Bernard Madoff

Bernard Madoff’s West Palm Beach mansion at 410 N. Lake Way closed today for $5.65 million, Joseph Guccione, U.S. Marshal for the South District of New York, announced. Originally listed Sept. 1, 2009 for $8.49 million, brokers Burt Minkoff and Jim McCann of the Corcoran Group were most recently asking $6.5 million. The Wall Street Journal previously reported that Sotheby’s International Realty represented the buyer, whose identity remains unknown. “This sale marks the final disposition of all the properties related to the Bernard L. Madoff case,” said Roland Ubaldo, the Supervisory Deputy U.S. Marshal. “We will continue to dispose of the remaining assets with the goal of receiving maximum gain for the victims of this crime.” TRD

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After one year and $2 million worth of price cuts, Bernard Madoff’s Palm Beach mansion has gone into contract, according to the Wall Street Journal. Unlike Madoff’s other properties — a waterfront home in Montauk, N.Y. and a penthouse on New York City’s Upper East Side — the five-bedroom, 8,800-square-foot house at 410 N. Lake Way had been languishing on the market, with brokers calling it overpriced and a probable teardown. Originally listed for $8.49 million last September, brokers Burt Minkoff and Jim McCann of the Corcoran Group were most recently asking $6.5 million for the home on behalf of the U.S. Marshals Service, which will use the proceeds of the sale to return money to victims of Madoff’s $50 billion Ponzi scheme. Sotheby’s International Realty represented the buyer, whose identity and the contract price are as yet unknown. [WSJ]

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Bernard Madoff and his former penthouse apartment at 133 East 64th Street

From the New York Web site: Bernie Madoff’s penthouse on New York City’s Upper East Side may be close to finding a buyer. Brokers asking to show Madoff’s former
home at 133 East 64th Street have been told that there is an accepted
offer on the property, sources said. The seized co-op,
which is being sold by the United States Marshals Service, is
currently listed by Sotheby’s International Realty brokers Anne Corey
and Serena Boardman for $8.9 million after a $1 million price chop in November. The property was listed as having an accepted offer in at least one
brokerage’s internal listing system Thursday afternoon. But Roland Ubaldo, a spokesperson for the US Marshals Service, said
the brokers are negotiating with potential buyers and that the
property is still being shown. Corey and Boardman were not immediately available for comment. Madoff’s former Montauk home recently sold for $9.4 million. His five-bedroom Palm Beach property at 410 N. Lake Way is still on the market for $7.9 million, after a price cut from $8.49 million in October.
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While Bernard Madoff’s Palm Beach home at 401 N. Lake Way awaits patiently for a buyer, even at its reduced $7.9 million price tag, the Ponzi schemer’s vehicles are being auctioned off. Three boats and a 1999 Mercedes-Benz, which had been parked in the home’s garage, were sold Nov. 17 in Fort Lauderdale. They fetched roughly $1.1 million. Dates for the planned future auctions of Madoff’s remaining assets have not yet been announced. [Palm Beach Daily News]

Music mogul Martin Bandier has purchased a three-bedroom, 2,900-square-foot condo at Palm Beach’s Il Lugano. Bandier, chairman and CEO of Sony/ATV Music Publishing, paid owner Barbara Green Kay $3.3 million for the 300 Seminole Avenue unit, which she purchased in 2004 for $3.05 million. An Il Lugano apartment twice the size sold last year for $12.1 million. Carole Hogan of Brown Harris Stevens of Palm Beach, had the listing and the Corcoran Group’s Burt Minkoff represented the buyer in the transaction. [Palm Beach Daily News]

The infamous Palm Beach home owned by convicted Ponzi schemer Bernard Madoff is still for sale, but for less than its original listing price. Realtors Burt Minkoff and Jim McCann of The Corcoran Group’s Palm Beach office listed the property at 410 N. Lake Way on behalf of the U.S. Marshals Service, to recoup whatever possible money can be returned to victims of Madoff’s $50 billion investment fraud. The original listing was for $8.49 million, and the price has been cut by $590,000 to $7.9 million. Local broker Christian Angle said he presented the five-bedroom house to several clients, and said that although $7.9 million could be a good price for the house, the land probably isn’t worth more than $5 million or $6 million. Everyone he spoke to looked at it as only a teardown project, he said. [Palm Beach Daily News]

Prospective buyers are reportedly intensely interested in disgraced Ponzi schemer Bernie Madoff’s house at 410 N. Lake Way in Palm Beach. Burt Minkoff and Jim McCann of the Corcoran Group have listed the house for $8.5 million under a government order to unload Madoff’s assets. They said the house looks modest from the outside but is 6,475 square feet and is as spotless as Madoff’s record is blemished.

From left: listing agents Burt Minkoff and Jim McCann of the Corcoran Group, Madoff’s Palm Beach property

The Corcoran Group, which is marketing Bernard Madoff’s oceanfront home
in Montauk, NY, has also been chosen to sell the disgraced financier’s
five-bedroom home in Palm Beach. Jim McCann and Burt Minkoff, who are based in Corcoran’s Palm Beach
office, have been chosen by the U.S. Marshals Service to handle the
sale. The home, located at 410 North Lake Way, is a 8,753-square-foot,
five-bedroom home listed for $8.5 million. Situated on the Intracoastal
Waterway, it has deep-water dockage and “lush tropical landscaping
providing residents’ privacy,” according to a press release from
Corcoran. Corcoran agent Joan Hegner is handling the sale of Madoff’s
3,000-square-foot beachfront home in Montauk, which went on the market
Sept. 1 for $8.75 million. The Montauk property has received “immediate qualified buyer interest”
since coming on the market, Corcoran President and CEO Pamela Liebman
said in a statement. For both properties, Corcoran plans to donate its commission to the fund for reimbursement of Madoff victims. Marshals picked Anne Corey and Serena Boardman of Sotheby’s International Realty to handle Madoff’s Manhattan penthouse.

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