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Madoff's Long Island beach house put up for sale

world Updated: Sep 01, 2009 19:57 IST
Bernard Madoff

Those who see Bernard Madoff as his beach house might disappoint the personification of greed and excess: It's not that palatial.

At 280 square meters, the home is cottage-size by super rich standards. Its furnishings are look as old as Madoff's decades-long fraud. There's no garage. Not even a walk-in closet.

But the 0.49-hectare lot sits closer to the surf than larger neighbouring homes on the southeastern tip of Long Island. And the house features a grand, columned porch with stunning views - undeniable selling points.

The US Marshals Service, which seized the property just east of the Hamptons on July 1, puts it on the market this week to help pay back investors burned by Madoff's epic fraud.

They also plan to soon enlist brokers to find buyers for a Manhattan apartment and a Palm Beach, Fla, estate once owned by the financier-turned-felon.

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

Federal authorities believe the seaside property could bring closer to $ 8 million. Whether Madoff's notoriety hurts or helps remains to be seen.