Monday, August 3, 2009

$22 Million in Madoff's Mansions to Go on Sale

NEW YORK ( -- Nearly $22 million in Madoff real estate is about to hit the market.

The victims of the convicted Ponzi schemer Bernard Madoff are hoping for a big take because they'll share the proceeds, but whether the luxury properties will fetch as much as estimated is still an open question.

The Manhattan Penthouse:

The FBI valued Madoff's duplex on Manhattan's Upper East Side at $7.5 million, according to court filings. But appraiser Jonathan Miller of Miller Samuel has doubts.

The Long Island Beach House:

The 3,000-square-foot Montauk beach house could fare better. It's on an acre-and-a-half prime lot on a bluff above an ocean beach. And, it lies closer to the water's edge than could be built today thanks to earlier zoning regulations that were less stringent.

Based on tax assessments, some reports value the four-bedroom home at about $3.3 million. But the Feds estimated its worth to be at least $7 million, according to the Justice Department, and it may sell for more. One realtor, speaking on background, guessed it could go as high as $10 million.

Palm Beach Waterfront Retreat:

The Palm Beach house is a bit bigger with five bedrooms and seven baths contained within its 6,475 square feet. It's on a half-acre waterfront plot that borders the Intracoastal Waterway, the shipping route that runs the length of the East Coast. These protected waters are a boatman's paradise.

Despite the amenities, the value has come down a lot, as have almost all south Florida property values. The Feds listed its worth at nearly $7.5 million in court papers.


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