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.
Gallery: Bernie Madoff In New York City