Bernie Madoff’s Beach House Sold for $8.75M

The Montauk beach house of disgraced financier and symbol for all that is wrong with Wall Street, Bernie Madoff, was sold this week for more than the $8.75 million asking price. The specifics of the deal, such as who actually bought the thing and how much he or she paid, have remained a secret in order to protect the integrity of the sale. The house was put on the market Sept. 1 and, according to the New York Times, enjoyed multiple bids before a final deal was reached. Proceeds from the sale will go towards benefitting the many, many victims of Madoff’s $60 billion Ponzi scheme.

It’s not like he’d be using the beach house anytime soon.

The Madoffs bought the land, minus some waterfront acreage, for $250,000 in the early 1980s, records show. A year later, they added about 0.1 acre of waterfront for $20,000, according to the Wall Street Journal. The house is 3,000-square feet and has 182 feet of ocean frontage, four bedrooms, three baths, a double-height great room with a two-story stone fireplace, a deck and, if you ever get bored with the ocean, a pool. The house, however, is not up to code – it was built closer to the beach than the town’s zoning laws allow.

For those who missed out of the chance to own a piece of financial history, don’t despair. Still for sale are Madoff’s 4,400 square foot duplex penthouse on the Upper East Side ($9.9 million), being sold by Sotheby’s International Realty, and his 8,750-square-foot home in Palm Beach, Florida ($8.49 million), being sold by Corcoran Group, the same firm that sold the beach house.