Madoff’s brother lists Park Avenue pad

July 19, 2012 08:30AM

This time, it’s a Madoff taking a loss on an investment. Peter Madoff, the younger brother of Ponzi schemer Bernie, put his Park Avenue co-op on the market yesterday for $4 million just months before he heads to prison on a 10-year sentence, the Wall Street Journal reported.

Madoff purchased the 2,300-square-foot unit at 975 Park Avenue for $4.1 million in 2004 and then spent nearly $1 million on renovations, converting it to a two-bedroom apartment from a three-bedroom one. Of course, no money from the sale will go to Peter or his wife, Marion. Instead it will be handed over to the U.S. Marshals Service as part of an agreement Madoff signed when he pled guilty to fraud.

Prudential Douglas Elliman’s Toni Haber is listing the apartment, which Madoff purchased from Adam Hochfelder, a real estate investor who also pled guilt to fraud charges. Madoff is required to sell that co-op, along with the Long Island home he put on the market last year, by January. The price on that home was dropped to $5.3 million from $6.5 million. [WSJ] —Adam Fusfeld