September 17, 2009

Madoff beach house sells for $8.75 million

Convicted Ponzi scheme operator Bernard Madoff's ocean front home in Montauk, N.Y., has been sold for $8.75 million, a real estate agent said Thursday.

The deal for the 3,000-square-foot house should close in a couple of weeks, Corcoran Group real estate agent Joan Hegner told The New York Times.

We have fully signed contracts, she said.

The United States Marshals Service confirmed the sale, but declined an invitation to reveal the name of the home's future owner.

The Federal Marshals Service has also listed for sale Madoff's two-story penthouse apartment in New York City, his Palm Beach, Fla., home and his yachts.

Madoff pleaded guilty to 11 counts of fraud and was sentenced to 150 years in prison.

Proceeds from the property sales will go to compensate victims in the Ponzi scheme who collectively lost an estimated $65 billion.