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Madoff's beach house; photograph by Robert Mecea/AP
We guess there is a sucker born every minute. The brokers handling the sale of Ponzi schemer Bernard Madoff's Montauk beach house say they've sold the property for over its $8.75 million asking price. The house is right on the beach (on 1.2 acres) with 4 bedrooms and 3 bathrooms, but it's not an over-the-top marble palace either. One commercial broker had told the Times a few weeks ago, "They're not going to get 7, not in this environment. If they get 5.5, they should take the money and run."
However, Corcoran broker Joan Hegner tells ABC News that "several buyers submitted sealed, final offers, and the U.S. Marshals Service selected the winner. She declined to reveal the name of the buyer or the amount of the winning offer." Apparently the home attracted a lot of interest after the Marshals gave a tour to the media (hint to brokers: imply apartments lingering on the market belong to con men/women!). Hegner added that the contract is signed but "We cannot reveal any of the price details until after it closes."
The proceeds of the home's sale will go to Madoff's victims; also on the market are his Upper East Side penthouse and Palm Beach estate.
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The broker wasn't supposed to recieve a commission on this so what's the point of working on it? Unless, of course, they get anything OVER the asking price.
PR.
The house will be knocked down; it was the lot that the buyer wanted. The available beachfront east of Amagansett is incredibly valuable. Think back to Warhol's property a few years ago - shitty houses but unbelievable locations.