The perpetrator of the largest Ponzi scheme in history, Bernard Madoff, has seen a number of his possessions seized by federal officials - his yachts, Manhattan penthouse, Florida mansion... even his NY Mets season tickets - in order to help recoup losses experienced in the wake of his monumental fraud.
One of Madoff's more valuable assets, his luxury beach home in Montauk, NY, is about to be put up for sale by the US Marshals. Just announced today, CNBC decided to take a look into what the Ponzi schemer's life was like at his beach home prior to being nabbed by the authorities.
Click ahead to see Madoff's beach home, newly on the market!
Reporting By Mary Thompson
Slideshow By Paul Toscano
Posted 1 Sept 2009
Located at 216 Old Montauk Highway in Suffolk County, New York, the home was seized on July 1st, 2009 by deputy marshals from the Southern District of NY. The Marshals expect to sell the home at market value, which is approximately $8.75 million. The home will be up for sale prior to Labor Day.
The house stands out from many of its neighbors and is literally steps from the beach. Premium waterfront property in one of New York's most expensive areas for real estate.
Although not as extravagant as Madoff's Florida mansion, this four bedroom, three bathroom beach home is still quite large, measuring over 3000 square feet in space.
It looks as though the Madoffs had visited the property yesterday, but the house was seized on July 1st. The locks were immediately changed and the contents of the home were immediately inventoried by the authorities.
In order to recoup as much money as possible, the US Marshals inventoried, tagged and itemized all of the property inside the house, expecting to auction everything from the carpets to the furniture... even Ruth Madoff's jewelery.
The property commands impressive waterfront views and features a back deck to take in the surroundings. Also pictured is the home's swimming pool. The Madoffs owned this house for 27 years before it was seized this summer.
The house is a two-floor residence with the master bedroom on the second story, and the living space downstairs, connected by a central winding staircase.
The Madoffs' third home also features a kitchen with waterfront views, just a head's turn from the stove or refrigerator.
The living space is relatively wide open, with the second story, dining area and living room interconnected and the second story looking over the majority of the first floor.
Built in 1982, the house's living space features 20 foot ceilings with a central fireplace.
Although the property is not yet officially listed for sale, the Marshals are currently in the process of selecting a broker, and expect to sell the home for market value. All of the gains from the sale will go towards restitution for the victims, the Marshals say.
If all goes to plan, this Long Island beach home will help recoup millions in losses for victims of Madoff's monumental Ponzi scheme. The home may even draw a slightly higher price than expected, if the property's infamous origins appeal to prospective buyers.