Bernie Madoff’s Hamptons home was finally bought after disgraced Ponzi con man was forced to sell
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The Hamptons home of the disgraced Bernie Madoff has finally found a buyer after a 13-year wait.
Madoff, who died in 2021 while serving a 150-year prison sentence, was forced to sell the property in 2009 for just $9.41 million to Steven Roth, principal of the property’s original developers, Vornado Realty Trust.
The 3,000-square-foot property sits on the oceanfront in the famous Long Island town of Montauk.
He recently featured heavily in a Netflix docuseries highlighting Madoff’s crimes, “Madoff: The Monster of Wall Street.”
The Hamptons home of disgraced Ponzi scammer Bernie Madoff finally found a buyer after a 13-year wait
The sale has been handled by Tim Davis of Corcoran Group on a co-exclusive basis with Bespoke Real Estate.
Davis confirmed the news to DailyMail.com on Tuesday night.
“The house is under contract and will close in early March, all other details are confidential at this time,” he said.
The property was initially listed for sale for $21 million before lowering the price to $16.5 million. It is unknown how much the house sold for.
Madoff originally bought the house in 1980 for $250,000, according to the New York Post. That inflated price for 2023 would be close to $1 million, which means that even when Madoff sold, he made more than nine times what he would have paid for it.
The property sits on approximately 180 feet of oceanfront property and sits on approximately one and a half acres of land.
The developers who bought Madoff renovated the place in 2011, complete with a heated pool.
Madoff, who died in 2021 while serving a 150-year prison sentence, was forced to sell the property in 2009 for just $9.41 million to Steven Roth, principal of the property’s original developers, Vornado Realty Trust.
The 3,000-square-foot property sits on the oceanfront in the famous Long Island town of Montauk.
He recently featured heavily in a Netflix docuseries highlighting Madoff’s crimes, “Madoff: The Monster of Wall Street.”
The sale has been handled by Tim Davis of Corcoran Group on a co-exclusive basis with Bespoke Real Estate.
The news comes after the Madoff estate was forced to remove it from the market without a buyer.
Madoff, who ran the largest Ponzi scheme in US history, died of natural causes at the Federal Correctional Center in Butner, North Carolina, on April 14, 2021, where he was serving 12 years of a prison sentence. 150 year prison.
A year before his death, he had begged to be let out early, claiming that he was dying of kidney disease and only had 18 months to live.
The judge rejected his request, saying that he had committed one of the most heinous financial crimes in history and that he had to pay for it.
His wife Ruth was the only member of his family who supported him.
Madoff, who ran the largest Ponzi scheme in US history, died of natural causes at the Federal Correctional Center in Butner, North Carolina, on April 14, 2021, where he was serving 12 years of a prison sentence. 150 year prison.
The property sits on approximately 180 feet of oceanfront property and sits on approximately one and a half acres of land.
The developers who bought Madoff renovated the place in 2011, complete with a heated pool.
She has never divorced him, but claims she has not spoken to him since her son Mark’s suicide in 2010.
Ruth is now holed up in a $3.8 million home in Old Greenwich, Connecticut, with the family of Mark’s first wife, whom he divorced in 2000 after having two children with her. He remarried Stephanie Madoff Mack and was still married to her when he committed suicide in 2010.
Madoff robbed 37,000 victims in 136 countries of $64.8 billion, taking money from one to pay off the other, for two decades before finally being arrested in 2008 after his two adult sons turned him in. Many of his victims came from the Jewish community where Madoff had been a great philanthropist.