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October 23rd, 2009

Update1: Madoff’s Beach House Sells for $9.41 Million



UPDATE1: Bernie Madoff’s Long Island beach house has been sold — and it managed to fetch even more than the asking price of $8.75 million. Real-estate investor Steven Roth out bid three other individuals to claim stake to the disgraced investor’s 1.2 acre beach-front property.

The proceeds of the sale will be used to help pay back Madoff’s many victims.

Does the fact Madoff’s home sold for nearly $1 million more than the asking price suggest that people are still enamored by the Madoff story? Now doesn’t really seem like the most ideal time to be snatching up a $9.41 million beach house…what do you think?

(hat tip: Dawn Wotapka)

Original Post, “Oh What Stolen Money Can Buy,” published on 09/09/2009: That’s how one Fox reporter described the vast grandeur and luxury of Bernie Madoff’s Florida estate. U.S. Federal Marshalls have released a new video of the fraudster’s Palm Beach mansion and his penthouse apartment in New York City. Since his arrest, all of Madoff’s property — from his homes, to his cars, to his furniture — has been seized and will be sold by U.S. officials in order to pay back Madoff’s many victims.

If you need another reason to despise the man behind the largest Ponzi scheme in history, you can also watch the U.S. Marshalls’ video of his Montauk, Long Island beach house.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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