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.