Madoff's Long Island beach getaway put up for sale
The Associated Press
MONTAUK, N.Y. — Federal authorities plan to begin selling off disgraced financier Bernard Madoff's homes to raise money for victims of his massive fraud.
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This week, Madoff's eastern Long Island beach house will go on the market. Up next will be his Manhattan apartment and Palm Beach, Fla., estate.
Madoff estimated the value of his Long Island home on an exclusive seaside lot at $3 million. The U.S. Marshals Service, which seized the home in July, believes it could bring $8 million or more.
The home features a large, columned porch with panoramic views of the Atlantic Ocean. Several items left behind, from American Indian art to golf clubs, will be sold at auction.
The 71-year-old Madoff is serving a 150-year prison term.
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September 02, 2009 05:06 AM EDT
Copyright 2009, The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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