Madoff Mansion Sold In Palm Beach Florida

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The Madoff Mansion was sold after being a year on the market.


The Madoff Mansion is located at 410 N Lake Way in Palm Beach Florida. 
It is a 5 bedroom, 7.5 bathrooms and is 8,800 square feet. 

The original listing price was $8.9 Million.  It was reduced to $6.9 Million. After a year on the market it got an offer and was closed this past Friday for $5.56 Million.

Palm Beach has seen some decline in market values but not that much compared to other parts of the county. Donald Trump sold a mansion in Palm Beach for $95 Million to a Russian billionaire in 2008. 

All of the proceeds from the sale of the mansion will go to the victims of his Ponzi scheme. Bernie Madoff who is 72 years old is serving a 150 year sentence in jail. 




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Copyright © By Katerina Gasset 2010*Madoff Mansion is Sold in Palm Beach Florida* 


 

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Luxury Properties $750k+
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Diary of a Realtor
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Rainmaker
217,258
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

Such greed..............sad for the families.  Always someones loss can be someones gain

Oct 17, 2010 06:39 AM #1
Rainmaker
120,327
Patsy Overton
Patsy Overton Interiors, Atlanta, Georgia - Duluth, GA

I'm glad to see the profits are going to his victims.  What will they each get...  about 25 cents?

Oct 17, 2010 06:40 AM #2
Rainmaker
158,670
Deborah "Dee Dee" Garvin
C2 Financial - San Diego, CA
C2 Financial

Katerina,  Since the $$$ are going to his many, many victims I certainly wish it would have sold for more.  Seems they can't catch a break:  First Madoff takes them to the cleaners, than the market tanks and takes away a large portion of any restitution.  

Oct 17, 2010 07:07 AM #3
Rainmaker
420,159
Robert Schwabe
EXP Realty - Orange Park, FL
Orange Park Real Estate

Katerina - It's great to see the proceeds go to the Ponzi scheme victims. I'm sure it will be a very small sum of money each victim gets.

Oct 17, 2010 07:10 AM #5
Rainer
85,164
Kim McMahon
Executive Realty Group - Skokie, IL

Katerina~  I second all the comments above. At least there will be some, however small restitution to his victims.

Oct 17, 2010 07:45 AM #6
Ambassador
200,966
Tammy Pearce
Haute Realty 214-994-6474 - Dallas, TX
Tammy Pearce

I agree as well!  I hope they can find other items to sell as well.

Oct 17, 2010 08:11 AM #7
Ambassador
1,366,564
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

Did he owned the property outright?

Oct 17, 2010 08:19 AM #8
Ambassador
2,675,210
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Tammy- Yes, there are auctions going on to sell all of his belongings. Katerina

Oct 17, 2010 12:24 PM #9
Rainmaker
153,300
Kathy Knight
Intracoastal Realty Corp - Wilmington, NC
BROKER, ABR, CRS, GRI, SFR, SRES

Katerina - great blog. Was wondering if that house had sold...

Oct 17, 2010 01:33 PM #10
Rainer
174,571
Betsy Schuman Dodek
Washington Fine Properties - Washington DC Area Real Estate - Potomac, MD
SearchPotomacHomes.com

It is so incredibly sad for the victims. I hope his belongings fetch some serious cash!

Oct 17, 2010 01:53 PM #11
Rainmaker
2,394,939
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

It probably isn't much money compared to how much he bilked people out of, but at least they will get something back...

Oct 17, 2010 02:08 PM #12
Ambassador
1,703,460
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Such a sad story.  This is nothing in comparison to what his victims lost.

Oct 17, 2010 02:41 PM #13
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I hope we have some stricter standards/rules/regulations...

At least some relieft for victims (nothing compared to what they lost, but...)

Oct 17, 2010 05:11 PM #14
Ambassador
2,675,210
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Praful- We had very strict standards/rules/regulations. There was plenty of oversight, there were plenty of complaints, there was plenty of red flags but the New York SEC chose NOT to act on those. They chose to look the other way. It is not that there are not enough rules- there are more than enough- it is that they are not enforced, people are paid off to look the other way, etc. 

They say that this was the biggest Ponzi scheme ever but Madoff is just a scapegoat for the real ponzi scheme, the one that has been played by Banksters and Congress on the American People. Again, plenty of rules, no one enforcing them and everyone patting each other on the bank up there on the hill. Katerina

Oct 17, 2010 06:29 PM #15
Ambassador
749,610
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Katerina... I saw this come across one of my alert updates the other day. And you hit the nail on the head with your response to Praful... many red flags were ignored... that part just ticks me off...

jeff belonger

Oct 18, 2010 04:44 PM #16
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