Peter Madoff's Long Island Home Hits the Market for $4.495 Million (House of the Day)
By Catherine Sherman
He may be serving 10 years behind bars for his involvement in the largest Ponzi scheme in U.S. history, but by the looks of Peter Madoff's Long Island home you'd never know.
The brother and co-conspirator of disgraced investment adviser Bernie Madoff owned an elegant English manor in Old Westbury, N.Y., for more than 20 years, according to The New York Times. Now the U.S. Marshals Service is asking $4.495 million for the 4-acre property.
This is not the first Madoff property to go. After pleading guilty last year to falsifying documents and lying to regulators, Peter was ordered to forfeit his family's assets. His primary Manhattan residence sold for $4.6 million right before his prison sentence began earlier this year, and the sale of his Palm Beach property closed the year before.
The Long Island estate was first listed in 2011 for $6.495 million in an attempt to pay back Madoff investors. Now with a $2 million price cut and 33 days on the market, the Marshals Service is eager to close to deal. But will the 5-bedroom, 7-bath home find a buyer?
An in-ground swimming pool, tennis court, elevator and guest cottage -- not to mention several historic details and antique furnishings -- are worthy of a million-dollar price tag. Even with the price cut, however, the Marshal Service is asking nearly double the Old Westbury median list price of $2.399 million. And with the Madoff name etched in property records, there will always be a reminder of a fraudulent past. "Everything in this home was obtained on the backs of other people," Deputy U.S. Marshal Kevin Kamrowski said in an e-mail to The New York Times.
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