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Madoff’s Lengthy Island Beach Home Put Up For sale

Author: Associated Press
At 3,014 square feet, the home is cottage-size stone island cap xl by superrich standards. Its
furnishings look as outdated as Madoff’s many years-lengthy fraud. There’s no storage.
Not even a stroll-in closet.

Garment-Dyed Chest Pocket Cotton T-Shirt in Orange 2015But 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 stunning views undeniable selling points.

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 find buyers for a Manhattan condo
and a Palm Beach estate once owned by the financier-turned-felon.

In estimates that federal regulators filed last year, Madoff valued his
Manhattan condo at $7m and the Florida property at $11m. He stated the
Montauk seaside house, which he purchased in 1979, was value $3m.

Federal authorities imagine the seaside property could stone island cap xl bring closer to $8m.
Whether Madoff’s notoriety hurts or helps remains to be seen.

“Our aim is to position the homes on the market quickly to reduce the quantity of
time they remain in our stock 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
huge Ponzi scheme that spanned a long time and spun an online of phantom wealth.

Hundreds of traders with Madoff’s once-revered 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 as an alternative siphoned new
investors’ cash to pay returns to present ones and to fuel 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 another personal
belongings found inside can be sold at auction “from pieces of art to
Ruth Madoff’s shoes.”

The four-bedroom, three-bath seashore house which Ubaldo described as “simple,
stylish 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 private
terrace. A staircase descends to a living room with vaulted ceilings,
exposed beams and a stone fireplace.

Several sets of glass doors 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 pine trees, rose bushes and dune grass.

The Madoffs’ interior decorating taste was nautical-meets-folk art. Still 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 old exercise bike, outdoor wicker chairs
and virtually all the pieces else, have identification numbers proof of a
painstaking stock and appraisal for public sale.

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