Bernard Madoff's Beach House Listed For $8.75 Million

The Associated Press got a tour of Bernard Madoff's Montauk beach home and breaks the news: "Those who see Bernard Madoff as an evil purveyor of excess might be disappointed by his beach house: It's not that palatial." However, the U.S. Marshals Service says the house will be listed for $8.75 million, over $5 million more than what Madoff said the house was worth.

The four-bedroom, three-bath home is a little over 3,000 square feet and sits on 1.2 acres—"A staircase descends to a living room with vaulted ceilings, exposed beams and a stone fireplace. A tired set of leather couches, kitchen appliances and bathroom fixtures appear to date to the 1980s." It also has a pool and is close to the surf. U.S. Marshal Joseph R. Guccione said, "Our goal is to place the homes on the market soon to minimize the amount of time they remain in our inventory and maximize the return to the victims.” All the items from the beach house, including Ruth Madoff's shoes, will be auctioned off.

The Marshals seized the Madoffs' Upper East Side apartment in July.

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By Jen Chung in News on September 1, 2009 6:10 PM

Comments [rss]

dkim2015

that shouldn't be worth $8 mil. It's super inflated and should be around $5.

Dwayne Hoover

I wonder if the poor sucker who buys this realizes its the *only* house in the immediate area built below the Hither Hills rise (which is at least 50 ft vertical) without any dune protection. Thus, even in a very strong Northeaster or a Cat 1 Hurricane coming ashore just to its west, its very possible the house will be flooded and possibly wiped away.

On the other hand, if you're willing to pay $8.75 million for this place, maybe you won't care....

Clarice City

I want the ducks. Everyone, back the fuck off the wooden ducks.

sexisicilian

That duck is missing an eye:(

Clarice City

...and feet. Someone get PETA on the phone. Bernie Madoff has a flock of abused ducks in his home. Duck abuse? He has truly bottomed out.

Theodore Wirth

What planet does AP live on? Most New Yorkers would be comatose if they could spend less than half of their take home pay for a studio with windows, running water (NOT from the ceiling) AC, consistent heat and an identifiable owner of the building. Jeez.

NannyState

It's worth more because of all the lovin'.

Think2wice

Re: pic #1

♫

When I show them round my house, to my bed

I had it made like a mountain range

With a snow-white pillow for my big fat head

♫

[mis]inheritance

The price tag of 8+ million for the home is absolutely ridiculous! Give it a year and I wouldn't be surprised if the home's value goes to under 2 million--one million less than what Madoff says its worth now.