U.S. Marshals will seize Peter Madoff’s L.I. estate this month, unless a buyer is found

Peter Madoff and his Long Island manse (credit: Zillow)
Peter Madoff and his Long Island manse (credit: Zillow)

For those looking to buy the Old Westbury, L.I. manse of Peter Madoff — brother of Bernie — the deadline is January 29. The New York Post reported that on that date, U.S. Marshals will take possession of the five-bedroom property, which is currently on the market with a $4.99 million asking price.

Madoff, the younger brother of Ponzi schemer Bernie Madoff, was sentenced to10 years in prison for his role in his brother’s multibillion-dollar fraud. He will begin serving time on Feb. 6 — a date delayed so that he can attend his granddaughter’s bat mitzvah, the Post said.

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As previously reported, Peter Madoff listed the Long Island home in 2011 with an initial asking price of $6.5 million [https://therealdeal.com/blog/2011/06/02/bernie-madoff-s-brother-peter-lists-6-5m-long-island-mansion-in-old-westbury/]. The home sits on a four-acre plot and has a pool and a tennis court. Madoff and his wife, Marion, purchased the property for roughly $2.5 million in 1990.

More recently, these Madoffs listed their 975 Park Avenue co-op for $4 million [https://therealdeal.com/blog/2012/07/19/madoffs-brother-lists-park-avenue-pad/]. The Post said that the apartment just sold for $4.6 million, which is $500,000 over the price paid for it in 2004. The money will be surrendered to the government. Madoff has yet to sell his Ferrari 355 Spyder. [NYP]Zachary Kussin