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Madoff’s Long Island Seashore Home Put Up For sale

Author: Related Press
At 3,014 sq. ft, the home is cottage-size by superrich standards. Its
furnishings look as previous as Madoff’s many years-long fraud. There’s no storage.
Not even a stroll-in closet.

However the 1.2-acre lot sits nearer to the surf than bigger neighbouring properties
on the southeastern tip of Long Island. And the home options a grand,
columned porch with stunning views undeniable promoting points.

The US Marshals Service, which seized the property simply east of the Hamptons
on 1 July, puts it available on the market this week to help pay again buyers burned
by Madoff’s epic fraud.

They also plan to quickly enlist brokers to seek out consumers for a Manhattan condominium
and a Palm Beach estate once owned by the financier-turned-felon.

In estimates that federal regulators filed final 12 months, Madoff valued his
Manhattan house at $7m and the Florida property at $11m. He mentioned the
Montauk seashore house, which he purchased in 1979, was value $3m.

Federal authorities believe the seaside property could deliver closer to $8m.
Whether or not Madoff’s notoriety hurts or helps stays to be seen.

“Our objective is to place the homes available on the market quickly to reduce the amount of
time they stay in our inventory and maximize the return to the victims,”
US Marshal Joseph R. Guccione mentioned yesterday.

Madoff, 71, was sentenced in June to a hundred and fifty years in prison for orchestrating a
huge Ponzi scheme that spanned decades and spun a web of phantom wealth.

Hundreds of traders with Madoff’s once-revered advisory agency believed
their securities accounts have been value tens of billions of dollars. But
investigators say the totals on the clients’ month-to-month account statements had been
fiction. In reality, Madoff by no means made investments, and as an alternative siphoned new
investors’ cash to pay returns to existing ones and mens stone island polo to gasoline a life of

Madoff’s punishment included a forfeiture order that stripped him and his
spouse, Ruth, of almost all their wealth.

Deputy US Marshal Roland Ubaldo mentioned furnishings and some other private
belongings found inside will be offered at public sale “from items of artwork to
Ruth Madoff’s footwear.”

The 4-bedroom, three-bath beach house which Ubaldo described as “simple,
trendy and understated” is at the bottom of a steep, lushly landscaped
driveway off Old Montauk Highway.

The second-floor entrance results in a small master bedroom with a personal
terrace. A staircase descends to a residing room with vaulted ceilings,
exposed beams and a stone fireplace.

A number of units of glass doorways open onto the porch. A small swimming pool that
additionally overlooks the Atlantic Ocean is to the left. A personal path on the
right winds to the seaside by means of pine bushes, rose bushes and dune grass.

The Madoffs’ interior decorating style was nautical-meets-folk art. Still on
view are American Indian rugs and pottery. A sculpture of howling wolves
stands exterior the entrance door; simply inside is a large wood goat. There’s a
set of antique duck decoys on a hallway table and fishing poles in a single

The poles, together with golf clubs, an old exercise bike, out of doors wicker chairs
and just about the whole lot else, have identification numbers evidence of a
painstaking inventory and appraisal for auction.