Madoff Properties to Hit Market Soon

Date:August 5, 2009 | Author:Diane Tuman | Category:Celebrity Real Estate

Update 10/21/09) – Bernie Madoff’s Montauk property sold above asking price, for $9.4 million to real estate investor Steven Roth.

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Update (9/8/09) — It looks like Bernie Madoff’s Montauk home at 216 Old Montauk Highway, Montauk, NY has received multiple offers since going on the market last week and his other properties (410 N Lake Way, Palm Beach  FL 33480 ) and 133 E 64th St, New York, NY 10065 will go on the market soon, according to the NY Times. Madoff’s Hamptons’ home was listed with the Corcoran Group for $8,750,000 million last week. While the home is not regarded as being overly luxurious, the selling point for this property is its proximity to the water as compared to other nearby homes (aerial image above).

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Update (9/1/09) — U.S. Marshals gave members of the press a tour of Bernie Madoff’s Montauk home,  and the overwhelming takeaway is that Bernie’s place is not as opulent as one might imagine. As CNN writer Les Christie reports, “Think Formica.”  Here are more photos of Madoff’s beach house.

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Original post (8/5/09):

Three U.S. homes of convicted Ponzi-schemer Bernie Madoff and his wife, Ruth, will be put on the market soon, with the proceeds going to Bernie Madoff’s victims, according to CNN.com.

The real estate includes:

  • a 3,000 sq ft Montauk beach house feds feel is worth $7 million
  • a waterfront Palm Beach getaway that has a hoped-for $7.5 takeaway, and
  • a Manhattan penthouse on the Upper East Side, pegged at $7-$8 million

Other assets the Madoffs own that have been seized by authorities include Bernie’s 55-foot yacht “the Bull” and a vacation home on the French Riviera (Côte d’Azur).  The yacht is said to be worth $1.5 million and the Cote d’Azur vacation home was already sold for $1.48 million.

Taken all together, experts feel the four pieces of real estate, plus the boat, will net around $25-$30 million — a far cry from the $50 billion in investor losses.

While Bernie is in North Carolina, beginning his 150-year term, his wife, Ruth, must report to a bankruptcy trustee whenever she spends more than $100 on herself.

Here’s a look at the Madoff homes:

Montauk home:
216 Old Montauk Hwy, Montauk, NY 11954

Palm Beach home:
410 N Lake Way, Palm Beach  FL 33480

Manhattan home:
133 E 64th St, New York, NY 10065