Several lavish homes of convicted Ponzi schemer Bernard Madoff are expected to soon hit the high-end real estate market, according to a CNNMoney.com report.
Madoff — who defrauded thousands of unknowing investors of billions of dollars over several decades — is currently serving a 150-year jail sentence in a North Carolina prison for his actions.
He will not see a single penny from the sale of his real estate portfolio, which the federal government seized when his house of cards came tumbling down.
On the contrary, proceeds will go toward paying back his many victims.
Here are the Madoff homes currently going up for sale:
Waterfront “retreat” in Palm Beach, Fla. ($7.5 million):

Montauk beach house in the Hamptons on Long Island, N.Y. ($7 to $10 million):

Manhattan penthouse ($7.5 million):

All told Madoff’s real estate investments, which also include home furnishings and a boat, could “fetch close to $30 million.”
It’s a drop in the bucket, but certainly a step in the right direction.



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September 2, 2009 at 6:24 am
stefan
penthouse is nice