Madoff’s brother lists $6.5M LI manse

TRD New York /
Jun.June 02, 2011 09:59 AM
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, and annual taxes are now $74,980, plus another $17,234 in village taxes. Peter, who has denied involvement in Bernie’s fraud, has been selling off assets in the face of the lawsuit. His Palm Beach, Fla. home was scheduled for sale last month, according to papers filed by trustee Irving Picard, and an Aston Martin car he’d kept there was also slated to be auctioned off to raise money to the Ponzi scheme victims. [Newsday]


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