A Hamptons mansion that once belonged to late Ponzi-scheme mastermind Bernie Madoff is on the market for $22.5 million take a look inside
Amanda Goh
- A beachfront mansion that once belonged to Bernie Madoff is on the market for $22.5 million.
- The 3,000-square-foot home was sold in 2009 for $9.4 million and proceeds were used to repay his victims.
The late Bernie Madoff's 3,000-square-foot oceanfront Hamptons mansion is on the market for $22.5 million.
American financier Bernie Madoff ran the largest Ponzi scheme in US history, cheating his clients of almost $65 billion over decades. In 2009, he was sentenced to 150 years in prison for his crimes. Madoff died from natural causes in April while serving his sentence.
Madoff owned several homes prior to his arrest. The US government seized the Montauk beach house when he went to jail. It sold in 2009 for $9.4 million, property records show, and proceeds from the sale of the estate were used to repay his victims.
Steven Roth, the CEO of Vornado Realty Trust, bought the house in 2009, the Wall Street Journal previously reported, citing property records. The alternative address currently tied to the house is Vornado Realty Trust's New York headquarters, County Office property ownership records show. Roth did not immediately respond to Insider's request for comment.
The owners have been trying to sell the house to no avail since 2018, property records show. The house was listed on the market in 2018 with an asking price of $21 million and hit a listing-price low of $17.9 million in 2020.
The house was put back on the market in April for $22.5 million — its highest asking price thus far, per property records.
Tim Davis with The Corcoran Group holds the listing.
The mansion is in Montauk, the Hamptons village known for its sprawling mansions and celebrity vacationers.
Hamptons-based real-estate agent Diane Saatchi previously told Insider's Libertina Brandt that Montauk, with its plethora of dining options, surfing spots, and vibrant nightlife, is a popular vacation spot for millennials.
The median home value in Montauk is $2 million, per real-estate platform Realtor.com. The former Madoff estate, with its $22.5 million price tag, is on the pricier side — although it's far from the most expensive listing or sale in the area.
In 2021, the estate once owned by Henry Ford's grandson sold for $105 million, down from its initial asking price of $175 million. Despite the price cut, the sale broke records and is the most expensive parcel ever sold in the Hamptons.
French architect and designer Thierry Despont designed the interior of the house, listing agent Davis told Insider.
The living room features a barrel-vaulted ceiling, giving the interiors a semi-cylindrical appearance. The main fireplace is made entirely out of stone.
The open-concept kitchen is next to the dining area, which fits a party of eight.
Source: Realtor.com
There are three bedrooms and three bathrooms in the mansion.
The master bedroom has full-length sliding glass doors that open up to an outdoor terrace facing the beach.
The master bathroom features marble countertops and floors, Davis said.
The sheltered outdoor patio offers residents a view of the Atlantic Ocean.
Source: Realtor.com
There is also a pool and an outdoor shower, Davis said.
"There is a private driveway leading one down to the home, which is situated on a dune facing the ocean," Davis said.
Residents can enjoy 180-degree views and direct access to the white sand beach from the house.
"There are miles of walking beach in either direction," Davis added.
READ MORE ARTICLES ON
Popular Right Now
Popular Keywords
Advertisement