ManhattanRealEstate

Remaining Madoff Homes Already Discounted

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.

Gallery: Bernie Madoff In New York City

Source

Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, butner, florida, hamptons, hamptons real estate, HamptonsRealEstate, madoff, madoffponzischeme, madoffscandal, manhattan, manhattan real estate, ManhattanRealEstate, new york, new york new york, NewYork, NewYorkNewYork, north carolina, NorthCarolina, palm beach, PalmBeach, ponzi scheme, PonziScheme, real estate, RealEstate, sothebys international realty, SothebysInternationalRealty, upper east side, upper east side apartment, UpperEastSide, UpperEastSideApartment

Leibovitz Picks up 30 Days (and Another Lawsuit)

by Tom Johansmeyer (RSS feed) —

Filed under: Art

In the ongoing legal struggle between celebrity photographer Annie Leibovitz and the art community's financial institution, Art Capital Group, the judge has decided to extend the clock. Though the photographer's payment is still due on September 8, 2009 (Tuesday), the next hearing with New York State Supreme Court Justice Bernard Fried won't occur until October 2. The experts, according to Bloomberg News, are chiming in that Art Capital Group is unlikely to declare Leibovitz in default, as that could push her into bankruptcy, which could cost the lender some cash and control over its own financial fate. Her real estate is estimated to be worth close to $40 million, and Art Capital Group puts the worth of her photo archive at above $50 million ... a bit higher now, thanks to the recent LeBron James shoot for Vanity Fair.

As if a lawsuit in state court weren't enough, Leibovitz may find herself in front of a federal judge, soon. Italian photographer Paolo Pizzetti filed the complaint, alleging that Leibovitz had hired him to take site-scouting photos and then used his product – without permission – in a LavAzza calendar, passing the photos off as her own. Specific sites shot include the Trevi Fountain in Rome and Plaza San Marco in Venice. The calendar was released last October. Pizzetti is looking for $150,000 per infringement and other unspecified damages. The Leibovitz camp has no comment yet, as it hasn't reviewed Pizzetti's filings.

Source

Tags: annie leibovitz, AnnieLeibovitz, art, art market, artist, ArtMarket, artwork, federal court, federal judge, FederalCourt, FederalJudge, lavazza, lawsuit, leibovitz, litigation, manhattan, manhattan real estate, ManhattanRealEstate, new york, new york city, NewYork, NewYorkCity, rhinebeck, rhinebecknewyork, scandal, scandalous, state court, StateCourt, west village, WestVillage