Madoff’s Long Island Beach House Put Up For sale
Author: Related Press
At 3,014 sq. ft, the house is cottage-dimension by superrich standards. Its
furnishings look as old as Madoff’s decades-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 houses
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 buyers burned
by Madoff’s epic fraud.
They also plan to quickly enlist brokers to search out buyers for a Manhattan condominium
and a Palm Beach 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 stated the
Montauk seashore home, which he purchased in 1979, was price $3m.
Federal authorities consider the seaside property could carry stone island jacket sale usa closer to $8m.
Whether Madoff’s notoriety hurts or helps remains to be seen.
“Our aim is to position the properties available on the market quickly to attenuate the quantity of
time they stay in our stock and maximize the return to the victims,”
US Marshal Joseph R. Guccione mentioned yesterday.
Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a
huge Ponzi scheme that spanned decades and spun an internet of phantom wealth.
1000’s of buyers with Madoff’s as soon as-revered advisory agency believed
their securities accounts have been price tens of billions of dollars. But
investigators say the totals on the clients’ stone island jacket sale usa monthly account statements were
fiction. In reality, Madoff never made investments, and as a substitute 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
spouse, Ruth, of almost all their wealth.
Deputy US Marshal Roland Ubaldo mentioned furnishings and every other personal
belongings found inside might be sold at auction “from pieces of art to
Ruth Madoff’s footwear.”
The 4-bedroom, three-bath seashore house which Ubaldo described as “simple,
fashionable and understated” is at the underside of a steep, lushly landscaped
driveway off Outdated Montauk Highway.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,
uncovered beams and a stone fireplace.
Several units of glass doorways open onto Stone 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 through pine trees, rose bushes and dune grass.
The Madoffs’ interior decorating taste was nautical-meets-folks art. Still on
view are American Indian rugs Stone Island Sale 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 a single
The poles, along with golf clubs, an old exercise bike, outdoor wicker chairs
and virtually all the things else, have identification numbers evidence of a
painstaking inventory and appraisal for public sale.
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