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Bernie Madoff

Madoff Art Up For Auction This Weekend

Filed under: Auctions, Art

bernie madoffMore of Bernie Madoff's belongings are going up for sale this weekend. The Colorado Independent reports that on Saturday December 18 the Sonnenalp Hotel in Vail will host a "Bernie Madoff Auction of fine art, jewelry, rugs, bronzes and more." Many residents of Aspen and Vail were victims of Madoff's multi-billion dollar fraud.

The Ponzi schemer is now serving 150 years in prison. His son Mark committed suicide last week, two years to the day after his father's arrest in 2009. The auction will feature paintings by Marc Chagall, Henry Matisse, Norman Rockwell, Salvador Dali, Pablo Picasso and Peter Max, according to a mailer the Independent says was mailed to Vail residents. The auction features Bernie Madoff personal property purchased at Madoff auctions together with merchandise bought directly from victims of the Ponzi scheme and other merchandise and seized assets obtained from various government auctions." It appears that this auction is not being held by the government and is instead a sale that cashes in on the Madoff provenance. It's unclear if this auction benefits Madoff's victims.

Authorities Arrest Two More in Madoff Case

Filed under: Crimes and Misdemeanors



Two years now since the collapse of Bernie Madoff's massive Ponzi scheme, the picture of the largest fraud ever perpetrated is becoming clearer all the time. And while Madoff himself insisted that he acted alone, investigators and prosecutors insist that a fraud of such magnitude would have to have required the complicity and support of an entire team. To that end, indictments have been handed to two additional former Madoff employees, who now await prosecution.

The indictments were reportedly handed to Jo Ann "Jodi" Crupi and Annette Bongiorno, both having been arrested by FBI agents and remain in custody pending $5 million in bail to be posted for each. The number of those indicted in the Madoff case has now reached eight as authorities strive to put the pieces back together.

Another Bernie Madoff Yacht Up For Sale

Filed under: Yachts & Sailing, Crimes and Misdemeanors

Just when I think we've heard the last of Bernie Madoff something else comes up for auction. Classic Driver reported that Wyles Hardy & Co., on behalf of Grant Thornton UK LLP , the joint liquidators of Madoff Securities International, is selling off another of Madoff's "Bull" yachts. This one is a 88-foot Leopard yacht. We saw Madoff's other yachts auctioned off last year but this one was seized in France last year. It was just released from a full out-of-the-water maintenance and has been deemed ready for immediate use.

The yacht has twin MTU M92 engines that have seen less than 300 hours' running time and has a cruising speed of 33 knots. It has six berths include an owner's en-suite stateroom; VIP en-suite cabin; guest en-suite cabin; and three crew berths. The yacht was built in 2007 by Cantiere Navale Arno (Pisa, Italy) to Madoff's specifications and comes with monogrammed towels and bespoke bed covers embroidered with Ruth and Bernie Madoff's initials.

A recent auction of Madoff possessions brought in over $2 million.Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $28 million haven't come close to chipping away at the billions Madoff swindled from his investors. Madoff'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 the last to sell and was most recently listed at $6.5 million. A trio of yachts brought in around $1 million last year.

Madoff's Possessions Bring In Over $2 Million

Filed under: Auctions, Crimes and Misdemeanors

Ruth Madoff's 10.5 carat diamond ring was the star of an auction held on November 13 at the Sheraton New York Hotel & Towers in New York City. The auction held by the U.S. Marshals Service sold off more of the possessions of Ponzi schemer Bernie Madoff. ArtInfo reports that the auction brought in a total of over $2 million led by Mrs. Madoff's 10.54 carat emerald cut diamond set in platinum which sold for $550,000 to a buyer who declined to identify himself. Mrs. Madoff's diamond earrings went for $135,000 to an undisclosed buyer. Bernie Madoff's vintage steel Rolex "Moon Phase" watch sold for $67,500.

A Steinway & Sons grand piano made $42,000 but other auction items were all over the place. A king-sized bed that belonged to the couple went for $2,250 . The bed's buyer, Tally Wiener, a lawyer who helped liquidate Fairfield Sentry, a fund that fed money into Madoff's accounts before going under, has said he will offer the bed to Mrs. Madoff. Oddly enough Madoff's shoes, perhaps an obvious symbol of his profligate spending, seemed to do particularly well. A pair of black velveteen slippers with his initials in gold thread sold for a whopping $6,000 and a pair of shoes from the Manhattan store Belgian Shoes brought $2,900. What's even stranger is that 11 pairs of unused designer boxer shorts and 200 pairs of socks sold for $1,700 to one unidentified man.

Proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of this multi-billion dollar fraud. Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $28 million haven't come close to chipping away at the billions Madoff swindled from his investors. Maoff'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 the last to sell and was most recently listed at $6.5 million. A trio of yachts brought in around $1 million last year.

More Madoff Items Up For Auction

Filed under: Auctions, Crimes and Misdemeanors


Just when I think we are done with Bernie Madoff's ill-gotten gains, more items are up for auction through the United States Marshals Service Southern District of New York. More than 400 pieces of personal property, jewelry, and antiques from the Ponzi schemer and his wife, Ruth, will be sold during a live and online auction in at the Sheraton New York Hotel & Towers in New York City on November 13, 2010.

"A diamond ring, grand piano, and personalized items are just a few of the lots that will be put up on the auction block", said Joseph R. Guccione, U.S. Marshal for the Southern District of New York. "These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoff‟s residences in New York City and Montauk, N.Y." The ring, shown above is a 10.54 carat diamond set in platinum with a GIA certificate stating that it is VS2 in clarity and F in color. Other items include a Steinway & Sons grand piano and a pair of monogrammed velvet slippers.

Proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of this multi-billion dollar fraud. Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $25 million haven't come close to chipping away at amount Madoff swindled from his investors.

Bernie Madoff's Palm Beach Home Finally Under Contract

Filed under: Estates, Crimes and Misdemeanors

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.

Sunday Real Estate Round-Up, 02/14/10

Filed under: Estates, Celebrity Shopping


From the LA Times Hot Properties:
--A Hollywood Hills home owned by TV dance show judge and producer Nigel Lythgoe has been listed for $2.649 million.

--Eyeworks television production company founder Reinout Oerlemans has sold his Beverly Hills contemporary for $12.5 million.

--Walton Goggins, who starred in the crime drama "The Shield" from 2002 to 2008, is putting his remodeled Hollywood Hills home on the market for $1.175 million.
-- A Beverly Hills house designed by architect Wallace Neff in 1956 for Groucho Marx has sold for $8.8 million. It was listed at $12.9 million when we covered it as an estate of the day.


From the NY Post:
4Kids Entertainment CEO Al Kahn has picked up Bernie Madoff's old penthouse and listed his apartment at the Time Warner Center for $33.6 million. The listing is here.

--Interior designer Jamie Drake is close to closing on the sale of his home in East Hampton. He is reportedly selling for $2.75 million.

--Alec Baldwin seems to have been spotted everywhere in New York looking for an apartment. He was most recently spotted in SoHo last week, where he checked out the $13.75 million penthouse duplex at 34 Greene St.
--Joseph Plumeri, the CEO of Willis Group Holdings, has reportedly gone into contract to buy a 15th- floor apartment at 995 Fifth Avenue which had been listed most recently for $23.5 million.

From the Real Estalker:
--Actress Kate Walsh listed her home in the Los Feliz area of Los Angeles with an asking price of $3,995,000.
--Deion Sanders has listed a three-bedroom penthouse at the Azure building in Dallas, Texas for $7.5 million. His mansion in Prosper, Texas is still on the market for $21 million.

Cabbage Patch Kid King Snaps Up Madoff Penthouse

Filed under: Estates, Crimes and Misdemeanors

Two down one to go. As we first heard a couple of weeks ago, Ponzi schemer Bernie Madoff's New York City penthouse, the place where he spent months under house arrest, has finally been sold. The NY Post has the scoop on the buyer. It's Al Kahn, the CEO of 4Kids Entertainment. You may not know the name but you know his brands which include Cabbage Patch Kids, Teenage Mutant Ninja Turtles and Pokemon as well as the American Kennel Club and the Cat Fanciers' Association. The sale price hasn't been revealed but the apartment was most recently listed at $8.9 million, $1 million off the original price. As with Madoff's Montauk house, which sold for $9.41 million last year, proceeds will benefit those swindled by Madoff.

