Tags: bernie madoff | hamptons home

Madoff's Hamptons Home Finally Sells

Madoff's Hamptons Home Finally Sells
A Hamptons, New York, beachfront home similar in style to the one owned by fraudster Bernie Madoff (Dreamstime)

By    |   Tuesday, 24 January 2023 02:01 PM EST

Thirteen years after Ponzi schemer Bernie Madoff sold his Montauk, New York, home to its original developer, the Hamptons oceanfront property has finally sold, the New York Post reports.

Initially listed for $21 million, the home entered into contract Tuesday. The buyer and final sale price are not yet known.

Madoff was forced to sell the 3,000-sqare-foot house when he started his 150-year prison sentence to the original real estate developer for $10 million. It has been on and off the market for the past four years, with the last asking price of $16.5 million.

Proceeds from that sale helped repay investors who lost their savings in Madoff’s $65 billion scheme.

Situated on 1.5 acres, the three-bedroom house has its own 180-foot water frontage, a heated swimming pool, an eat-in kitchen, and a two-story living room with a stone fireplace, skylights and vaulted ceiling. It was fully renovated in 2011.

Madoff purchased the home for $250,000 in 1980, which would be nearly $1 million today.

The NYP reached out to listing broker Tim Davis of the Corcoran Group for details on the sale but had not heard back at deadline.

Madoff’s $18.5 million Fifth Avenue, New York, penthouse, meanwhile, was recently taken off the market due to a lack of interest. It is owned by real estate investor Lawrence Beneson.

Madoff died in prison of natural causes on April 14, 2021, at age 82.

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StreetTalk
Thirteen years after Ponzi schemer Bernie Madoff sold his Montauk, New York, home to its original developer, the Hamptons oceanfront property has finally sold, the New York Post reports.
bernie madoff, hamptons home
235
2023-01-24
Tuesday, 24 January 2023 02:01 PM
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