United States marshals seized Madoff's mansion in Palm Beach, Florida, and will be stuck with trying to sell it in the miserable Florida real estate market. While Zillow values the property at $17.4 million and the county values it at $9.3 million, a recent appraisal set the price at $7.45 million. On Zillow, homes near it on the waterfront are valued between $19.4 million and $37.5 million. Wonder who's right about the ultimate selling price?
The government wants to seize and sell off whatever family assets it can to repay victims of Bernie Madoff's Ponzi scheme, which prosecutors now believe totals $65 billion. The courts still need to determine how much of the family's fortune will be forfeited. It's safe to guess that an enraged public wants all of it to be taken.