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Madoff Montauk beach house sold for more than $8.75M

Bernard Madoff's beach house in Montauk (Sept. 3,

Bernard Madoff's beach house in Montauk (Sept. 3, 2009) Photo Credit: Newsday / Karen Wiles Stabile

Bernard Madoff once slept there. Soon, someone else will.

The imprisoned swindler's Montauk home, located on a beach with sweeping views of the Atlantic Ocean, has been sold for more than the $8.75 million asking price, a spokeswoman for broker Corcoran Group said Thursday.

Though the property is under contract, the name of the buyer and the purchase price are not being disclosed "to protect the integrity of the sale," U.S. Marshal Joseph Guccione said in a statement.

According to Anne Lacombe, a spokeswoman with the Corcoran Group, the listing attracted an onslaught of responses and numerous bids, adding that the highest bid was taken. The property was on the market for two weeks, and buyers were required to pay cash.

The house, a 1.2-acre oceanfront property at 216 Old Montauk Hwy., is modest by Hamptons standards, but it boasts stunning views of the Atlantic Ocean and was built closer to the beach than zoning laws now allow.

"These kind of properties are very rare," Lacombe said.

Sale proceeds will help reimburse victims of Madoff's multibillion-dollar Ponzi scheme.

The government is also selling two other homes owned by Madoff. A 4,000-square-foot duplex penthouse on Manhattan's Upper East Side is listed for $9.9 million by Sotheby's International Realty. It has drawn several seriously interested potential buyers, said Anne Corey, the broker representing that property.

Madoff's 8,750-square-foot home in Palm Beach, Fla., is listed for $8.49 million by Corcoran.

Madoff, 71, is serving a 150-year sentence in a medium- security prison in Butner, N.C.

With AP

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