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Madoff house sells for over $8.75m

An unidentified buyer brought Bernard Madoff’s Montauk, N.Y., beach house within days of it being put up for sale. An unidentified buyer brought Bernard Madoff’s Montauk, N.Y., beach house within days of it being put up for sale. (Robert Mecea/Associated Press/File 2009)
By Associated Press
September 18, 2009

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NEW YORK - It boasts ocean views, an infamous former owner - and now a buyer willing to pay more than $8.75 million.

An unidentified buyer or buyers snapped up Bernard Madoff’s Long Island beach house within days after the US Marshals Service put the seized property up for sale, a spokeswoman for the broker the Corcoran Group said yesterday.

Spokeswoman Anne Lacombe said the fallen money manager’s Montauk retreat was under contract for more than its $8.75 million asking price. She didn’t have the exact figure, any information on the intended buyer, or the closing date.

The Marshals put the 3,000-square-foot house on the market Sept. 1 to help repay victims of Madoff’s massive investment fraud. The agency didn’t immediately return a phone call yesterday.

The listing attracted an onslaught of responses and numerous bids, Lacombe said. She said the highest bid was taken.

The four-bedroom house is set on a 1.2-acre lot amid the dunes in Montauk, a windswept beach community east of the Hamptons.

The house is modest by Hamptons standards, but it boasts stunning views of the Atlantic Ocean and sits closer to the surf than zoning laws now allow. “These kind of properties are very rare,’’ Lacombe said.