Bernie Madoff’s Former Montauk Beach House Hits Market for $21M

Newly renovated, Madoff’s former Montauk beach house is back on the market for $21 million. (Photo Courtesy of Corcoran Group)

The former Montauk beach house of infamous Ponzi schemer Bernie Madoff has hit the market for $21 million.

In 2009, the property was purchased from the feds by real estate mogul Steven Roth and his wife Daryl, a producer on Broadway, for $9.41 million. If they managed to sell the house at this much inflated asking price, the couple will walk away with close to a $12 million profit.

In 2009, Bernie Madoff’s former beach house was purchased from the feds by real estate mogul Steven Roth and his for $9.41 million. (Photo Courtesy of Corcoran Group)

According to The Post, “The cash from the original sale was used to pay off some of the more than 24,000 victims in Madoff’s $65 billion investment scam. The couple later hired architect and designer Thierry Despont to renovate the 3,000-square-foot, three-bedroom waterfront getaway. Despite its relatively modest size, the home sits on 1.5 acres and boasts 180 feet of beach on the Atlantic Ocean.”

Brand new furnishings were part of the renovations, including a Jeff Zimmerman chandelier and a rocking chair by Vladimir Kagan.

The furnishings could be purchased with the home for an additional sum.

The furnishings now surrounding Madoff are not nearly as luxurious. Since 2009, he has been living in a North Carolina federal prison. Madoff was sentence to 150 years in prison, after admitting to his sons in December 2008, that his investment advisory business of nearly half-a-century was a giant fraud. His family notified authorities and Madoff eventually pled guilty to 11 counts of criminal financial activity. Since the horrid revelation, both Madoff’s sons have died, and his wife Ruth remains estranged.

By Charles Bernstein

LEAVE A REPLY

Your email address will not be published. Required fields are marked with *

YOU MAY ALSO LIKE

INTERNATIONAL NEWS