Vornado Realty's Roth Buys Madoff's Montauk Estate

Real-estate mogul Steven Roth has bought Bernard Madoff's beach house in Montauk, N.Y., for $9.41 million, nearly 6% more than its asking price.

 

Mr. Roth, 67 years old, is chairman of Vornado Realty Trust, a real-estate investment trust that's one of the country's largest owners of retail and office space. He declined to comment.

 

Set on 1.2 acres, the shingled, 3,000-square-foot home on New York's Long Island was put on the market by U.S. Marshals in September as part of the effort to repay the victims of Mr. Madoff's Ponzi scheme. The home garnered four bids, fetching more than its $8.75 million asking price. The sale closed last Friday. The property has 182 feet of ocean frontage, four bedrooms, three baths, a deck and a pool.

 

The Madoffs purchased the land, minus some waterfront acreage, for $250,000 in the early 1980s. They later built the home and then added about 0.1 acre of waterfront for $20,000. Two other Madoff properties seized by federal authorities remain on the market: a duplex penthouse on Manhattan's Upper East Side, listed at $9.9 million, and a Palm Beach mansion, for $8.5 million.

 

The listing agents were Joan Hegner and Raymond Hegner of Corcoran Group. Ed Petrie of Sotheby's International Realty's East Hampton brokerage represented Mr. Roth.