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ScaredEitherWay

Madoff's Property For Sale

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http://news.bbc.co.uk/1/hi/business/8245979.stm

The 4,000 sq-ft apartment, set on two floors, was where Madoff confessed to his sons and then the FBI that his investment funds had been "all just one big lie".

When the authorities searched Madoff's home office they found 100 cheques on the desk, worth a total of $173m (£105m), which had been written out to friends and family.

The apartment features three walk-in cupboards and two bathrooms, one decorated in white marble and the other in a minimalist black design.

The auctions will raise money to help pay people who lost money on Madoff's Ponzi scheme. Madoff estimated last year that his apartment was worth $7m. Other items including the baby grand piano will also be sold.

Also going under the hammer is Madoff's mansion in Palm Beach, Florida, which he estimated to be worth $11m.

The court order stripping Madoff of most of his wealth after he was sentenced to 150 years in prison also allowed for his 55-ft yacht, The Bull, which he valued at $2.2m, to be auctioned.

Guide prices for the 8,700 sq-ft Florida home and the New York apartment will not be set until an estate agent is chosen later in the week.

The Florida estate also comes with its own dock. Florida was where Madoff met many of the investors who lost billions of dollars on his investment funds.

The court order stripping Madoff of most of his wealth after he was sentenced to 150 years in prison also allowed for his 55-ft yacht, The Bull, which he valued at $2.2m, to be auctioned.

Madoff's beach house in Montauk, Long Island, was listed for sale last week for $8.75m.

The listing agent said that bids had already been made for the Long Island property and there are reports that a buyer may be chosen by the end of the week.

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