Madoff Home on Market: Long Island Mansion, 4.2 Acres, Selling for $4.5M

Tuesday, 28 May 2013 11:00 AM

By Clyde Hughes

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When a multimillion-dollar mansion in the village Old Westbury on Long Island hits the market, big spenders will take note, but would they still consider it knowing convicted embezzlers Bernard and Peter Madoff formerly owned it?

Peter Madoff's five-bedroom $4.495 million home that sits on 4.2 acres is now on the market, along with various other Madoff properties, to help recover money for the Madoff victims' compensation fund. The property has a pool, tennis court, elevator, and a cottage/pool house in the rear.

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So far, the U.S. Justice Department has recovered more than $2.3 billion for Madoff victims. A separate fund for property and proceeds associated with Bernard L. Madoff Investment Securities is being administered by Irving Picard and has recovered $9.345 billion.

U.S. Marshals seized Peter Madoff's residence after a judge sentenced him in December to 10 years in prison and ordered him to forfeit all of his and his family's assets to pay back the victims of his brother's Ponzi scheme, The New York Times reported.

Peter Madoff, who worked as the chief compliance officer at a firm owned by his older brother, pleaded guilty to a number of crimes last year, including falsifying documents and lying to regulators.

Other properties the brothers owned have already been sold, including Bernard Madoff’s Manhattan apartment, went for $8 million, and Peter Madoff's Park Avenue apartment, which brought in $4.6 million. Some of the brothers' personal items have also fetched big money, such as Bernard Madoff's Mets jacket, which sold at the auction in 2009 for $14,500.

A former Madoff vacation home has recently proven to be a solid investment for the original buyer, who just sold BernieMadoff’s Palm Beach, Fla. vacation home for $9.07 million; originally, the buyer acquired it for $5.65 million in 2010.

Florida-based Algonquin Partners LLC bought the property recently, with an address in care of Diana Tralango at a professional office building in Garden City, N.Y., according to the deed recorded last week by the Palm Beach County Clerk’s office.

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Related stories:

Madoff: I Wish I Hadn’t Pleaded Guilty

SEC Off the Hook in Suit Filed by Madoff Victims

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