berniemadoff

Madoff Feeder To Part With Art Collection

Filed under: Art, Wealth

Ponzi schemer Bernard Madoff has been sentenced but many of his investors are still looking to recoup some of their money. There may be a potential bit of money coming their way from J. Ezra Merkin, a New York financier who put his clients' money in Madoff's hands. Merkin, a noted art collector, is selling a collection of Mark Rothko paintings and Alberto Giacometti sculptures for $310 million. The painting shown at right is not one of Merkin's Rothkos but shows the style of painting that Merkin will be parting with. He was one of the leading collectors of Rothko works and even bought works directly from the Rothko family in 2004 for $91 million.

THe deal was announced by New York Attorney General Andrew Cuomo, who had put a freeze on Merkin's assets. The Wall Street Journal says that around $192 million of the proceeds might make it into the hands of defrauded investors. The rest of the money will go toward paying liens on the art, sales commissions, fees and taxes. According to documents sourced by the WSJ, PaceWildenstein LLC, the gallery that acted as a sales representative for the family, has a $42 million lien on behalf of the Rothko family regarding those paintings bought in 2004 and it is possible that now they will buy those paintings back.

The WSJ article seems to indicate that the price for the collection is high given the recent art market slump. The painting shown at right "White Center (Yellow, Pink and Lavender on Rose)" which was sold by David Rockefeller in 2007 brought in $72.8 million at a Sotheby's auction but other Rothkos have sold for less and in recent months several Rothkos have failed to sell at all.

Source

Tags: art, bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, giacometti, j ezra merkin, JEzraMerkin, mark rothko, MarkRothko, rothko

Madoff's Palm Beach Home Worth Less In Real Estate Slump

by Deidre Woollard (RSS feed) —

Filed under: Estates, Wealth

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.

Source

Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, palm beach, PalmBeach

Bernie Madoff's $7 Million Luxury Yacht Scam

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

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.

Tags: Bernard Madoff, BernardMadoff, Bernie Madoff, BernieMadoff, fraud, Leopard yachts, LeopardYachts, London, yacht

A Free Meal For Madoff's Victims

by Deidre Woollard (RSS feed) —

Filed under: Dining

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.

Source

Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, new york city, NewYorkCity, nino 208, Nino208, ninos

A New Answer For Madoff Frustration

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Angry at Bernie Madoff ? Get in line, and what a long line it is composed not just of those who have lost money or seen their friends lose money but who have watched various nonprofits be brought to their knees. Sensing just how many are mad at Madoff, Mini-Me ModelWorks has created the "Smash-Me-Bernie" doll. It features a surprisingly flattering image of Madoff dressed in a red suit and carrying a pitchfork. It also comes with a hammer to help you pulverize him. The company also sells President Obama dolls (no hammer included) and will make custom dolls. A fully customized mini made directly from your photo sells for $139.95. The Madoff figurine sells for $99.95.

[via Blogging Stocks]

Source

Tags: bernie madoff, BernieMadoff, smash me bernie, SmashMeBernie

Sunday Real Esate Round-Up, 02/01/09

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

From the LA Times Hot Property:
--Software tycoon John McAfee has lowered the price on his Molokai, Hawaii, home to $3.7 million from $4.9 million. The four-bedroom home, shown above, is newly constructed and sits on 5.3 ocean-front acres. The listing is here.I'm hoping he has better luck than he did with the sale of his Colorado home.
--Fashion designer Yael Aflalo who is behind the Ya-Ya fashion line has cut the price on her Hollywood Hills home to $3.95 million. The 1930s home which once belonged to John Barrymore was listed at $4.95 million when it was our estate of the day last summer.
--Jeweler Michael Beaudry has listed his Beverly Hills home for $13.5 million. The listing is here.
The owners of the Mystery Bookstore in Westwood have put their six-bedroom home in the Holmby Hills area on the market for $5.9 million. The listing is here.

From the NY Post:
Infamous swindler Bernie Madoff's penthouse apartment, where he currently is under house arrest, may soon be on the market. The apartment could be priced at up to $8 million.

From the NY Post's Gimme Shelter:
--Aberdeen Townhomes has created a set of landmarked townhouses with condo-like amenities in New York City priced between $7.5 million to $15.9 million. The interior space ranges from around 3,500 square feet to 8,100 square feet, with four to six bedrooms and have remote door-answering services, concierges, automated security systems, climate-controlled package rooms and building maintenance.

From the Wall Street Journal's Private Properties:
--Two years ago former Democratic presidential hopeful John Edwards sold his Washington home for $5.2 million, its current owners are trying to sell it, renovated, for almost twice as much. The home is listed at $9.95 million.
--Hollywood producer Brian Grazer has his taken his Pacific Palisades home off the market. It was listed at $27.5 million.
--Nicolas Cage has cut the price on his Bel Air home. We'll check it out as an estate of the day later today.
--Drew Bledsoe has cut the price on his Westlake, Texas home to $1.625 million, slightly less than the $1.7 million he paid for it new in 2005. The listing is here and says that the seller will buy the purchaser a membership to the development's golf club on closing.

