bernardmadoff

For a long time as Florida real estate values plummeted Palm Beach remained an enclave of protected wealth but it seems even that is starting to change. There is no bigger symbol of the change in Palm Beach than Bernie Madoff. Since Madoff's arrest last year, Palm Beach's fortunes have shifted a bit. Stores along Worth Avenue have closed and even the value of Madoff's home has dropped by nearly two million dollars. Last year Palm Beach County officials assessed the taxable value of Madoff's home at $9.3 million but a new appraisal that federal officials did in March says it would likely sell for $7.45 million.The home was seized on Wednesday along with two of Madoff's yachts.

While prosecutors are trying to preserve as much of Madoff's wealth as possible in order to redistribute it to his many victims, it might be smart to wait a little while before putting this home on the market.Palm Beach has seen some big sales in the past couple of years including $81.5 million for Sidney Kimmel's mansion and $100 million for Donald Trump's oceanfront flip. Currently the most expensive home on the market in Palm Beach is still Casa Nana which is listed at $72.5 million the same price it was last November when we covered it as an estate of the day.

It was no April Fool's joke for Bernie Madoff. On Wednesday Bernard Madoff's 55-foot yacht "Bull" which is docked at a marina in Fort Lauderdale, Florida, was boarded and confiscated by U.S. marshalls. Madoff is currently in jail pending sentencing in June for running his multi-billion dollar Ponzi scheme.

The yacht, a 1969 Rybovich, is valued at around $2 million and was towed while surrounded by federal law enforcement. The yacht is the medium-sized "Bull," Madoff also owns a $7 million yacht with the same name currently located in the South of France. A second boat, the "Little Bull," a 24-foot Pathfinder was also seized.

The yachts were taken to the National Liquidators salvage yard, which is under contract with the federal government. Federal investigators also swooped in on the $9 million Palm Beach mansion owned by Madoff's wife Ruth to inventory the property and change the locks.

Mets fans with deep pockets could soon get their hands on the seats at Citi Field belonging to Bernard Madoff's company. The prime season ticket seats are just behind home plate and will probably be sold by the trustee for Bernard L. Madoff Investment Securities LLC soon since opening day is April 13.

The seats were already paid for and are either in first or second row behind home plate, in the Delta Club Platinum section. They list for $695 each for opening day and overall the season ticket comes to $40,095 per seat, an average of $495 per game for the best seats in the ballpark.

Super-fraudster Bernie Madoff bought a $7 million luxury yacht in the South of France using cash channeled through his London office and had it registered in his wife's name in order to launder money stolen from hapless clients, the Times of London reports. In 2006 Madoff told his associates at Madoff Securities International in London's Mayfair to transfer money to a French shipyard for a powerful 88-ft. Leopard motoryacht (above), alleging that their euro bank accounts would make the transaction easier.

Madoff later transferred cash to the London firm's accounts to square the difference, the paper reports. The Italian-built Leopard, which "epitomizes luxury and comfort," accommodates up to six people in cabins and is capable of speeds up to 40 knots. Madoff christened the yacht The Bull, an ironic reference to the then-booming stock market he was supposedly exploiting on behalf of his clients. Prosecutors have claimed that Madoff moved at least $250 million though his London firm.

Bernie Madoff's victims, despite the millions lost, probably aren't scrambling for their next meal but his victims can eat for free this week at one New York City restaurant. New York restaurateur Nino Selimaj is offering free meals at Nino's 208 to anyone who mentions they were a Madoff client when making reservations and brings in a monthly statement from Madoff. The meal is free but drinks are extra.

For those who aren't Madoff victims Nino's also has a recession special with a 25 percent off coupon that can when ordering off the a la carte menu at all Nino's restaurants. As the NY Times City Room blog reports the Madoff special only lasts until Saturday and is only available at Nino's 208 at 208 East 58th Street. Sure it's a publicity stunt but seared duck breast with mashed sweet potato, dried cranberries and a Vin Santo reduction sounds like great comfort food.

From the Wall Street Journal's Private Properties:
--Trader John Devaney has raised the price on the Sardy House, shown above, in Aspen, Colorado. We've seen this home jump around a lot in the past few years. It was at $16.5 million back in 2005. Devaney bought it in 2006 for $16.25 million and then put it on the market in 2007 (along with his yacht) for $21.5 million. He's now bounced it up to $23.5 million. The listing is here.
--Stanley Chais, who funneled funds to Bernard Madoff, has listed his Los Angeles condominium in the Sierra Towers for $4.7 million. The two-bedroom unit can also be leased for $28,000 per month.
--In Washington, D.C, the onetime home of a World War II spy, Betty Thorpe Pack, is on the market for $1.95 million. The listing is here.

