Bernie Madoff’s Hamptons home finally bought after disgraced Ponzi schemer was forced to sell

Author: Yuvi January 25, 2023


The Hamptons home of disgraced Ponzi schemer 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, head of the property’s original developers, Vornado Realty Trust.

The 3,000-square-foot estate rests on the oceanfront of the famous Long Island village of Montauk.

It was recently heavily featured on a Netflix docuseries highlighting Madoff’s crimes, ‘Madoff: The Monster of Wall Street.’

The Hamptons home of disgraced Ponzi schemer Bernie Madoff has finally found a buyer after a 13-year wait

The sale has been handled by Tim Davis of the Corcoran Group in a co-exclusive with Bespoke Real Estate.

Davis confirmed the news to DailyMail.com 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 $21 million before lowering the price to $16.5 million. It’s unknown what the house has sold for.

Madoff originally bought the home in 1980 for $250,000, according to the New York Post. That price inflated for 2023 would be close to $1million, meaning that even when Madoff sold he made over nine times what he would have paid for it.

The property sits on about 180 feet of oceanfront property and is situated on about an acre and a half of land.

The developers who bought from Madoff renovated the place in 2011, complete with a heated swimming pool.

Madoff - who died in 2021 while serving a 150-year prison sentence - was forced to sell the property in 2009 for just $9.41million to Steven Roth, head of the property's original developers, Vornado Realty Trust

Madoff – who died in 2021 while serving a 150-year prison sentence – was forced to sell the property in 2009 for just $9.41million to Steven Roth, head of the property’s original developers, Vornado Realty Trust

The 3,000-square foot estate rests on the oceanfront of the famous Long Island village of Montauk

The 3,000-square foot estate rests on the oceanfront of the famous Long Island village of Montauk

It was recently heavily featured on a Netflix docuseries highlighting Madoff's crimes, 'Madoff: The Monster of Wall Street.'

It was recently heavily featured on a Netflix docuseries highlighting Madoff’s crimes, ‘Madoff: The Monster of Wall Street.’

The sale has been handled by Tim Davis of the Corcoran Group in a co-exclusive with Bespoke Real Estate

The sale has been handled by Tim Davis of the Corcoran Group in a co-exclusive with Bespoke Real Estate

The news comes after Madoff’s estate was forced to take it off the market with no buyer.

Madoff, who ran the biggest Ponzi scheme in US history, died of natural causes at the Federal Correctional Facility in Butner, North Carolina on April 14, 2021, where he was 12 years into a 150-year prison sentence.

A year before his death, he’d pleaded to be let out early, claiming he was dying of renal kidney disease and that he had just 18 months left to live.

The judge denied his request, saying he’d committed one of the most egregious financial crimes in history and that he needed to pay for it.

His wife Ruth was the only member of his family to stand by him.

Madoff, who ran the biggest Ponzi scheme in US history, died from natural causes at the Federal Correctional Facility in Butner, North Carolina on April 14, 2021, where he was 12 years into a 150 year prison sentence

Madoff, who ran the biggest Ponzi scheme in US history, died from natural causes at the Federal Correctional Facility in Butner, North Carolina on April 14, 2021, where he was 12 years into a 150 year prison sentence

The property sits on about 180 feet of oceanfront property and is placed on about an acre and a half of land

The property sits on about 180 feet of oceanfront property and is placed on about an acre and a half of land

The developers who bought from Madoff renovated the place in 2011, complete with a heated swimming pool.

The developers who bought from Madoff renovated the place in 2011, complete with a heated swimming pool.

She never divorced him, but claims not to have spoken to him since their son Mark’s suicide in 2010.

Ruth is now holed up in a $3.8million house in Old Greenwich, Connecticut, with the family of Mark’s first wife, who he divorced in 2000 after having two children with her. He went on to remarry Stephanie Madoff Mack, and was still married to her when he killed himself in 2010.

Madoff robbed 37,000 victims in 136 countries of $64.8 billion, taking one’s money 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 major philanthropist.

Author: Yuvi

My name is Yuvi, I work as Sub Editor at newscinema.in

25 January, 2023, 9:18 am

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Wednesday, 25th January 2023

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