The Real Deal New York

Steve Roth’s Montauk beach house is hitting the market

The 3K sf home once belonged to Bernie Madoff
April 11, 2018 12:45PM

The Montauk beach home, Steve Roth and Bernie Madoff (Credit: Corcoran, Vornado and Getty Images)

Steve Roth is looking for a Madoff-like return on investment on a Montauk beach home once owned by the notorious Ponzi schemer.

The Vornado Realty Trust chairman his wife Daryl have listed the waterfront property for $21 million, according to the Wall Street Journal. Roth bought the pad in 2009 for $9.4 million. The U.S. Marshals Service handled the sale, and proceeds went to victims of Madoff’s Ponzi scheme. It’s about to hit the market for $21 million, according to the Wall Street Journal.

The 3,000-square-foot three-bedroom home is located right on the beach, and the Roths had designer Thierry Despont undertake an extensive renovation of the property. They are looking to sell because they bought another home close to their East Hampton house for visitors and do not think they will have much time to spend in Montauk going forward, the Journal reported.

Gary DePersia and Joan Hegner of the Corcoran Group have the listing.

The Madoffs bought the land in the early 1980s for about $250,000.

Roth recently told shareholders that Vornado had reached a “handshake deal” with Kushner Companies to sell its 49.5 percent interest in 666 Fifth Avenue. Roth also laid out an ambitious plan to redevelop the Penn Station area. The 76-year-old real estate mogul underwent double bypass surgery in August but told investors last week, “BTW, I feel fine. Thanks for asking.” [WSJ] – Eddie Small