $300 was stolen from the Montauk, N.Y., home's front porch Wednesday, Newsday reported.

Madoff, 71, pleaded guilty in March and was sentenced June 29 to 150 years in federal prison in North Carolina.

Madoff's investment firm is being liquidated in a U.S. bankruptcy court in New York. The liquidator is suing his biggest investors and beneficiaries, including funds, philanthropists and Madoff's wife Ruth, seeking $14 billion to help repay victims.

The Marshals Service has also listed for sale Madoff's two-story penthouse apartment in New York City, his Palm Beach, Fla., home and his yachts.


Copyright 2009 by United Press International
All Rights Reserved.

Times of the Internet, now in Spanish


Published: Thursday 17th of September 2009 07:41:09 PM
Print | Email Friend |
Receive updates via Twitter

Like this article? Then submit it to your favorite social network to share with others.
Bookmark and Share
Subscribe to Business RSS Feed: rss feed business
Read more news stories in business.
View all posts tagged: Bernard Madoff

Read the last five articles tagged Bernard Madoff

Read the last five articles in the BUSINESS category