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Fla. home, 2 boats seized

Associated Press / April 2, 2009
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PALM BEACH, Fla. - Federal authorities seized disgraced financier Bernard Madoff's Palm Beach mansion, his vintage yacht, and a smaller boat yesterday, part of an effort to recoup assets to pay back investors he swindled.

Barry Golden, a spokesman for the US Marshals Service, said about five marshals arrived at the 8,753-square-foot, five-bedroom mansion yesterday, hours after marshals seized the boats. Authorities planned to change the locks and conduct an inventory of the property, which Palm Beach County records show had a taxable value of $9.3 million last year.

Golden said marshals would spend about three to four hours filming and photographing items in the house.

Golden said Madoff's 55-foot yacht named "Bull" and a 24-foot motor boat were taken from marinas in Florida.

Defense attorneys have indicated they may try to keep a Manhattan apartment, as well as about $62 million in securities, for Madoff's wife, Ruth.