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Buyer found for Madoff’s Fla. home

The sales price for Bernard Madoff’s Palm Beach house was not disclosed. For taxes, it was appraised at $9.4 million in 2008. The sales price for Bernard Madoff’s Palm Beach house was not disclosed. For taxes, it was appraised at $9.4 million in 2008. (Hans Deryk/Reuters/File 2009)
Bloomberg News / October 13, 2010

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NEW YORK — Bernard Madoff’s Palm Beach, Fla., home is under contract to be sold for an undisclosed amount, Deputy US Marshal Roland Ubaldo said yesterday.

The house, built in 1973, has five bedrooms and seven bathrooms, according to Palm Beach County property records. The property has a private dock on the shore of Lake Worth, a lagoon that opens to the Atlantic Ocean.

The 6,475-square-foot home is the last of three properties once owned by Madoff that the government is selling to pay restitution to victims of his Ponzi scheme, the largest ever. He is serving a 150-year sentence at a federal prison in North Carolina.

Madoff’s 3,000-square-foot home on the east end of New York’s Long Island was sold in October 2009 for $9.41 million. His penthouse on Manhattan’s Upper East Side was purchased in May for $8 million, according to StreetEasy.com. Buyers for all three homes were selected by the US Marshals Service.

The Palm Beach house was listed for sale in September 2009 for $8.49 million. By August of this year, the price had been reduced to $6.5 million, according to Zillow.com.

The home was purchased in 1994 for $3.8 million under the name of Madoff’s wife, Ruth. Its appraised value was $9.4 million in 2008.

Ubaldo declined to disclose the sale price.