Feds Selling Madoff Home!

Feds Selling Madoff Home!

Feds Selling Madoff Home!

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After pleading guilty in federal court last year to his part in his brother Bernie’s Ponzi scheme, part of Peter Madoff’s plea deal was to turn over all family assets to the feds which will be put into the victims’ fund for later distribution. That included both of his homes and all personal possessions. His New York apartment has already been sold for $4.6 million, and now his Old Westbury, New York home of 20 years has also been put back on the market with a $4.5 million price tag after there were no takers at the original $6.495 listing price. In addition to forfeiting the homes, Peter was also sentenced to 10 years in prison.

Regardless of the crime, the U.S. Marshal's Office has a routine for preparing properties like this for sale that is tedious and detailed but goes off like clockwork. According to the New York Times, the feds first change the locks and install security. A maintenance crew comes in for basic repairs and cleanup including refreshing the landscaping if necessary. Personal family items like clothes are boxed and secured in one room later to be sold, but away from the prying eyes of house hunters. Next, each item that is not part of the house itself is appraised and tagged. These items will be sold at auction after the sale of the house is finalized. Then the house is staged for the sale to appear as attractive as possible to potential buyers.

So far, sales in real and personal property just on Bernie Madoff have reached the $11.65 billion mark and going up. Though they will never recover their full losses, victims will receive at least some restitution from the infamous Madoff empire.

The Peter Madoff Long Island estate is an impressive two-story home on 4 acres sized at 7,992 square feet with 5 bedrooms and 7 baths. Built in 1935, the English-style home has a winding drive, 2-car garage, pool, formal gardens, tennis court, pool house-guest cottage, an elevator and generator.

Having been put on the market previously at $6.495 million, it has recently been relisted at $4.5 million.

Source: www.shawnelliott.com