The Real Deal Miami

Madoff’s former luxurious lifestyle revealed in images

September 09, 2009 11:39AM



New videos of Bernard Madoff’s Upper East Side penthouse apartment and Palm Beach vacation home were released today, shedding light on the opulent lifestyle of the notorious Ponzi schemer. The images emerge as the U.S. Marshals Service readies the Manhattan home for sale and seeks an agent for the Florida spot. Later today, federal officials plan to announce the listing broker for the 8,700-square-foot Palm Beach mansion, according to CNBC‘s Mary Thompson. The property, which includes a private 80-foot dock, sits on the water across from downtown Palm Beach. Although the Marshals Service has not released an estimated price on the home, Thompson said that officials hope that Madoff’s three U.S. properties — in Manhattan, Montauk and Palm Beach — will fetch $21 million combined. The Montauk home is currently on the market for $8.75 million, while Madoff himself estimated the value of his Palm Beach home and his Manhattan home at $11 million and $7 million, respectively, last year.

Both the Manhattan and Palm Beach properties housed Madoff’s lavish belongings, including a $40,000 Steinway piano and 40 pairs of custom-made Belgian shoes. Of particular note are Madoff’s nit-picky proclivities.

“He was very meticulous in his cataloging of his clothes,” Rolando Ubaldo, a supervisory deputy U.S. Marshal, said. Ubaldo said that Madoff kept a custom dresser in his New York home, which contained individual drawers for each of his designer shirts.
Ubaldo reviewed the apartment and furnishings in a video released to the New York Post.

While appraiser Jonathan Miller of Miller Samuel describes Madoff’s 4,000-square-foot New York home as “modest” in size, Ubaldo said he anticipates the home will net between $8 and $10 million, after it hits the market later this week.