Madoff’s Long Island Beach House Put Up For sale
Author: Associated Press
At 3,014 square ft, the house is cottage-dimension by superrich requirements. Its
furnishings look as outdated as Madoff’s a long time-long fraud. There’s no garage.
Not even a walk-in closet.
But the 1.2-acre lot sits closer to the surf than larger neighbouring homes
on the southeastern tip of Long Island. And the house features a grand,
columned porch with beautiful views undeniable selling factors.
The US Marshals Service, which seized the property just east of the Hamptons
on 1 July, puts it on the market this week to help pay back investors burned
by Madoff’s epic fraud.
They also plan to soon enlist brokers to search out consumers for a Manhattan condominium
and a Palm Seashore estate once owned by the financier-turned-felon.
In estimates that federal regulators filed last year, Madoff valued his
Manhattan apartment at $7m and the Florida property at $11m. He said the
Montauk beach house, which he bought in 1979, was worth $3m.
Federal authorities believe the seaside property could carry closer to $8m.
Whether Madoff’s notoriety hurts or helps remains to be seen.
“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,”
US Marshal Joseph R. Guccione mentioned yesterday.
Madoff, 71, was sentenced in June to a hundred and fifty years in prison for orchestrating a
massive Ponzi scheme that spanned decades and spun a web of phantom wealth.
Thousands of investors with Madoff’s once-respected advisory firm believed
their securities accounts were price tens of billions of dollars. But
investigators say the totals on the clients’ monthly account statements were
fiction. In reality, Madoff never made investments, and instead siphoned new
investors’ money to pay returns to existing ones and to gas a life of
Madoff’s punishment included a forfeiture order that stripped him and his
wife, Ruth, of nearly all their wealth.
Deputy US Marshal Roland Ubaldo said furniture and any other personal
belongings found inside will be sold at public sale “from items of artwork to
Ruth Madoff’s sneakers.”
The 4-bedroom, three-bath seaside home which Ubaldo described as “simple,
trendy and understated” is at the bottom of a steep, lushly landscaped
driveway off Old Montauk Highway.
The second-floor entrance leads to a small master bedroom with a non-public
terrace. A staircase descends to a residing room with vaulted ceilings,
uncovered beams and a stone fireplace.
A number of units of glass doorways open onto the porch. A small swimming pool that
also overlooks the Atlantic Ocean is to the left. A private path on the
right winds to the beach by means of pine trees, rose bushes and dune grass.
The Madoffs’ inside decorating style was nautical-meets-folks artwork. Nonetheless on
view are American Indian rugs and pottery. A sculpture of howling wolves
stands outside the front door; just inside is a large wooden goat. There’s a
set of antique duck decoys on a hallway table and fishing poles in one
The poles, along with golf clubs, an buy a stone island jacket old exercise bike, out of doors wicker chairs
and just about every little thing else, have identification numbers evidence of a
painstaking inventory and appraisal for auction.
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