Another Madoff Home Sells, All Hell Breaks Loose
The den where Bernie Madoff performed most of his $65 billion Ponzi scheme may be up for grabs. New York's famous Lipstick Building is inching towards foreclosure, and Madoff is being blamed for the building's fiscal demise.
Madoff's former offices spanned three floors of the oval-shaped building at 885 Third Ave. Now that Madoff is getting acquainted with life in a prison cell, a good portion of the 40,000 square feet that he used to work out of sits vacant. Apparently Madoff was the perfect tenant when it came to paying rent, because his departure has caused the building owners, Royal Bank of Canada (RBC), to look for a way to wash their hands of the investment.