Beach house formerly owned by Bernie Madoff hits market for $21 million
{{#rendered}} {{/rendered}}The current owners of Bernie Madoff's former beach house gave the place a "gut renovation" before putting it on the market. (Reuters/Google Maps)
A gorgeous ocean-front home once owned by convicted Ponzi-schemer Bernie Madoff is hitting the market for a cool $21 million.
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The house, located on the end of Long Island in Montauk, N.Y., was originally seized by the feds in 2008 following Madoff’s arrest, along with other vacation properties and assets. The U.S. Marshals Service later sold off the three-bedroom beach house for $9.41 million in 2009, using the money to pay back Madoff’s victims.
{{#rendered}} {{/rendered}}Now, current homeowners Steven and Daryl Roth — a real-estate mogul and Broadway producer, respectively — are listing Madoff’s former getaway for $21 million with Corcoran Group real estate agents Gary DePersia and Joan Hegner, Bloomberg is reporting.
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The home’s asking price reportedly reflects a “gut renovation” of the beachfront property, which currently features three bedrooms, three baths, a large living area, a window-enclosed seating area, a pool, and a deck that spans the ground floor. The 3,000-square-foot property further boasts 180 feet of Atlantic coastline, and sits on 1.5 acres.
{{#rendered}} {{/rendered}}Madoff's former home in Montauk boasts 180 feet of coastline, and sits closer to the beach than its nearest neighbors. (Google Maps)
The listing also makes clear that the homes furnishings “could be available separately,” per Realtor.com.
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Madoff pleaded guilty to criminal financial activity in 2009, and is currently serving a 150-year sentence.
{{#rendered}} {{/rendered}}On Tuesday, The New York Times announced that the Justice Department will be distributing a further $504 million to victims of Madoff’s schemes via the Madoff Victim Fund, which has so far repaid $1.2 billion in money generated from Madoff’s seized assets.