Madoff mansion moves for more than asking price

Posted Sep 17th 2009 6:00PM by Tom Johansmeyer
Filed under: Scandals, Housing

Disgraced Ponzi schemer Bernie Madoff's (former) Montauk, Long Island home is no longer on the market. A buyer willing to pay more than the $8.75 million asking price has picked up the property, only two weeks after the U.S. Marshals Service listed it for sale.

Anne Lacombe, spokeswoman for the Corcoran Group, a real estate broker involved in the transaction, said the home was under contract for more than asking but did not have information on the exact amount, buyer or closing date, according to the Associated Press.

The 3,000 sqft property was put on the market September 1, 2009, and the proceeds are going to be used to compensate Madoff's victims. Numerous bids came in, according to Lacombe, and the highest was accepted. While the home's former owner attracted plenty of attention, it really was the location and views that sold the property, she said. It sits on a 1.2 acre lot, has four bedrooms and boasts fantastic ocean views. The home is closer to the ocean than is now permitted under zoning laws.

For buyers still interested in procuring a piece of Madoff history, his five-bedroom waterfront home in Palm Beach, Florida is still up for grabs – at an asking price of $8.5 million. Also, the Manhattan penthouse has generated some serious leads at $9.9 million, according to Anne Corey of Sotheby's International Realty, which is the broker involved with that property.

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