Liquidation Sale
Posted in Uncategorized on 03/18/2010 11:46 am by admin
Liquidation Sale
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US $.99
Madoff Beach House Liquidation Sale
Currently in prison, serving a 150 year sentence for one of the largest scams in history, Bernie Madoff sits by watching his assets being sold off one by one in an effort to compensate the victims of his crime. The latest item on the chopping block is his luxury Hamptons beach house. He wasn't a flashy person in his regular life, and this is reflected in his home. There are no tennis courts or guest houses, in fact there isn't even a garage, but the home is ideally located on the beach, close to the pounding surf.
The home has a subtle elegance, with an understated decor designed to take advantage of the panoramic Long Island views available in most rooms of the house. The large covered deck and pool also allow for stunning ocean vistas and quick access to the beach, only steps away.
The living room is simple, but dramatic with it's vaulted ceilings, exposed beams, and stone fireplace. Half of the room is lined with windows, and skylights provide additional sunlight, giving it an open airy feel. Overstuffed leather furniture sitting by the fireplace looks cozy and inviting.
There are four bedrooms with three baths; practical, but smaller than you'd expect by today's standards. The second story master bedroom is surprisingly plain with no walk-in closet, but the expansive wall of windows and repeated use of exposed beams and wood floors is impressive. A private terrace opens up to reveal a gorgeous ocean view.
The dining room features floor to ceiling windows facing the ocean; creating an ambience of beachfront dining. The small room contains only a solid wood, round dining table for eight and accompanying wood chairs. The kitchen isn't fancy, but small and efficient, with large openings to allow mingling with guests, and those ever present ocean views.
At just over 3,000 square feet on a 1.2 acre lot, Bernie's home has been listed at $8.75 million with the Corcoran Group, Word has it, the government is seeking at least $7 million for the waterfront home. When Madoff purchased it in 1979 it was worth $3 million. Even in a down market, this man would have made a substantial profit. The contents have been seized, and any personal belongings, or furniture remaining in the home will be sold off. According to Deputy United States Marshal, Roland Ubaldo, everything found inside will be sold at auction, “from pieces of art to Ruth Madoff’s shoes.”
In addition to the beach house, brokers will be frantically selling off Madoff's Manhattan apartment and Palm Beach Florida estate, with a total value of approximately $25 million. Initially, it was believed that Madoff was guilty of defrauding tens of billions of dollars. Now after further investigation, those billion dollar numbers were the result of padded account statements. Bernie never actually invested any of the money, he simply channeled the funds from new investors to pay off existing ones.
The Madoff home doesn't stand out among other neighboring mansions, but sits quietly by, allowing it's occupants to enjoy the best this area has to offer – probably just the way Bernie wanted it.
About the Author
Visit TaftStreetRealty.com for a complete guide to Ulster County NY MLS. View listings for New Paltz, NY real estate, or one of the many other communities in this scenic area.
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