From Newsday's Real LI:
--The owners of the restaurant Bar Pitti, Giovanni and Michele Tognozzi, have purchased a home in Peconic, NY for $1.6 million.
--The former head of the Olsten Corporation, temp agency, has put his summer home on the market for $14.5 million. The listing is here.
--Richard Gere and Carey Lowell have put their home in Water Mill, New York on the market. It's our estate of the day later today.
--You can rent an oceanfront home in Sagaponack belonging to the ex-wife of New Jersey Gov. Jon Corzine for $900,000 from Memorial Day to Labor Day. The listing is here.

From the LA Times Hot Property:
--Ashton Kutcher has listed his Beverly Hills home for $3.7 million. This is the home where he lived before marrying actress Demi Moore in 2005. The home is already in escrow.
--David Litt, the writer ad creator of "The King of Queens" has listed his Hollywood Hills home for sale for $2.025 million. The listing is here.
--"Blame It on Rio" actress Michelle Johnson has listed her Hollywood Hills home at $5.85 million. Last year at this time she put the three-bedroom home in West Hollywood on the market for $6.35 million. The listing is here.
--Bruce Somers Jr., the son of Suzanne Somers and producer of several of her exercise videos, has listed his Brentwood home for $3.295 million. The French Normandy style four-bedroom home is stuffed with flouncy furnishings and has hand-carved fireplace mantels. The listing is here.
--Courtney Love is renting a five-bedroom Hollywood Hills home for $20,000 a month.
--You can rent the condo used in Entourage.
--Movie and commercial producer Lee Nelson has listed a home in the Brentwood area of Los Angeles for $9.95 million.
--Music video director Mark Romanek has listed his four-bedroom Hollywood Hills home for $3.995 million.

From Berg Properties Big Time Listings:
--A Malibu home once rented by Britney Spears is on the market for $5.5 million. The listing is here.
--Actress Milla Jovovich has placed her four-bedroom home in the Beverly Hills, Calif. postal area on the market for $3.299 million.
--Soap opera actress Michelle Stafford has listed a three-bedroom house that she owns in the Los Feliz area of Los Angeles for $1.599 million. The listing is here.

From Cityfile's Buyers and Sellers:
--Brooke Astor's NYC apartment has been relisted at $29 million with some new pictures. It was listed at $46 million when it was our estate of the day last year.
--Fashion designer Richard Chai paid $2 million for a 2,300-square-foot New York City apartment.
--Actor Kevin Corrigan and his wife Elizabeth Berridge have sold their fourth-floor apartment at 321 Greenwich Street for $2.39 million.
--Blythe Masters, JP Morgan Chase's head of global commodities, has lowered the price of her townhouse at 150 Reade Street from $14 million to $11.9 million. The listing is here.
--New York Times public editor Byron Calame and his wife Kathryn have sold their three-bedroom co-op for $2.4 million to Bill Bermont, a vice president at Citigroup, and his wife Lynne.
--Joseph Kohls, a Bank of America managing director, and his wife Christin paid $5.2 million for an apartment at the Tribeca Summit.

From the Real Estalker:
--Lauren Conrad's four-bedroom home in Los Angeles is available for rent for $11,000 a month. The listing is here.
--Interior designer Thomas Britt has put his eight-bedroom home in Water Mill on the market for $13.2 million.
--Cassandra Peterson, the actress best known as Elvira has put her Los Angeles home on the market for $1.499 million. She bought this home for $1.698 million in 2007. The listing is here.

From Curbed LA:
--40 Beverly Park, a custom chateau in Beverly Hills has had a big price chop. It hit the market at $45 million, was at $39.9 million when it was our estate of the day, and is now at $31.5 million.
--Richard Neutra's Singleton residence is back on the market, listed at $14.95 million. It was at listed at $25 million (although also rumored to be $19 million) when it was our estate of the day in 2007.

From SF Gate's On the Block:
--A $650,000 home in Lake Tahoe is being raffled off by the Boys and Girls Club. The raffle is here.
--San Francisco's $70 million penthouse has been reduced by $21 million to $49 million. It was our estate of the day back in November.

