Disgraced Ponzi schemer Bernie Madoff’s Hamptons home has finally found a buyer after 13 years of waiting.
Madoff – who died in 2021 while serving a 150-year sentence – was forced to sell the property in 2009 for just $9.41 million to Steven Roth, head of the property’s original developers, Vornado Realty Trust.
The 3,000 square foot property is located on the oceanfront of the famous Long Island village of Montauk.
It was recently featured heavily in a Netflix documentary highlighting Madoff’s crimes, Madoff: The Monster of Wall Street.
Disgraced Ponzi schemer Bernie Madoff’s Hamptons home has finally found a buyer after 13 years of waiting
The sale was handled by Tim Davis of Corcoran Group in co-exclusivity with Bespoke Real Estate.
Davis confirmed the news to on Tuesday night.
“The house is under contract and will close in early March, all other details are confidential at this time,” he said.
The property was originally listed for $21 million before the price was reduced to $16.5 million. It is not known what the house was sold for.
According to the New York Post, Madoff originally bought the home in 1980 for $250,000. That inflated price for 2023 would be nearly $1 million, meaning even selling Madoff he made more than nine times what he would have paid for it.
The property sits on approximately 180 feet of oceanfront property and is set on approximately an acre and a half of land.
The developers, who bought from Madoff, renovated the place in 2011, complete with a heated swimming pool.
Madoff – who died in 2021 while serving a 150-year sentence – was forced to sell the property in 2009 for just $9.41 million to Steven Roth, head of the property’s original developers, Vornado Realty Trust
The 3,000 square foot property is located on the oceanfront of the famous Long Island village of Montauk
It was recently featured heavily in a Netflix documentary highlighting Madoff’s crimes, Madoff: The Monster of Wall Street.
The sale was handled by Tim Davis of Corcoran Group in co-exclusivity with Bespoke Real Estate
The news comes after Madoff’s estate was forced to take it off the market without a buyer.
Madoff, who ran the largest Ponzi scheme in US history, died of natural causes on April 14, 2021 at the Federal Correctional Facility in Butner, North Carolina, where he was serving 12 years after a 150-year sentence.
A year before his death, he had asked for an early release, claiming he was dying of kidney disease and had just 18 months to live.
The judge denied his request, saying he had committed one of the most egregious financial crimes in history and must pay for it.
His wife Ruth was the only member of his family who supported him.
Madoff, who ran the largest Ponzi scheme in US history, died of natural causes on April 14, 2021 at the Federal Correctional Facility in Butner, North Carolina, where he was serving 12 years after a 150-year sentence
The property sits on approximately 180 feet of oceanfront property and is set on approximately an acre and a half of land
The developers, who bought from Madoff, renovated the place in 2011, complete with a heated swimming pool
She never divorced him but claims not to have spoken to him since her son Mark’s suicide in 2010.
Ruth has now been hiding in a $3.8 million home in Old Greenwich, Connecticut, with the family of Mark’s first wife, whom he divorced in 2000 after having two children with her. He remarried and was still married to Stephanie Madoff Mack when he took his own life in 2010.
Madoff robbed victims of $64.8 billion from 37,000 victims in 136 countries, taking money from one to pay for the other for two decades before finally being arrested in 2008 after his two adult sons reported him had. Many of his victims came from the Jewish community in which Madoff lived and had been a major philanthropist.