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Madoff’s Lengthy Island Seashore House Put Up For sale

Author: Related Press
At three,014 sq. feet, the house is cottage-measurement by superrich standards. Its
furnishings look as old as Madoff’s many years-lengthy fraud. There’s no storage.
Not even a stroll-in closet.

But the 1.2-acre lot sits closer to the surf than larger neighbouring properties
on the southeastern tip of Lengthy Island. And the home options a grand,
columned porch with stunning views undeniable selling factors.

The US Marshals Service, which seized the property simply east of the Hamptons
on 1 July, places it available on the market this week to assist pay back buyers burned
by Madoff’s epic fraud.

In addition they plan to quickly enlist brokers to search out buyers for a Manhattan apartment
and a Palm Seaside estate as soon as owned by the financier-turned-felon.

In estimates that federal regulators filed last year, Madoff valued his
Manhattan apartment at $7m and the Florida property at $11m. He mentioned the
Montauk beach house, which he purchased in 1979, was worth $3m.

Federal authorities believe the seaside property might convey nearer to $8m.
Whether Madoff’s notoriety hurts or helps stays to be seen.

“Our goal is to place the homes in the marketplace soon to minimize the amount of
time they remain in our inventory and maximize the return to the victims,”
US Marshal Joseph R. Guccione mentioned yesterday.

Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a
massive Ponzi scheme that spanned decades and spun an online of phantom wealth.

1000’s of investors with Madoff’s as soon as-respected advisory firm believed
their securities accounts have been worth tens of billions of dollars. But
investigators say the totals on the clients’ month-to-month account statements had been
fiction. In reality, Madoff never made investments, and as an alternative siphoned new
investors’ money to pay returns to present ones and to gasoline a life of

Madoff’s punishment included a forfeiture order that stripped him and his
spouse, Ruth, of nearly all their wealth.

Deputy US Marshal Roland Ubaldo said furniture and any other personal
belongings found inside shall be sold at public sale “from items of art to
Ruth Madoff’s footwear.”

The 4-bedroom, three-bath beach home which Ubaldo described as “simple,
stylish and understated” is at the bottom of a steep, lushly landscaped
driveway stone island badge white off Old Montauk Freeway.

The second-ground entrance leads to a small master bedroom with a personal
terrace. A staircase descends to a living room with vaulted ceilings,
uncovered beams and a stone fireplace.

A number of sets of glass doors open onto the porch. A small swimming pool that
additionally overlooks the Atlantic Ocean is to the left. A private path on the
right winds to the seashore by pine trees, rose bushes and dune grass.

The Madoffs’ interior decorating taste was nautical-meets-folk artwork. Still on
view are American Indian rugs and pottery. A sculpture of howling wolves
stands outdoors the entrance door; just inside is a large wooden goat. There’s a
set of antique stone island badge white duck decoys on a hallway desk and fishing poles in a single

The poles, together with golf clubs, an previous exercise bike, out of doors wicker chairs
and nearly every part else, have identification numbers evidence of a
painstaking inventory and appraisal for auction.