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Madoff's Palm Beach Estate Sold by US Marshals

U.S. Marshals have sold Bernard Madoff's Palm Beach home for $5.65 million dollars, CNBC has learned.

Proceeds of the sale will go to the Dept of Justice Fund to benefit Madoff victims.

Bernie Madoff
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Bernie Madoff

The identity of the buyer was not immediately available.

In 2009, Madoff pleaded guilty to 11 federal offences after turning his wealth management business into the biggest Ponzi scheme in history.

Estimated losses from the Ponzi scheme were around $18 billion.

Madoff was sentenced to 150 years in prison.

Madoff is currently being held in a federal correctional institution near Butner, North Carolina.