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New York

Peter Madoff’s LI home sells for $3.5M

Proceeds of the sale will go toward Ponzi scheme victims

From left: Peter Madoff's Old Westbury home and brothers Peter (left) and Bernard Madoff in 1989
From left: Peter Madoff's Old Westbury home and brothers Peter (left) and Bernard Madoff in 1989

The Long Island home belonging to Peter Madoff, brother of Ponzi schemer Bernard Madoff, has sold for $3.5 million.

The luxurious, five-bedroom home in Old Westbury, which includes a private tennis court and a swimming pool, had been on the market for multiple years, the New York Daily News reported. The proceeds of the sale will go toward paying restitution to the Ponzi scheme victims.

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The Madoff family owned the home for more than two decades. After Peter Madoff admitted to falsifying documents and lying to regulators, he handed the home over to federal authorities, according to the newspaper. He is serving a 10-year sentence for his involvement in his brother’s Ponzi scheme.

Douglas Elliman’s Maria Babaev had the listing. [NYDN] — Claire Moses

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Bernie MadoffOld WestburyPonzi Scheme