Madoff Palm Beach home sale closes for $5.65 million
The sale of the former island residence of Bernard and Ruth Madoff, once valued by the infamous Ponzi schemer himself at over $11 million, closed Friday, with the house going for $5.65 million.
“Today’s sale marks another important step forward for the government,” said Joseph R. Guccione,
The as-yet-unnamed buyer, who has a home in California, purchased the property through a limited liability corporation and paid more than the $5.39 million appraised value of the seven-bedroom, five-bath lakefront house as calculated by the Palm Beach County Property Appraiser’s Office.
Mary Boykin of Sotheby’s International Realty’s
The house, which has a swimming pool and deepwater dockage along the Intracoastal Waterway, had been on the market for 13 months through brokers Jim McCann and Burt Minkoff of Corcoran’s
The initial asking price in September 2009 was $8.9 million, but had been lowered to $6.5 million recently. Ruth Madoff is listed as the owner of the
It is the last of three Madoff-owned real-estate holdings to be unloaded by the government, which confiscated all the fraudulent financier’s assets shortly after his April 2009 sentencing to 150 years in prison. A
Automobiles, boats, jewelry, artwork, furniture and other personal property of the Madoffs have been offered at auctions over the past year in
An auction of Madoff property from the Montauk and
Furnishings, artwork and other items from the Madoffs’
“This sale marks the final disposition of all the properties related to the Bernard L. Madoff case. We will continue to dispose of the remaining assets with the goal of receiving maximum gain for the victims of this crime,” said Supervisory Deputy Roland Ubaldo of the