Tuesday, September 01, 2009
TOM HAYS, The Associated Press,
TOM HAYS, The Associated Press,
Madoff’s Long Island beach getaway put up for sale
The U.S. Marshals Service, which seized the Montauk property just east of the Hamptons on July 1, will put the beach house on the market this week as part of an ongoing effort to pay back burned investors.
In estimates federal regulators filed last year, Madoff himself valued his Manhattan apartment at $7 million and the Florida property at $11 million. He said the Montauk beach house, which he bought in 1979, was worth $3 million.
Federal authorities believe the seaside property could bring closer to $8 million. Whether Madoff's notoriety hurts or helps remains to be seen.
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Posted by Editor on 09/01/09 at 05:59 AM •
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