62° Good Morning
62° Good Morning
Hello, we've upgraded our systems.

Please log back in to enjoy your subscription. Thank you for being part of the Newsday family.

Forgot your password? We can help go here.

Log in
Long IslandSuffolk

Madoffs' Montauk home sells for $9.41M, $1M above list

Bernard and Ruth Madoff's beachfront home in Montauk fetched $9.41 million in a sale that was completed last month, federal officials disclosed Friday.

The list price for the 4,000-square-foot modern home, complete with swimming pool, was originally set at $8.75 million Sept. 1 by the Corcoran Group, which placed the property on the market in cooperation with the U.S. government effort to raise cash for Madoff's victims. The sale was completed Sept. 18.

Back in September, officials with the U.S. Marshals Service would only disclose that the property had been sold above the list price but wouldn't disclose the exact amount or the buyer to ensure the integrity of transaction. Friday's statement by the Marshals Service also didn't disclose the buyer's name.

Two other pieces of Madoff real estate, the penthouse in Manhattan and a Palm Beach home, are also up for sale at $9.9 million and $8.49 million respectively.

Proceeds from the sale of the Madoff homes, boats and personal property are going into a pot of assets that will be used to reimburse thousands of cheated investors who lost between $13 billion to $18 billion in the Ponzi scheme. Madoff is now serving 150 years in federal prison.

Latest Long Island News