Sold! Bernie Madoff Beach House Goes to Contract at $8.75 Mil +

Photo: Madoff MontaukABC News
The Hamptons home of Bernie and Ruth Madoff - valued at $7 million - is up for sale in Long Island. Proceeds will go to victims of his $65 billion Ponzi scheme.

Bernard Madoff's Montauk beach house on New York's Long Island has been sold to an unidentified buyer in an all cash deal "over the asking price," realtors Joan and Raymond Hegner of the Corcoran Group told

"We have a fully signed contract," said Joan Hegner, who added that interest in the convicted conman's beachfront property was "fast and furious."

Click here for complete Blotter coverage of Madoff and his Ponzi scheme.

Hegner said several buyers submitted sealed, final offers, and the U.S. Marshals Service selected the winner. She declined to reveal the name of the buyer or the amount of the winning offer.

"We cannot reveal any of the price details until after it closes," Hegner said.

There was great interest in the Madoff home after U.S. Marshals put in on the market and conducted a video tour for news cameras.


"As soon as you walk into it, there is an understated elegance you don't see from the outside," said U.S. Marshal Roland Ubaldo as he walked reporters through the 3,000 square foot home.

Ubaldo confirmed to's The Blotter that the contract has been signed on the property, but said he could not comment further on the details of the sale at this time.

Madoff bought the property and built the home in the 1980's. It was seized by the government in July and proceeds from the sale will go to the victims of Madoff's Ponzi scheme. His neighbors along the beach include Robert DeNiro and Ralph Lauren.

Click here to go behind the scenes of Brian Ross' investigation into Bernie and Ruth Madoff.

"People recognized the value of the property, the home, the incomparable views and nice, easy access to the beach," said Hegner.

The four-bedroom, three-bath home is located on 182 feet of prime beach property.

Madoff's Other Properties For Sale

The Madoff's personal items, furniture and appliance will be sold at auction later this year.


The house has been sold just in time, as thieves have already stolen an iron statue shaped like a coyote from the front porch, according to Ubaldo.

Ubaldo said the iron coyote is valued at approximately $300, is 36 inches in tall and weighs approximately 70 pounds. The coyote matched the Aztec-themed d├ęcor of the rest of the Montauk home.

"The matter is currently being investigated by local law enforcement authorities working in cooperation with the US Marshalls," Ubaldo said.

The U.S. Marshals Service is also selling off Madoff's New York City penthouse, his Palm Beach waterfront estate and his three boats. Madoff's villa in France and a 85-foot yacht were sold by Ruth Madoff, who agreed to turn over the proceeds to the government.

The government expects the property sales will ultimately bring in around $30 million dollars, a tiny fraction of the billions of dollars lost by people who invested with Madoff.

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