Madoff Beach House Sells for $9.41M

The Long Island beach home formerly owned by the infamous Bernard Madoff has sold for $9.41 million and the money will go to a fund that will help defrauded investors to get back on their feet. Madoff was convicted of orchestrating an enormous multi-billion dollar Ponzi scheme and will spend the rest of his life in prison.

Image: Newscom

Although the sale of the house was announced a month ago, neither the identity of the buyers nor the price of the home was released. A statement made by the U.S. Marshals Service, which is in charge of the Department of Justice’s criminal forfeiture program, did not give the identity of the buyer.

Madoff’s Montauk, New York beach home features impressive views of the Atlantic Ocean and was listed for $8.75 million by the Corcoran Group on September 1. The four-bedroom, three-bathroom, 3,000-square-foot home, which was only on the market for two weeks, attracted several bids from buyers perhaps interested in owning the notorious criminal’s property.