Steve Roth slashes price on Montauk home once owned by Madoff

Vornado CEO and wife first listed beachfront property in 2018

Tri-State /
Dec.December 24, 2020 12:45 PM
Steven Roth and (inset) Bernie Madoff with 216 Old Montauk Highway (Getty, Compass)

Steven Roth and (inset) Bernie Madoff with 216 Old Montauk Highway (Getty, Compass)

The Hamptons housing market has been one of the strongest in the country this year, but that hasn’t helped move a home linked to notorious Ponzi schemer Bernie Madoff.

Vornado Realty Trust CEO Steve Roth and his wife, Daryl, slashed the price on their 3,000-square-foot Montauk property to $17.9 million, according to the New York Post. The couple first listed the beachfront home in 2018 with a $21 million price tag, but didn’t get any takers.

The Roths paid $9.4 million in 2009 for the home at 216 Old Montauk Highway. The U.S. Marshals Service handled the sale, and proceeds went to some of Madoff’s thousands of victims to help pay back the $65 billion he stole.

The gated property has three bedrooms and 3.5 bathrooms, along with a pool and a cabana. The home sits on a 1.5-acre lot, and has 180 feet fronting the beach. The Roths enlisted designer Thierry Despont to renovate the property. Back in 2018, the couple said they wanted to sell because they bought another home close to their East Hampton house for visitors. Christopher Coleman of Compass has the listing.

Despite the Roths’ difficulties selling the property, Montauk was among the four Hamptons markets that saw more than twice as many home sales close over the summer, according to Town & Country’s third-quarter report. East Hampton was not among them, however. Former “Sex and the City” star Kim Cattrall just relisted her two-bedroom cottage at 105 Gerard Drive in East Hampton for $2.9 million, down from $3.25 million. [NYP] — Alexi Friedman 


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