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Bernie Madoff’s Montauk pad returns to sale with price hike

The late Bernie Madoff’s longtime home in the Hamptons is up for sale again for $22.5 million.

That comes with a small price hike considering the owner, Vornado Realty Trust honcho Steven Roth, has been trying to sell the three-bedroom, three-bathroom Montauk property for the past four years.

The home first went on the market in April 2018 for $21 million, but with no offers, the price was reduced to $19.9 million. As of 2020, it was relisted for $17.9 million. The home stayed at that price point for years – sliding on and off the market. But it seems Roth is intent on making a profit on the house.

However, it doesn’t seem like anyone is willing to bite.

Roth — the chairman of New York City’s largest commercial landlord — and his wife Daryl, a Broadway producer, bought the 3,000-square-foot mansion from US Marshals in 2009 for $9.41 million, records show.

At the time, the home received four bids, with Roth, 81, willing to buy the property for more than the asking price of $8.75 million.

Bernie Madoff's longtime home in the Hamptons is up for sale again, this time with a notable price hike.
Bernie Madoff’s (inset) longtime home in the Hamptons is up for sale again, this time with a notable price hike.
Courtesy of Corcoran Group; Getty Images
The property covers 3,000 square meters.
The property measures 3,000 square meters.
The property extends over almost 1.5 hectares.
The property stands on nearly 1.5 acres.
Courtesy of Corcoran Group

The government had confiscated Madoff’s home to repay victims of its Ponzi scheme – believed to be the largest in history, which defrauded its clients of nearly $65 billion.

Madoff and his wife, Ruth Madoff, bought the land for $250,000 in the early 1980s, records show. They later built the house and added about 0.1 acre of waterfront for $20,000.

Tim Davis of the Corcoran Group has the listing.

“Her heart and soul went into this project of acquiring and developing the property,” Davis said said Mansion Global. “There’s an emotional bond there.”

The great room with and high vaulted ceiling.
The great room with a high vaulted ceiling and a stone fireplace.
Courtesy of Corcoran Group
A seating area.
A seating area.
Courtesy of Corcoran Group
The kitchen.
The kitchen and the breakfast room.
Courtesy of Corcoran Group

The oceanfront property, which sits on nearly 1.5 acres, is listed as offering 180 feet of Atlantic Ocean views.

“A stunning Montauk retreat awaits its new chapter at the end of a long gate drive,” reads the listing.

Architect and designer Thierry Despont gave the interior design his signature.

Features include barrel vaulted ceilings and tall windows in the living room, which is set around a natural stone fireplace.

One of three bedrooms.
One of three bedrooms.
Courtesy of Corcoran Group
The master bedroom.
The primary bathroom.
Courtesy of Corcoran Group
The sea view terrace.
The sea view terrace.
Courtesy of Corcoran Group
The pool and the terrace.
The pool and the terrace.
Courtesy of Corcoran Group

The kitchen features floor-to-ceiling windows that let in plenty of natural light. A master bedroom features sliding glass doors opening onto an outdoor patio, as well as a bathroom with double sinks.

“[The Roths] had some moving parts in their lives, even during COVID,” Davis added. “The intention has always been to sell.”

The Post has reached out to Roth for comment.

On April 14, 2021, Madoff died of natural causes in federal custody in North Carolina at the age of 82.

https://nypost.com/2022/04/27/bernie-madoffs-montauk-pad-returns-for-sale-with-price-hike/ Bernie Madoff’s Montauk pad returns to sale with price hike

DUSTIN JONES

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