For Sale: Madoff's Montauk home. Price: $8,750,000
NEW YORK, Sept 1 (Reuters) - The oceanfront Montauk, New York home of imprisoned swindler Bernard Madoff is up for sale, and is expected to be listed for $8.75 million.
The U.S. Marshals Service, which seized the house, said on Tuesday it had chosen Corcoran Group Real Estate to sell it. Federal regulators have estimated its worth about $3 million.
The home is among thousands of Madoff assets the government hopes to sell, with proceeds going to investors hurt by Madoff's estimated $65 billion Ponzi scheme.
These assets include Madoff's penthouse apartment on Manhattan's Upper East Side and a Palm Beach, Florida home, boats, cars and personal items. Madoff's wife, Ruth, has also been stripped of most of her wealth.
"The U.S. Marshals Service is working diligently toward the disposition of the assets related to the Madoff case," Marshal Joseph Guccione said in a statement.
The Montauk home is at 216 Old Montauk Highway. It is not clear whether Madoff's notoriety might help or impede a sale, Montauk is on the eastern tip of Long Island, roughly 120 miles east of Manhattan.
Madoff is serving a 150-year sentence in a medium security prison in Butner, North Carolina. (Reporting by Jonathan Stempel)
reuters.com
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