Madoff's brother selling LI mansion among other holdings
Bernard Madoff's brother, Peter, who is facing a large lawsuit by the bankruptcy trustee reclaiming funds lost by investors in Bernie's Ponzi scheme mess, has put some big chunks of real estate up for sale, including his spacious Old Westbury mansion, public records show. The Old Westbury home, which Peter Madoff owns with his wife, is listed for $6.5 million, according to information taken from public records, which noted that the stucco dwelling has taxes of $74,980. Credit: Nassau County
Bernard Madoff's younger brother, Peter, faced with a massive lawsuit by the trustee cleaning up the Ponzi scheme, is selling off his Old Westbury mansion and other large chunks of his real estate holdings, according to public records and real estate reports.
Peter Madoff's 14-room manse on Pheasant Run in Old Westbury has been listed for sale at $6.5 million, according the Multiple Listing Service of Long Island Inc. The home, built in 1935 and located on just over 4 acres of property, has taxes of $74,980, according to the listing service. The couple purchased the home for about $2.5 million in 1990, court records show.
Last month, Peter Madoff, 65, and his wife, Marion, sold their Palm Beach, Fla., home for $5.5 million, according to the Palm Beach Daily News. The Palm Beach sale was also mentioned in recent Manhattan bankruptcy court filings against various Madoff family members by trustee Irving Picard.
In 2009, Picard sued Peter Madoff and other relatives, including his sister-in-law Ruth Madoff, in an effort to recoup $250 million that the trustee said was stolen from customers of Bernard Madoff while he ran a giant Ponzi scheme. Picard separately sued Marion Madoff last year for $14.1 million of what he alleged were customer funds paid out to her in the form of salary for a non-show job and various corporate credit card charges at expensive boutiques. Both suits are still pending.
Picard also alleged Peter Madoff and his wife used $714,000 in customer funds to pay off their mortgage. Both Peter Madoff and his wife have denied any wrongdoing or awareness of the Ponzi scheme. Bernard Madoff is serving 150 years in federal prison.
In his quest to recoup customer funds, Picard also took title to a $250,000 Aston Martin that was kept at Peter Madoff's Palm Beach home, bankruptcy court records show. The vehicle, similar to one used in James Bond movies of the 1960s, is slated to be sold at a large luxury car auction in August in Monterey, Calif.
The sale of Peter Madoff's assets could be an indication that he and his wife are close to settling the Picard lawsuit. Charles Spada, the Manhattan attorney for Peter Madoff, didn't return a number of telephone and email requests for comment.
