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January 28, 2015
Madoff’s Lengthy Island Seaside Home Put Up On the market
Author: Associated Press
At 3,014 sq. toes, the home is cottage-measurement by superrich requirements. Its
furnishings look as outdated as Madoff’s decades-lengthy fraud. There’s no storage.
Not even a walk-in closet.
But the 1.2-acre lot sits nearer to the surf than bigger neighbouring houses
on the southeastern tip of Long Island. And the house options a grand,
columned porch with gorgeous views undeniable promoting factors.
The US Marshals Service, which seized the property just east of the Hamptons
on 1 July, places it available on the market this week to help pay back traders burned
by Madoff’s epic fraud.
Additionally they plan to soon enlist brokers to search out consumers for a Manhattan condo
and a Palm Seaside property once owned by the financier-turned-felon.
In estimates that federal regulators filed last 12 months, Madoff valued his
Manhattan apartment at $7m and the Florida property at $11m. He mentioned the
Montauk beach home, which he purchased in 1979, was price $3m.
Federal authorities imagine the seaside property might convey closer to $8m.
Whether Madoff’s notoriety hurts or helps stays to be seen.
“Our aim is to position the properties in the marketplace quickly to minimize the amount of
time they remain in our stock and maximize the return to the victims,”
US Marshal Joseph R. Guccione stated yesterday.
Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a
huge Ponzi scheme that spanned many years and spun an online of phantom wealth.
Thousands of investors with Madoff’s once-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 were
fiction. In actuality, Madoff by no means made investments, and instead siphoned new
investors’ money to pay returns to current ones and to gas 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 furnishings and any other private
belongings found inside will likely be offered at public sale “from pieces of art to
Ruth Madoff’s sneakers.”
The 4-bedroom, three-bath beach house which Ubaldo described as “simple,
stylish and understated” is at the bottom of a steep, lushly landscaped
driveway off Old Montauk Freeway.
The second-flooring 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.
Several sets of glass doorways open onto the porch. A small swimming pool that
additionally overlooks the Atlantic Ocean is to the left. A private path stone island puffa jacket red on the
right winds to the seashore through pine timber, rose bushes and dune grass.
The Madoffs’ interior decorating style was nautical-meets-people artwork. Still on
view are American Indian rugs and pottery. A sculpture of howling wolves
stands exterior the entrance door; just inside is a large wood goat. There’s a
set of antique duck decoys on a hallway desk and fishing poles in one
The poles, together with golf clubs, an outdated exercise bike, outside wicker chairs
and just about every part else, have identification numbers evidence of a
painstaking stock and appraisal for public sale.