The Real Deal Miami

Madoff mansion dropped to $7.9 million

October 23, 2009 03:49PM

The infamous Palm Beach home owned by convicted Ponzi schemer Bernard Madoff is still for sale, but for less than its original listing price. Realtors Burt Minkoff and Jim McCann of The Corcoran Group’s Palm Beach office listed the property at 410 N. Lake Way on behalf of the U.S. Marshals Service, to recoup whatever possible money can be returned to victims of Madoff’s $50 billion investment fraud. The original listing was for $8.49 million, and the price has been cut by $590,000 to $7.9 million. Local broker Christian Angle said he presented the five-bedroom house to several clients, and said that although $7.9 million could be a good price for the house, the land probably isn’t worth more than $5 million or $6 million. Everyone he spoke to looked at it as only a teardown project, he said. [Palm Beach Daily News]