Will Madoff's Beach House Be A Teardown?
One thing Madoff's place does have is a nice 1.2 acre lot with beautiful ocean views and a sense of privacy. Given the propensity for massive rebuilds in the area I'm guessing that Madoff's home might be bought as a teardown and a new grander home built in its place.
To federal regulators last year Madoff valued the house, which be bought in 1979, at $3 million but federal authorities believe it could bring closer to $8 million. The home has four bedrooms including a master bedroom with a private terrace. A small swimming pool overlooks the ocean and there is a private path to the beach. Madoff's belongings are being boxed up and inventoried. Some items such as fishing poles and golf clubs will be later be auctioned off. All proceeds will go toward Madoff's many victims.
UDPATE: This listing is live with Corcoran for $8.75 million.
Gallery: Bernie Madoff in Montauk