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Madoff beach house sells fast
By Jennifer Peltz |
September 19, 2009, Saturday
|
Print Edition
Print Edition
IT boasts ocean views, an infamous former owner -- and now a buyer willing to pay more than US$8.75 million.
An unidentified buyer or buyers snapped up Bernard Madoff's Long Island beach house in New York state within days after the United States Marshals Service put the seized property up for sale, a spokeswoman for the broker The Corcoran Group said on Thursday.
Spokeswoman Anne Lacombe said the fallen money manager's Montauk retreat was under contract for more than its US$8.75 million asking price. She didn't have the exact figure, any information on the intended buyer or the closing date.
The US Marshals Service put the 3,000-square-foot house on the market on September 1 to help repay victims of Madoff's massive investment fraud.
Madoff's notoriety "made it come to a lot of people's attention, but it's really all about the location of the views and the home," Lacombe said.
The four-bedroom house is set on a 1.2-acre lot amid the dunes in Montauk, a windswept beach community east of the Hamptons.
Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a Ponzi scheme that encompassed thousands of investors and billions of dollars.
His punishment included a forfeiture order that stripped him and his wife, Ruth, of nearly all their wealth.
An unidentified buyer or buyers snapped up Bernard Madoff's Long Island beach house in New York state within days after the United States Marshals Service put the seized property up for sale, a spokeswoman for the broker The Corcoran Group said on Thursday.
Spokeswoman Anne Lacombe said the fallen money manager's Montauk retreat was under contract for more than its US$8.75 million asking price. She didn't have the exact figure, any information on the intended buyer or the closing date.
The US Marshals Service put the 3,000-square-foot house on the market on September 1 to help repay victims of Madoff's massive investment fraud.
Madoff's notoriety "made it come to a lot of people's attention, but it's really all about the location of the views and the home," Lacombe said.
The four-bedroom house is set on a 1.2-acre lot amid the dunes in Montauk, a windswept beach community east of the Hamptons.
Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a Ponzi scheme that encompassed thousands of investors and billions of dollars.
His punishment included a forfeiture order that stripped him and his wife, Ruth, of nearly all their wealth.
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