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Bernie Madoff beach house on the market for $21 million

April 15, 2018  |  Posted by: Francesca Falzarano
Bernie Madoff beach house on the market for $21 million Bernie Madoff mugshot/Google images/Reuters

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A beautiful ocean-front residence formerly owned by convicted Ponzi scam artist Bernie Madoff is being listed on the market for $21 million.

The luxurious beachfront home, located in Montauk, New York, was initially seized by authorities in 2008 after Bernie Madoff was arrested, along with his other properties and assets.

The U.S. Marshals Service later sold the three-bedroom home for $9.41 million in 2009, using the cash to compensate Madoff’s victims, according to Bloomberg.

Now, the homeowners Steven and Daryl Roth — a real-estate mogul and a producer on Broadway, respectively — are putting Madoff’s former beach house for $21 million with Corcoran Group real estate agents Gary DePersia and Joan Hegner.

As featured in the @WSJ, take a look at my latest exclusive on the bluffs of Montauk completely renovated by world renowned architect/designer Thierry Despont. Asking $21M. Read the story at the link in my bio. #DePersiaHamptons

A post shared by Gary DePersia (@depersiahamptons) on

Th asking price reportedly is due to a “gut renovation” of the beachfront home, which currently has three bedrooms, three bathroom, a large living area, a window-contained seating area, a pool, and a deck that surrounds the ground floor. The 3,000-square-foot residence sits on 1.5 acres with views of the Atlantic coastline.

The listing also states that the furnishings “could be available separately,” according to Realtor.com.

Madoff entered a guilty plea to criminal financial activity in 2009 and is currently serving 150-years behind bars.

On Tuesday, The New York Times revealed that the Justice Department would be giving out an additional $504 million to victims of Madoff’s schemes via the Madoff Victim Fund, which has so far returned $1.2 billion in money taken from Madoff’s seized assets.

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