From Homes and Properties:
--Reese Witherspoon and Jake Gyllenhaal are leasing a three-bedroom home in London for £4,000 a week. The home is for sale for £2,795,000 and the listing is here.
--Elle Macpherson has cut the price of her six-bedroom Notting Hill, London home from £9.5 million to £8.95 million. The listing for the classic Victorian is here.

From Move Trends Real Estate Blog:
--Chad Michael Murray has put his WIlmington, North Carolina home on the market for $785,000. The listing is here.

--Ryan Cabrera has knocked $100,000 off the price of his Los Angeles home. It is now listed at $1.599 million but was at $1.699 million when it was our estate of the day last August.

When Bernie Madoff's house of cards came crashing down, it turns out there was a garage full of luxury cars trapped underneath. Bernard L. Madoff Investment Securities, whose namesake chief stands accused of perpetrating a $50 billion fraud, had a small fleet of luxury automobiles under lease, which the courts are now being asked to cancel.

Included in the fleet are a Cadillac DTS sedan, a Range Rover sport-ute, an unspecified Lexus, a Mercedes GLS450 sport-ute (pictured above) and a pair of top-of-the-line Mercedes S550 sedans. With Madoff not going anywhere under house arrest, the firm's employees dismissed and a court-appointed administrator trying to untangle the mess, the leased vehicles are all being returned to their dealerships, where mechanics may very well find the cars to be nothing but empty shells with bits and pieces borrowed from each other and leaving a long trail of debt behind them.

As we've mentioned before, the ritzy town of Palm Beach, Florida is reeling from the fallout regarding Bernard Madoff's $50 billion Ponzi scheme. Nowhere is hardest hit perhaps than Worth Avenue, Palm Beach's shopping area which is lined with ultra-pricey boutiques. The Dior boutique recently closed but another boutique dearer to Madoff's heart is Trillion. Robert Frank of the Wall Street Journal reports that Madoff enjoyed his pricey duds and shopped at Trillion on Worth Avenue. Madoff last shopped at the store two weeks before his arrest and bought some clothes to be picked up at a later date. He never returned to the store to pick up the goods because of his arrest and so the items, which were reported to be in the thousands of dollars range, were shipped to him. It bears noting that at Trillion, which specializes in Kiton cashmere suits, you could spend that on just a couple of items.

Madoff, remains free on a $10 million bond after a judge ruled that he can continue to live under house arrest in his Manhattan home despite recently sending jewelry off to relatives in violation of an assets freeze. Judge Ellis has asked Madoff to compile an inventory of all items in his home and barred his from any more property transfers. We assume that means no fancy Kiton castoffs so Bernie Madoff may just be the world's best dressed shut-in.

Bernard Madoff is in trouble again. The epic swindler, whose $50 billion Ponzi scheme has devastated fortunes, wiped out philanthropic organizations and caused financial havoc all along the East Coast, sent five pieces of jewelry worth $1 million to his relatives. Prosecutors say that Madoff, who is free on bail, should go to jail because this is a violation of an asset freeze. As Bloomberg reports the government now has three of the items including watches and cuff links. Ira Sorkn, Madoff's defense lawyer, says the items were heirlooms "innocently sent to Madoff's relatives." Sorkin reports he asked his client to retrieve them and alerted the government. Some of the items belong to Madoff and some to his wife, Ruth, who has not been charged but has agreed not to dispose of her assets. Judge Ellis declined to immediately rule on the government request, asking for legal briefs from both sides by January 7. Madoff remains under 24-hour house arrest in his $7 million New York City apartment.

For a full list of just what Madoff has left, the Palm Beach home, the East Hamptons vacation house, the wooden fishing boat, the watches and more, check out this list from the Washington Post.

Here's a little bit of schadenfreude for anyone who lost money at the hands of Bernard Madoff, the disgraced investment advisor who defrauded the wealthy in a $50 billion Ponzi scheme. A statue worth more than $10,000 was stolen from his Palm Beach, Florida home. CNN reports that the statue of two lifeguards on a beach was stolen on December 19, eight days after Madoff was arrested. It's not likely that Madoff would be seeing that statue anytime soon anyway, he's under house arrest in Manhattan until his trial.

UPDATE: The statue was found with a message reading: "Bernie the Swindler, Lesson: Return stolen property to rightful owners."