One property remains, Madoff's Palm Beach, Florida house. A quick peek at Corcoran's listing reveals that the house has had another price cut. Just a couple of weeks ago it was listed at $7.9 million but is now listed for $7.25 million.




Has Bernie Madoff's NYC Apartment Finally Sold?

Filed under: Estates, Celebrity Shopping, Crimes and Misdemeanors

Could another of Bernie Madoff's properties finally be heading for sale? The Real Deal reports that Madoff's former penthouse at 133 East 64th Street on New York City's Upper East Side may have found a buyer. Brokers have been told there is an accepted offer on the property. It is currently listed $8.9 million and the listing at Sotheby's still shows up as active. The Real Deal quotes a spokesperson for the US Marshals Service who says that the property is still being shown and that no firm deal has been reached yet. Madoff's Montauk home sold last year for $9.4 million. His Palm Beach, Florida home remains on the market, listed at $7.9 million.

Madoff Bull(s) Worth More than $1 million

Filed under: Auctions


The three boats that once belonged to Bernie Madoff generated more than a million dollars for victims of his $65 billion Ponzi scheme on Tuesday. Seventy bidders registered with National Liquidators to chase after the boats, along with a Mercedes and another yacht owned by Madoff's CFO, Frak DiPascali.

"Bull," which was Madoff's 55-foot yacht, sold for $700,000, with the 38-foot "Sitting Bull" following at $320,000 and the 24-foot "Little Bull" fetching a mere $21,000. His 1999 Mercedes Benz CLK 320 convertible was good for $30,000, despite the fact that it has only 12,827 miles on it. The top seller was DiPasclai's 61-foot 2003 Viking sport fishing yacht, which sold for $950,000 at the auction.

The sales were helped along by the fact that Madoff took excellent care of his yachts. Bob Toney, president of National Liquidators, told Bloomberg News, "Mr. Madoff has taken better care of his yachts than anyone else I know," continuing, "they were crew-maintained all the time."



Madoff Bull to Flow at Marshals Auction

Filed under: Auctions

The latest "Bull" from Bernie Madoff is about to be unloaded. His yacht, which bears that name, will join two others under the gavel, and the action before the sale is already impressive. So far, 29 people have thrown down the $100,000 deposit needed to gain a ticket to the party, and the U.S. Marshals Service expects more registrations to come.

There's a theme in the both names. His largest yacht, a 55-foot 1969 Rybovitch sportfisher is called "Bull," and the other two, a 38-footer and a 24-footer, are named "Sitting Bull" and "Little Bull," respectively. Also, Frank DiPascali's 61-foot Viking fishing yacht will be auctioned off on Tuesday. DiPascali was Madoff's CFO.

Non-maritime lots to wind up on the block include a 1999 Mercedes-Benz CLK 320 convertible, with only 12,800 miles on it.

The auction has not been given a presale estimate, figuring that the Madoff name can push prices higher. This is exactly what happened over the weekend, when an auction of the felon's personal effects brought in north of $1 million.

Says Jennifer Crane of the asset forfeiture division of the U.S. Marshals Service, "You can't really put a price on this."




Remaining Madoff Homes Already Discounted

Filed under: Real Estate Developments

Bernie Madoff's last home may have sold strong, but it looks like the momentum is fading. His home in the Hamptons beat the listing price and ultimately moved for more than $9.4 million. Unfortunately for his victims, interest in his Manhattan penthouse and Palm Beach estate isn't as strong. The prices for both have been cut, as the Ponzi schemer moves from news to history. Both homes have been on the market for only two months.

The Manhattan home, on the Upper East Side, offers 4,000 square feet which the broker, Sotheby's International Realty, says is "perched atop a distinguished white-glove prewar cooperative." Originally offered at $9.9 million, the asking price has been slashed by $1 million. So, if you're looking for some new digs in the city, this should be perched atop your list. A 10 percent price drop after only two months in the game means that you could probably work the price down a little bit further. If you were a Madoff investor, think of it as recouping some of what was so wrongly taken from you.


The situation in Palm Beach, Florida isn't much better. The discount is only 7 percent, with the price plunging from $8.49 million to $7.9 million according to the Corcoran Group, which is handling the sale. This home is billed as "a return to classic Florida island living ... when Palm Beach was a less manicured tropical paradise." What does that mean? Does classical Florida island living have anything to do with defrauding the neighbors?

