The Real Deal Miami

Madoff investor sells PB home for $6.6M

March 21, 2013 03:00PM

243 Tangier Avenue

Walter Noel Jr., the head of investment firm Fairfield Greenwich Group, which poured billions into Bernard Madoff’s ponzi scheme, has sold his Palm Beach four-bedroom house for $6.6 million, the Palm Beach Daily News reported.

The Bermuda-style renovated house, located at 243 Tangier Avenue, was not publicly on the market when it traded Monday to California-based investment advisers Heather Baines and Lloyd McAdams.

Sotheby’s International Realty agents handled both sides of the sale. Cristina Condon and Suzanne H. Ainslie represented the sellers, with Todd Peter and his wife, Frances Webster Peter, representing the buyers.

The Noels purchased the house in 2006 for $4.6 million from John Pickett III, founder of Barrett Welles Property Group, property records show. Since then, the Noels built an addition onto the house.

“It was a lovely house but some parts of it were a little tired and needed to be updated,” Pickett told the Palm Beach Daily News. “They did an absolutely wonderful renovation.” [PBDN]Christopher Cameron