U.S. Marshals have sold Bernard Madoff’s Palm Beach home for $5.65 million dollars. Proceeds of the sale will go to the Dept of Justice Fund to benefit Madoff victims. The identity of the buyer is not currently available. The house, built in 1973, has five bedrooms and seven bathrooms, according to Palm Beach County property records. The property has a private dock on the shore of Lake Worth, a lagoon that opens to the Atlantic Ocean. The home was purchased in 1994 for $3.8 million under the name of Madoff’s wife, Ruth. Its appraised value was $9.4 million in 2008. Take a photo tour of Bernard Madoff’s Palm Beach Estate:
Here’s the realtor’s listing:
Classic Island living in Palm Beach. Think back to the 50’s and 60’s when Palm Beach was a less manicured tropical paradise. . . From the moment you enter this amazing light-filled Caribbean home you are looking past your dock across the Intracoastal waterway. Purchased and renovated by developer Michael Burrows in the early 90’s this home features many of his signature classic features – a 22′ soaring Cypress beamed ceiling constructed with stainless steel hardware in the great room and dining room, Honduran Mahogany front door, large voluminous rooms with high ceilings and tremendous closet space. Details include Terracotta tile floors, nickel hardware plumbing fixtures, Waterworks tiled bathrooms with Thasos marble countertops. Throughout the main floor lushly landscaped atriums bring light to each of the 4 first-floor en-suite bedrooms and the hallways transversing the house. Each suite is isolated from the others offering ultimate privacy. The upstairs master suite features 17′ ceilings, more than ample separate dressing rooms, generous closets and fabulous baths, with a balcony running the width of the house overlooking the great Banyan tree. Off the living room and dining room is the grand outdoor loggia which faces the pool, dock and Intracoastal. The biggest challenge living in this unique home will be deciding where to entertain your guests. This is real Palm Beach living ~ tropical, & casual, yet elegantly graceful.
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.