Madoff Sister-in-Law Lists Palm Beach Home
Bernie Madoff's sister-in-law, Marion, has listed her 7,300-square-foot Palm Beach, Fla., home for $6.5 million, perhaps at an inflated price, a source told AOL Real Estate.
"Homes for sale in Palm Beach can be $47.5 million, so $6.5 million isn't a big number relatively speaking," says local real estate agent Jeff Lichtenstein, who does not represent the property, and who notes that the appraisal values the home at 200 Algoma Road at $3,752,000, down from $4,477,000 last year. "However, the Madoff home is not on the ocean or intracoastal, so it actually is [priced] very high."
Adds Lichtenstein, "Asking a price practically double the appraiser's value is insulting. Wasn't one Ponzi scheme enough?"