Another Madoff Mansion Listed For Sale

Real Estate Agent with Starlight Realty Certified REO & Short Sale Specialist

Source: NY Daily News

Slowly, but surely the Madoff collection of mansions is diminishing. The latest luxury Madoff home to hit the market is the New York estate of Peter Madoff - Bernie Madoff's younger brother. The home is listed for $6,495,000 on the high-end Old Westbury real estate market. Current median Old Westbury home values hit a little over $1.5 million.

While most of the blame for the elaborate Ponzi scheme rests on Bernie Madoff, who is now serving several life sentences in prison, Peter Madoff hasn't escaped without scrutiny. As the former Chief Compliance Officer of Madoff's U.S. firm, he is currently the subject of a U.S. criminal investigation.

Like his brother Bernie, he owned several homes. Peter Madoff's Florida mansion recently sold for $5.5 million. Because the piece of Palm Beach real estate was under his wife's name, the proceeds did not go to the Ponzi scheme victims.

However, the sale of his New York home will contribute to the effort to pay back Madoff investors.

Peter Madoff's "elegant English manor" is situated on a little over four acres backing up to the private Glen Oaks Club golf course and is surrounded by mature foliage and landscaping. Built in 1935, the home was renovated but retains much of its historical details.

The 5-bedroom, 6-bath home has more than 7,992 sq ft of living space and includes a guest cottage and pool house on the grounds. Inside, the home includes an elevator, gracious stone entryway, sun porch, built-in bookcases and hardwood floors.

The home's grounds feature a free-form pool, tennis court and brick patio perfect for outdoor entertaining.

The listing is held by agent Margaret Trautman of Sotheby's International Realty.

Comments (1)

Robin Dampier REALTORĀ®
Coldwell Banker King - Hendersonville, NC
Hendersonville & Western NC Real Estate Source

Very impressive and happy to know that when this one gets sold it will go towards the victims.  I can't begin to imagine what the attorneys get!

Sue of Robin and Sue

Jun 03, 2011 08:20 AM