The Real Deal Miami

Marion Madoff unloads Palm Beach home

May 18, 2011 01:21PM

In April, Marion Madoff, sister-in-law of Ponzi-schemer Bernie Madoff, cut the asking price of her Palm Beach home by 9 percent in an effort to sell quickly.

Evidently, the incentive worked. The five-bedroom, five-bathroom property at 200 Algoma Road has been snapped up by an anonymous buyer for a cool $5.5 million, according to the Palm Beach Post. The sale represents the last of the Madoff family properties on the island.

Paulette Koch, associate broker with The Corcoran Group, represented the buyer but would not reveal his or her identity.

“It was a perfect fit. My buyer loved the house,” Koch said. “It is a magical beautiful property.”

As The Real Deal previously reported, the property, first listed in January by Sotheby’s International Realty, was purchased by Peter Madoff for $3.7 million in 2001. Peter Madoff was chief compliance officer at his brother Bernie’s firm. [Palm Beach Daily News]