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
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
The listing agents were Joan Hegner and Raymond Hegner of Corcoran Group. Ed Petrie of Sotheby's International Realty's