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

TRD New York /
Jan.January 07, 2013 11:00 AM

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.

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

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