Bernie Madoff’s beachfront mansion is on sale for US$21 million
The house in Montauk, New York, on the easternmost tip of Long Island sold for US$9.41 million in October 2009
After Bernard Madoff’s Ponzi scheme collapsed in 2008, the US Marshals Service seized all of his family’s assets. Prosecutors estimated the scale of the fraud to be $64.8 billion, based on the accounts of his 4,800 clients.
Among the silverware, jewellery, cars and boats, authorities took possession of a relatively modest, 3,000-square-foot (278-square-metre) beachfront home in Montauk, New York, on the easternmost tip of Long Island.
After a brief time on the market, the house sold for US$9.41 million in October 2009 to Steven Roth, the chairman and CEO of Vornado Realty Trust, and his wife Daryl, a Broadway producer. (Proceeds of the sale went to help pay back Madoff’s victims.)
Roth had renovated the house with the help of interior architect and designer Thierry Despont. Less than a decade after buy it, the couple has put it on the market for US$21 million, listing it with Corcoran brokers Gary DePersia and Joan Hegner.
The property
The house sits on 1.5 acres (0.6 hectares) almost directly on the beach, accessed via a paved drive, with 180 feet (55 metres) of Atlantic frontage. In a 2013 article about the home’s renovation in Architectural Digest, Daryl Roth is quoted as saying that it’s “right on the sand”.