Bernie Madoff's Palm Beach Home Finally Under Contract

by Deidre Woollard (RSS feed)
Oct 14th 2010 at 10:01PM

it took a while but Bernie Madoff's three homes have all finally found buyers. Last to go was Madoff's Palm Beach, Florida home which is now under contract.

In February of this year, the Ponzi schemer's New York City penthouse was sold to Al Kahn, the CEO of 4Kids Entertainment. That home had been most recently listed at $8.9 million, $1 million off the original price. Madoff's Montauk house sold for $9.41 million around a year ago, more than the $8.75 million for which it was listed.

Madoff's Palm Beach home was built in 1973 and has five bedrooms and seven bathrooms. The property has a private dock on the shore of Lake Worth. The Corcoran listing says that the home was purchased and renovated by developer Michael Burrows in the early 90s and features many of his signature classic features. The upstairs master suite has 17' ceilings, separate dressing rooms and bathrooms with a balcony running the width of the house overlooking the great Banyan tree. Outside there is a pool facing the intracoastal. This home was first listed in 2009 for $8.49 million but the price was most recently $6.5 million. It was bought in 1994 for $3.8 million under the name of Madoff's wife, Ruth. The sale price has not been disclosed.

As with Madoff's other homes and his yachts, sale proceeds will go toward the victims of his Ponzi scheme. He is currently serving a 150-year sentence at a federal prison in North Carolina.

Gallery: Bernie Madoff in Palm Beach