Madoff’s Long Island Seaside Home Put Up For sale
Author: Associated Press
At three,014 square feet, the home is cottage-dimension by superrich standards. Its
furnishings look as previous as Madoff’s many years-lengthy fraud. There’s no garage.
Not even a stroll-in closet.
But the 1.2-acre lot sits nearer to the surf than larger neighbouring houses
on the southeastern tip of Lengthy Island. And the house options a grand,
columned porch with beautiful views undeniable promoting factors.
The US Marshals Service, which seized the property just east of the Hamptons
on 1 July, places it in the marketplace this week to help pay back buyers burned
by Madoff’s epic fraud.
In addition they plan to soon enlist brokers to find patrons for a Manhattan condominium
and a Palm Seaside property once owned by the financier-turned-felon.
In estimates that federal regulators filed last yr, Madoff valued his
Manhattan condominium at $7m and the Florida property at $11m. He mentioned the
Montauk seaside home, which he bought in 1979, was worth $3m.
Federal authorities believe the seaside property could carry nearer to $8m.
Whether or not Madoff’s notoriety hurts or helps stays to be seen.
“Our purpose is to place the homes available on the market soon to minimize 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 one hundred fifty years in prison for orchestrating a
large Ponzi scheme that spanned decades and spun a web of phantom wealth.
1000’s of buyers with Madoff’s as soon as-respected advisory agency believed
their securities accounts had been price tens of billions of dollars. But
investigators say the totals on the clients’ month-to-month account statements were
fiction. In reality, Madoff by no means made investments, and as a substitute siphoned new
investors’ cash to pay returns to current ones and to fuel 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 stated furniture and any other private
belongings found inside will be sold at public sale “from pieces of artwork to
Ruth Madoff’s footwear.”
The 4-bedroom, three-bath beach home which Ubaldo described as “simple,
fashionable and understated” is at the underside of a steep, lushly landscaped
driveway off Old Montauk Freeway.
The second-floor entrance results in a small grasp bedroom with a non-public
terrace. A staircase descends to a residing room with vaulted ceilings,
uncovered beams and a stone fireplace.
A number of units of glass doorways open onto the porch. A small stone island cord shirt swimming pool that
also overlooks the Atlantic Ocean is to the left. A non-public path on the
right winds to the seashore through pine timber, rose bushes and dune grass.
The Madoffs’ interior decorating style was nautical-meets-folks art. Still on
view are American Indian rugs and pottery. A sculpture of howling wolves
stands exterior the front door; simply inside is a large picket goat. There’s a
set of antique duck decoys on a hallway table and fishing poles in a single
The poles, together with golf clubs, an old train bike, outdoor wicker chairs
and virtually every part else, have identification numbers evidence of a
painstaking stock and appraisal for public sale.