Gallery: Sunday Real Estate Round-Up, 02/01/09

Tags: bernie madoff, BernieMadoff, brad pitt, BradPitt, brian grazer, BrianGrazer, celebrity real estate, CelebrityRealEstate, cheryl ladd, CherylLadd, drew bledsoe, DrewBledsoe, earl charles spencer, EarlCharlesSpencer, jennifer lopez, JenniferLopez, kenny chesney, KennyChesney, sidney ponson, SidneyPonson

Continue reading “Sunday Real Esate Round-Up, 02/01/09”

Madoff's Luxury Car Fleet Being Returned to Dealers

by Noah Joseph (RSS feed) —

Filed under: Luxury Cars & Autos, Wealth

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.

Source

Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, madoff, madoff car, madoff car fleet, madoff securities, MadoffCar, MadoffCarFleet, MadoffSecurities

Sunday Real Estate Round-Up, 01/25/09

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

From Jaunted:
--The New Orleans home used in the movie "The Curious Case of Benjamin Button" is now on the market. The Victorian-era mansion, shown above, has six bedrooms, a library, music room and reception hall. It is listed at $2.85 million.

From the Wall Street Journal's Private Properties:
--The house where the reality show "Momma's Boys" was recently filmed, the gorgeous Terra Bella estate in Santa Barbara, California, has had another price reduction. The home was for sale for $39.5 million when it was our estate of the day in 2007 but is now listed at $21.8 million, 45% below its original listing. The listing is here.
--Goldman Sachs Co-President Jon Winkelried has cut the price of his Nantucket beach estate to $38.5 million, down 30% from October's original price of $55 million.

From the International Herald Tribune's Raising the Roof:
--Two ambitious Dubai projects are reportedly on hold. The Nakheel Tower was designed as the tallest building in the world but construction on the foundation has been halted. The $95 billion Jumeira Gardens project is also said to be in limbo.
--A medieval castle once ruled by Charlemagne, the "King of the Franks," is for sale in Italy. The castle on the border of Tuscany and Umbria dates to 802 and is priced at €13 million.

From the Real Estalker:
--Guns N' Roses and Velvet Revolver drummer Matt Sorum has placed his home in the Doheny Estates area of the Hollywood Hills on the market for $2.975 million. The listing is here.
--Comedienne Chelsea Handler and E! executive Ted Harbert soent $3.7 million on a condo in the Azzure building in Marina del Rey, California.

From the LA Times Hot Properties:
--Old Lion Manor, a lavish mansion once owned by "The Exorcist" author William Peter Blatty is on the market for $27.5 million. We'll be checking it out later this week as an estate of the day.
--Actor Nick Bakay has sold his Sierrra Towers condo in West Hollywood for $2 million.
--Actress Julie Bowen has put her Studio City home on the market. It's our estate of the day later today.
--Deborah Pratt, who wrote, acted in and co-produced the TV series "Quantum Leap," has listed her five-bedroom Holmby Hills-area home for $3.895 million. The listing is here.
--Singer Daniel Powter has listed his four-bedroom contemporary home in the Brentwood area for $2.295 million. The listing is here.

From the NY Post's Gimme Shelter:
--Fashion designer Marc Jacobs has rented an apartment at 40 Mercer Street for $30,000 a month. The building is also home to Harry Potter/"Equus" star Daniel Radcliffe who listed his apartment for rent in 2007 for $20,000 a month.
-- TV journalist Cathleen Trigg-Jones and her husband, plastic surgeon, Michael Jones, have put their Hamilton Heights townhouse on the market for $4 million. The listing is here.

From Berg Properties Big Time Listings:
--Actress and TV personality Caroline Rhea has sold her Hancock Park home for $3.2 million.
--Mr. Big Time rounds up Warren Beatty's real estate listings including a large spread in Beverly Hills.
--The Roy Rogers Double R Bar Ranch in Victorville, California is on the market for $8.5 million. The listing is here.
--A home in Encino once owned by Macy Gray has had a significant price cut down to $8.485 million. It was originally listed at $11.7 million. The listing is here.
--A home used in the Bachelor and Bachelorette television shows has had another price cut. The six-bedroom Agoura Hills, California mansion is now listed at $6.75 million, down from an original price of $13 million. The listing is here.

Gallery: Sunday Real Estate Round-Up 01/25/09

Tags: bernie madoff, BernieMadoff, caroline rhea, CarolineRhea, cathleen trigg-jones, CathleenTrigg-jones, celebrity real estate, CelebrityRealEstate, charlemagne, chelsea handler, ChelseaHandler, daniel powter, DanielPowter, deborah pratt, DeborahPratt, gwenyth paltrow, GwenythPaltrow, julian schnabel, JulianSchnabel, marc jacobs, MarcJacobs, matt sorum, MattSorum, mommas boys, MommasBoys, nick bakay, NickBakay

Continue reading “Sunday Real Estate Round-Up, 01/25/09”

Bernie Madoff, Sharp-Dressed Man

by Deidre Woollard (RSS feed) —

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.

Source

Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, madoff, palm beach, PalmBeach, trillion

Shoud Madoff Go To Jail For Sending Off The Family Jewels?

by Deidre Woollard (RSS feed) —

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.

Source

Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, madoff

← Previous Page