Peter Madoff's Long Island Home Sells for $3.5 Million

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ZillowProceeds of the $3.5 million sale will go toward restitution for victims of brother Bernard Madoff's fraudulent scheme.
Peter Madoff -- younger brother of notorious Bernie -- has lost his Long Island mansion in a sale orchestrated by federal marshals that adds the bulk of the $3.5 million price to the restitution fund for victims of the Madoff multi-billion dollar Ponzi scheme, which bilked thousands of everyday investors out of their life savings.

The five-bedroom, five-bath Old Westbury colonial had been on the market for years. The tainted Madoff name didn't help the sales price, which started at $6.5 million in 2011. The house was briefly delisted in February 2013 and returned to the market a few months later for $4.495 million. It eventually dropped to $3.199 million, received multiple offers and finally sold for $300,000 above the listing price.

The stucco house has hardwood floors, high ceilings edged by massive crown moldings, and silk drapes framing floor-length windows, according to the listing. Other features include:
  • Four acres on the edge of the Glen Oaks Country Club and golf course
  • Expansive public rooms
  • Billiard room
  • Gym
  • Tennis court
  • Pool and guest house.
In 2012, Peter Madoff was sentenced to 10 years in prison. Home is now a medium-security Federal Correctional Institution in South Carolina. Brother Bernie is serving a 150-year prison term at a Federal Correctional Institution in North Carolina.

Bernie's former Manhattan penthouse -- where he lived while under house arrest -- sold for $8 million in 2010 and again last year for $14.5 million. His Montauk estate on the tip of Long Island sold for $9.41 million in 2009.

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