05/10/2022

Milli News

Wonderful Home Design

Bernie Madoff’s Former Hamptons Home Back on the Market for .5M

Bernie Madoff’s Former Hamptons Home Back on the Market for $22.5M

Can “stunning ocean views” make customers overlook that this beachfront residence in the Hamptons after belonged to massive-time fraudster Bernie Madoff?

The Ponzi schemer who died in jail owned some worthwhile serious estate prior to the collapse of his large scam.

His Montauk, NY, seaside residence was seized by the U.S. governing administration just after he was sentenced to 150 yrs in prison for conning countless numbers of buyers out of billions of dollars. He died in 2021.

The 3-bedroom, a few-lavatory abode past altered hands in 2009 for $9.4 million, effectively about the $8.75 million inquiring price tag. Proceeds from the sale, which was overseen by the U.S. Marshals Services, went to Madoff’s victims.


The home, considerably enhanced considering that its Madoff days, is now offered for a significant $22.5 million.

’80s makeover

In 2011, the proprietors, documented to be developer Steven Roth and theater producer Daryl Roth, tapped designer Thierry Despont to renovate the circa 1980s residence, which Madoff and his wife, Ruth, reportedly bought for $250,000 in 1980.

Described as “a 1980s dump established in a incredible location” by Forbes magazine, the bungalow sits just 150 ft from the Atlantic Ocean. That, apparently, is no for a longer time authorized. It’s also a flood hazard, in accordance to CNN.

Bernie Madoff’s previous beach front household

Real estate agent.com


A lot more FROM Realtor:


When Madoff owned the household, it had Formica counters, dated baths, and a kitschy fire with a concealed Tv set panel. Right after the down-to-the-studs transformation, the beach pad now capabilities a residing space with a barrel-vaulted ceiling and a stone fireplace.

Living room with a barrel-vaulted ceiling

Realtor.com

The white take in-in kitchen with plentiful counter area capabilities entry to a patio, and the most important bedroom opens to a terrace.

Outdoors, there is a pool and a cabana with a health and fitness center.

Kitchen and eating place

Realtor.com

Bed room

Realtor.com

Bathtub

Realtor.com

The owners have struggled to find a purchaser for the reimagined place with an infamous past.

The waterfront abode was originally shown for $21 million in 2018. The price dropped to $19.9 million in 2019 and $17.9 million in 2020. Now it truly is back again on the market with a 25% value boost. Will a customer be equipped to banish views of Madoff? Stay tuned.

The write-up Bernie Madoff’s Former Hamptons Property Back again on the Market place for $22.5M appeared first on Genuine Estate Information & Insights | realtor.com®.