The Madoff Mansion was sold after being a year on the market.
The Madoff Mansion is located at 410 N Lake Way in Palm Beach Florida.
It is a 5 bedroom, 7.5 bathrooms and is 8,800 square feet.
The original listing price was $8.9 Million. It was reduced to $6.9 Million. After a year on the market it got an offer and was closed this past Friday for $5.56 Million.
Palm Beach has seen some decline in market values but not that much compared to other parts of the county. Donald Trump sold a mansion in Palm Beach for $95 Million to a Russian billionaire in 2008.
All of the proceeds from the sale of the mansion will go to the victims of his Ponzi scheme. Bernie Madoff who is 72 years old is serving a 150 year sentence in jail.
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Such greed..............sad for the families. Always someones loss can be someones gain
I'm glad to see the profits are going to his victims. What will they each get... about 25 cents?
Katerina, Since the $$$ are going to his many, many victims I certainly wish it would have sold for more. Seems they can't catch a break: First Madoff takes them to the cleaners, than the market tanks and takes away a large portion of any restitution.
Katerina - It's great to see the proceeds go to the Ponzi scheme victims. I'm sure it will be a very small sum of money each victim gets.
Katerina~ I second all the comments above. At least there will be some, however small restitution to his victims.
I agree as well! I hope they can find other items to sell as well.
Did he owned the property outright?
Tammy- Yes, there are auctions going on to sell all of his belongings. Katerina
Katerina - great blog. Was wondering if that house had sold...
It is so incredibly sad for the victims. I hope his belongings fetch some serious cash!
It probably isn't much money compared to how much he bilked people out of, but at least they will get something back...
Such a sad story. This is nothing in comparison to what his victims lost.
I hope we have some stricter standards/rules/regulations...
At least some relieft for victims (nothing compared to what they lost, but...)
Praful- We had very strict standards/rules/regulations. There was plenty of oversight, there were plenty of complaints, there was plenty of red flags but the New York SEC chose NOT to act on those. They chose to look the other way. It is not that there are not enough rules- there are more than enough- it is that they are not enforced, people are paid off to look the other way, etc.
They say that this was the biggest Ponzi scheme ever but Madoff is just a scapegoat for the real ponzi scheme, the one that has been played by Banksters and Congress on the American People. Again, plenty of rules, no one enforcing them and everyone patting each other on the bank up there on the hill. Katerina
Katerina... I saw this come across one of my alert updates the other day. And you hit the nail on the head with your response to Praful... many red flags were ignored... that part just ticks me off...