Peter Madoff and the Old Westbury mansion

Peter Madoff, brother of Bernie, is trying to unload his Long Island mansion as he faces a lawsuit by the trustee overseeing the recovery of funds for victims of his brother’s Ponzi scheme. According to Newsday, the Old Westbury home that Peter owns with his wife has hit the market for $6.5 million. The five-bedroom, five-and-two-half-bathroom property, which is listed with Daniel Gale of Sotheby’s International Realty, sits on more than four acres next to a private golf club and has a pool, tennis court and elevator. The Madoffs purchased it for around $2.5 million in 1990. [more]

The 21-acre Old Westbury estate of late polo player and steeplechaser A.C. Bostwick is set to be sold at auction Nov. 18, and with the opening bid set at $4.9 million, auctioneer Richard Maltz told the Post that the property, most recently assessed at $10 million, is likely to be a “steal.” The 122-year-old estate was asking nearly $18 million just last year, but the international investment fund that purchased it for $13.3 million in 2006 has since become increasingly eager to unload it, Maltz said. The historic property contains a Georgian revival manor house with nine bedrooms, a library and 10 fireplaces, stables, a pool tennis court and formal gardens. It also comes with permits to build three more mansions, should the new owner choose to subdivide the property. [Post]

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Victoria Gotti, who was in danger of losing the Old Westbury, Long Island, home where she and her sons were filmed in the reality show “Growing up Gotti,” has made a deal that will keep her home from foreclosure. Gotti had said she needed money that her ex-husband, Carmine Agnello, owed her in order to make payments on the home. But Agnello needs to pay off a $10 million racketeering penalty from a guilty plea in 2001. He planned to use money from the sale of up to a dozen properties to pay off the penalty, and Gotti’s deal with federal officials will give her a portion of the properties. [more]

Victoria Gotti’s Long Island estate, where she and her sons were filmed
in the reality show “Growing Up Gotti,” is facing foreclosure. Gotti,
the daughter of Gambino boss John Gotti, skipped two years of loan
payments and will lose her home in Old Westbury, according to court
records. Gotti owes $650,000 to lender JPMorgan Chase, a debt secured
by a mortgage on the $4.2 million mansion she won in a divorce. Upon
taking ownership of the estate in 2005, Gotti immediately defaulted,
and JPMorgan scheduled an auction of the home, but Gotti persuaded the
bank to give her an extension on the mortgage with the condition that
she would pay $200,000 by February 2006 at $25,000 a month. Court
records show Gotti paid an unspecified amount of money, but then
stopped. The estate is currently listed with Century 21 for $3.2
million. [more]