A Slice of the Ponzi Scheme Pie

Bernard Madoff’s Montauk beach palace is officially off the market. The luxurious pad sold just two weeks after it was listed, although neither the buyer nor the purchase price has been released. However, it has been confirmed that it sold for more than the $8.75 million asking price. According to Joan Hegner, a broker with Corcoran Group, there was between five and 10 offers on the property and more than eight showings since its market debut in late August.

The home has 182 feet of beachfront and is only 50 feet away from the sand dunes, leaving the new tenant to literally open the door and step onto the beach. Today’s environmental regulations don’t permit property to be built that close to the dunes, but because the house was constructed in 1982, the posh pad is an exception to the rule. The 3,000-square-foot oceanfront oasis has a panoramic view of the Atlantic from every room and has only been occupied by one set of tenants, the now infamous Madoffs.

The property is the first to be sold by federal agents. Two more of Madoff’s properties are still available — one located in Palm Beach and one in Manhattan. Brokers were recently selected for the two properties but neither has yet had any takers.

“We really just started showing,” says Burt Minkoff, a broker chosen by U.S. Marshalls to handle the Palm Beach home.

According to Minkoff, there have been only 15 showings of the property, which is priced at $8.49 million. The deluxe home still has most of the furniture and artwork, which is being sold separately. The Manhattan property is listed at $9.9 million and is being marketed by Anne Corey and Serena Boardman.

One thing is for sure, these prices are extremely reasonable for properties so full of lavishness and now, a piece of incredible never forgotten Ponzi scheme history.

Via Bloomberg