Home once owned by Peter Madoff sells for $7.56M

200 Algoma Road in Palm Beach (Credit: Meghan McCarthy for the Palm Beach Daily News)
200 Algoma Road in Palm Beach (Credit: Meghan McCarthy for the Palm Beach Daily News)

An Estate Section home in Palm Beach once co-owned by Peter Madoff, the brother of convicted Ponzi schemer Bernie Madoff, sold for $7.56 million.

Peter Madoff and his wife Marion sold the five-bedroom home at 200 Algoma Road for $5.5 million in May 2011, about a year before he pleaded guilty for his role in his brother’s long-running Ponzi scheme.

Peter Madoff is serving a 10-year prison sentence. He served as chief compliance officer of his older brother’s fraudulent investment firm. Bernie Madoff, a former part-time resident of Palm Beach, is serving a prison sentence of 150 years for bilking investors out of an estimated $17 billion.

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Peter and Marion Madoff sold the house on Algoma Road in 2011 to a trust called 200 Algoma Road Trust, which subsequently transferred ownership of the property to two revocable trusts.

In August, the two trusts listed the residence three streets north of the Mar-A-Lago resort with an asking price of $9.2 million through Corcoran Group agents Paulette Koch and her son Dana Koch.

Ashley Copeland, an agent with Brown Harris Stevens, represented the new owner of the house, a Florida limited liability company called Silene LLC. [Palm Beach Daily News]  Mike Seemuth