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Oct 21, 2009 2:12 PMPublication: The Southampton Press

Madoff's Montauk house sold for $9.4 million

Oct 21, 2009 2:12 PM

Bernie Madoff’s Montauk house, which was seized by the federal government in July, sold for $660,000 more than the asking price, the U.S. Marshals Service announced Friday.

The Corcoran Group put the 2,860-square-foot beachfront house on the selling block on September 1 for $8.75 million. It sold 17 days later in an all-cash deal for $9.41 million to a buyer whom neither Corcoran nor the U.S. Marshals Service has identified.

The four-bedroom, three-bath house on Old Montauk Highway was listed by Corcoran agents Joan and Raymond Hegner after the U.S. Marshals Service awarded the listing to the real estate firm. Corcoran Group donated its commission to the U.S. Department of Justice to benefit the victims of Mr. Madoff’s Ponzi scheme, according to Joseph R. Guccione, the U.S. marshal for the Southern District of New York.

The proceeds of the sale, and the sales of Mr. Madoff’s properties in New York and Palm Beach, listed for $9.9 million and $8.49 million, respectively, will also go toward restitution for the victims.

Accused of defrauding investors of an estimated $65 billion, Mr. Madoff pleaded guilty in March to 11 federal criminal counts and was sentenced in June to 150 years in prison.

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I think that we should ask the Federal government for a share of the proceeds. Part of it could be given to East Hampton Town and part to Southampton Town to reduce the financial losses brought to us by our own Town Supervisors and their political partners. Greed got them all elected or re-elected at the cost of the taxpayer...that would be you and me. Today, both towns are deeper in debt and suffering from higher taxes as a result of such greed. It's time to throw the bums out of office who ...more
By Dodger (161), Southampton Village on Oct 25, 09 10:47 AM
1 member liked this comment
The Hegner's are most generous to donate the commission. Dodger's idea is really pretty silly as the local towns have no connection to the crimes of Madoff and deserve none of the monies/
By JimmyKBond (156), Hampton Bays on Oct 31, 09 7:44 PM