Madoff, now a resident of Butner, North Carolina, believed that the Manhattan apartment was worth only $7 million. He pegged the Palm Beach residence at $11 million.

When both properties move, the proceeds will go to Madoff's victims. Of the $65 million, roughly, that he took, $1.4 billion is said to have been recovered. Even when compared to the investor losses identified, $21.2 billion, it's but a drop in the bucket. The auction scheduled for Saturday may help a little bit, with Bernie's Mets jacket and Ruth's golf clubs going under the gavel.


Bernie Madoff's Personal Effects Up For Auction

Filed under: Auctions

bernie madoffWe've seen the houses and yachts go up for sale, now some of the smaller Madoff effects are ready to hit the auction block in an upcoming U.S. Marshals sale. Many of Madoff's pieces including his Rolex watches and a satin New York Mets jacket with the name 'Madoff' on the back in big orange letters are up for sale this weekend. The auction features flatware, furs, art, golf clubs and Mrs. Madoff's designer purses. Even Madoff's stationery and personalized Post-It notes are up for bid.

The pieces will be auctioned off through Gaston & Sheehan Auctioneers Inc. at 10 a.m. EST on November 14 at the Sheraton New York Hotel & Towers. Bidding will also be available online. The Wall Street Journal added up the over 200 lots which have an estimated value of around $500,000 but could go for more depending on just how badly people want a piece of this epic swindler. Check out CNBC's gallery of some of the items.

Madoff's Victims To Get $534+ Million in Payments

Filed under: Wealth, Crimes and Misdemeanors

bernie madoffThe latest in the Bernie Madoff saga is actually a bit of good news for his myriad victims. Reuters reports that they will receive more than $534 million in payouts, according to court-appointed trustee Irving Picard, who is trying to recover Madoff's assets.

The sum is less than one-eighth of the $4.44 billion of claims that Picard has so far deemed valid and is less than 3% of the $21.2 billion of losses suffered by holders of 2,335 Madoff accounts. These losses are up from the $13 billion the government estimated in June, when Madoff was sentenced to 150 years in prison.

Picard, a partner at the law firm Baker & Hostetler LLP, said he has reviewed 2,861 direct customer claims, allowing 1,558 and rejecting 1,303. He said 15,974 customer claims were submitted and noted that he has recovered $1.4 billion of Madoff assets, an amount that should reach $1.5 billion by year end.

Picard has filed lawsuits to recover $15 billion from Madoff investors he calls "net winners." Of the 4,903 accounts at Madoff's firm on December 11, 2008, when Madoff was arrested, 2,568 received more money than they deposited, he said.

Picard also said he will pursue the recovery of $7.2 billion from the estate of billionaire philanthropist Jeffry Picower, who recently drowned in a swimming pool at his Palm Beach, Fla., home following a heart attack.

The Securities Investor Protection Corp, a federally chartered agency that supervises the liquidation of brokerages, has been "the only source of distributed funds" to victims so far, agency president Stephen Harbeck said, adding that the $534.25 million of committed advances is more than in the SIPC's 321 combined prior liquidations since 1970. Federal law limits SIPC protection to $500,000.

Hamptons Homes Hot Again

Filed under: Real Estate Developments

If you were waiting for the bottom, it looks like you just missed it. Home prices in the Hamptons are on their way back up, rising 4.7 percent in the third quarter. Houses priced in the range of $2 million to $5 million led the charge. In fact, the number of properties clocking in at more than $2 million (including the former getaway of Ponzi schemer Bernie Madoff, which went for $9.41 million) jumped 44 percent -- 46 sales occurred from July through September this year. And, the median price for this part of Long Island increased from $860,000 last year to $900,000 this year.

The action appears to have been driven by buyers who'd normally look for something close to $10 million ... who began to see what they could get for a mere 20 percent of that price. When opportunity knocks ... you know the drill.

Even with this bit of good news, the number of homes sold last quarter fell 2.3 percent, with those fetching less than $500,000 posting the largest decline (22 percent). So, all isn't rosy in the land of the wealthy, unless of course, you're still wealthy.

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