Madoff properties attracting potential buyers
Filed under: People, Investing
With reports that Madoff's 3,000-square-foot beach house on Montauk may have a buyer by Friday, U.S. marshals have begun publicizing his Palm Beach house, Manhattan penthouse and boats. A realtor for the property in Montauk told the New York Times that there were 23 showings to potential buyers over the Labor Day weekend.The Montauk home was put on the market at $8.75 million on September 1 and 70 real estate brokers visited the home for an open house on September 3. The realtor would not disclose how much was offered for the home. But the good news for Madoff victims is that with this intense interest in Madoff properties, the government may get more for the properties than originally anticipated, which means more money can be doled out to the victims.
The marshal in charge of the Manhattan sale, Roland Ubaldo, told CNN that his office was letting the brokers set the price. He expects a price of between $8 million and $10 million for the home where Madoff was held under house arrest. The penthouse is on the 11th and 12th floors, with a curving staircase between the two. It also has parquet floors and four working fireplaces.The state-of-the-art kitchen has stainless steel counters, custom cabinets and high-end appliances.
The apartment will be sold as a three bedroom, but that's not how Bernie and Ruth Madoff used it. Bernie and his wife, Ruth, shared one bedroom and the other two were used for studies. The couple had separate baths and walk-in closets with cedar cabinets. Bernie Madoff was a clothes hound, with 45 to 50 custom-made suits and dozens of pairs of shoes.
The 6,500-square-foot Palm Beach home was their largest home, but it was not extravagant in its decorations, U.S. Marshall Barry Golden told CNN. Golden is preparing the Florida property for sale. The Palm Beach County's property appraiser values the house itself for only $778,000, but it's the land that's expensive. The half acre the home sits on is appraised for $7 million. The home also has an 80-foot dock on the Intracoastal Waterway at the back of the house. The decor includes lots of fish and bulls. Madoff called his 55-foot custom-made yacht Bull and the house has old English paintings of breeds of bulls, as well as bull statues and figurines.
If you're a Madoff victim, you probably don't care much about the details of his homes, but are more focused on their sale prices. If the Montauk house sells for anywhere near the asking price of $7 million, it will show that Madoff may have underestimated the value of his real estate holdings. He estimated the Montauk home's worth at $3 million, the penthouse at $7 million and the Florida home at $11 million. With the interest in his properties, victims could be pleasantly surprised by the actual sale prices.Lita Epstein has written more than 25 books including Trading for Dummies.
Why is Oprah going to cable? A hint: It's nothing to get teary about
Kisses from Hershey: Candymaker may court Cadbury with $17 billion bid
D-Day for Harry Reid: Can he wrangle 60 votes for Senate health reform bill?
Reader Comments (Page 1 of 2)
9-10-2009 @ 7:05AM
marshall said...
What a mess. I gather this sends a message to everyone
that the feds mean business. I remember hearing Ronald
Reagon saying in one of his speaches back in the early
l980s,"you can run but you can't hide".
Reply
9-10-2009 @ 9:04AM
STUDEBEAR said...
HOW MANY SUITS DOES MADOFF HAVE NOW HE SURE SCREWED A LOT OF PEOPLE ENOUGH SAID
Reply
9-10-2009 @ 9:22AM
Judy said...
I hope the realtors are very careful that the properties are not being purchased by shell companies controlled by anyone connected to Madoff where they are using the money he stole to purchase his properties back.
Reply
9-10-2009 @ 9:38AM
Jim said...
Lowlife, scumbag...."enjoy" prison Bernie....don't drop the soap. Hopefully the little misses & the kids will be in an adjoining facility in the near future! Rot in hell....you maggots.
Reply
9-10-2009 @ 9:57AM
Joyce Loftis said...
I live about one mile from the homes of Sam and Helen Walton (now deceased) and Rob Walton, their son. Their wealth, perhaps questioned by some, was never acquired using anything but skill, hard work, willingness to take risks and a true love of the people of Arkansas. Everyone should see how these multi-billionaires have lived compared to the photos of how the Madoff's lived. The Walton generosity is renowned in every small town where they are located by supporting education through scholarships and their motto has always been to give back to those who have made them such a success. A comparison between the Walton's and the Madoff's lifestyle reflects such a disparity, it's disgraceful. If this snake is in a "white collar" safe prison, he isn't receiving anything close to true justice for the wrongs he committed against so many. It makes me ill!
Reply
9-10-2009 @ 7:29PM
Sal said...
If the Waltons are as cool as you say, how come so few of their gazillions of employees have any benefits/health care?
9-10-2009 @ 10:07AM
MOLLY said...
Its kind of wierd that he had sooo many bulls everywhere and even his boat was named bull ....I guess everyday he woke up he saw a bull he knew his life was nothing but bull-sh** Tthat didnt help him to stop stealing from tons of people but maybe being behind BARS might .
Reply
9-10-2009 @ 10:25AM
Kate said...
I live in Palm Beach and for me yes this man is exactly where he belongs and deserves more punishment. However, his victims (clients) who are supposed to be so savy and smart put all their eggs in one basket. EVERYONE knows if it sounds to good to be true it probably is. He was a con man in a 3 piece suit, I am not blaming the victims but come on, have some common sense.
Reply
9-11-2009 @ 6:02PM
Lisa said...
Bull? How appropriate for such a bull - sh*tter! Bye-bye, Bernie! You've lived high on the hog off other people for long enough. Time to pay the piper..........and a big burly "bull" of another kind you'll likely get to know in prison - the kind who will make you his b*tch! Make sure you keep plenty of "lube" on hand!! You're gonna need it!! Ha Ha!!
Reply
9-10-2009 @ 10:39AM
Lame said...
Is this the lamest looking furniture in these places or what?
What horrible taste for people so "rich."
Reply
9-22-2009 @ 5:20PM
Rose said...
Who says that the pictures are true to life. These could be a set up. He always dressed so rich.......
9-10-2009 @ 11:11AM
phil said...
i think it is so funny how these people lost there money glad they did hope they well lose tons more
Reply
9-10-2009 @ 11:43AM
peter b said...
money doesnt buy class or good taste..looks like a mismosh
Reply
9-10-2009 @ 11:57AM
D.L TAYLOR said...
HE WAS A JEW WHO LIKED SCREWING OTHER JEWS
Reply
9-10-2009 @ 12:59PM
Herb said...
And you are an anti-semetic son of a bitch
9-10-2009 @ 12:01PM
marshall said...
I have better furniture.
Reply
9-10-2009 @ 12:22PM
alexisann55 said...
I will pray daily that he lives to be 150.
Reply
9-10-2009 @ 12:35PM
parrotbilarcia said...
OPEN HOUSE ONLY ATTRACTS DRUNKS AND HUNGRY PEOPLE LOOKING FOR FREE HOT DOGS AND FREE COKE...!!....I BET THOSE 70 "REALTORS" ONLY CAME FOR THE FOOD..!
Reply
9-10-2009 @ 2:21PM
Elizabeth said...
I do believe the Realtors came to the Open House because they want to make a living just like everyone else....not for the hot dogs that you believe were served.
9-10-2009 @ 12:38PM
Scott said...
I hope his wife leaves him and his kids disown him after fhey find out about his jailhouse romances!!
Reply