The two other Madoff properties seized by the federal government have long since sold. A beachfront Montauk, N.Y., home went into contract just two weeks after being listed; Steven Roth of Vornado Realty Trust bought it for $9.41 million. Mr. Madoff’s Manhattan penthouse went into contract less than five months after it was listed, selling to Alfred R. Kahn of 4Kids Entertainment for $8.8 million.
A Palm Beach, Fla., home owned by Ruth Madoff, wife of Bernard Madoff, has gone into contract in the $5 million range, people familiar with the deal said. It was the last Madoff home on the market as the government sells off property to repay investors victimized by Mr. Madoff’s Ponzi scheme.Built in the early 1970s and renovated in the early 1990s, the nearly 8,800-square foot, five-bedroom home on the intercoastal waterway was originally listed in September 2009 for $8.49 million and most recently for $6.5 million. The home is near the Palm Beach Country Club, which counted Mr. Madoff as a member and from which he drew many investors. U.S. Marshals spokesman Roland Ubaldo confirmed Tuesday the home was in contract but declined to otherwise comment on the deal.
By Juiiet Chung, Oct. 13, 2010 WSJ
10/13/10 wsj Ms. Madoff’s Palm Beach, Fla., home shown last year.