The interior of Bernard Madoff's cottage is surprisingly not very luxurious.
The Bernard Madoff selloff has begun. It was widely reported
yesterday that to start compensating victims of Madoff's massive Ponzi
scheme -- which defrauded
thousands of people of their investments -- the U.S. Marshals Service has put
the financier's Montauk,
N.Y., vacation property up for sale. Madoff is now serving a 150-year
federal prison sentence in North
Carolina for his crimes.
The beachfront home, which was seized July 1, has an asking
price of $8.75 million. The Corcoran Group has the listing.
The listing makes no mention of Madoff, but does include links to articles from
sources like the New York Times, CNN Money and Bloomberg about the sale. Reportedly, no less than $7 million will
be accepted for the home, which is slightly bigger than 3,000 square feet.
Tax assessors have valued the property -- which is at 216 Old Montauk Highway
-- at $3.3 million, says CNNMoney.com.
Madoff purchased the property for $250,000 in 1980, according to reports.
Much has been made about the apparent shabbiness of Madoff's
beachside cottage -- reports have mocked everything from its dated 1980's
décor, to its Formica countertops and folksy décor.
These furnishings -- including other items like wife Ruth Madoff's shoes, a TV
and an old exercise bike, will be included in an auction. Proceeds from the
auction and the sale of the home will go to Madoff's victims.
But the furnishings aside, some brokers say the home --
which was built in 1974 -- could fetch as much as $10 million. The home is
reportedly a mere 150 feet from the beach, and every room in the house is said
to have panoramic views of the ocean. The cottage also offers a long, columned
porch and an expansive pool.
Madoff also owned a Manhattan
apartment and a Palm Beach,
Fla., estate (among other properties worldwide), which will also be auctioned off -- we'll let you know when those go on the market.
For a peek at the interior of Madoff's Montauk cottage,
watch the Forbes.com video network video, below.
—Lauren Baier Kim