Madoff's beach home sells for $8.75M

<div class="meta image-caption"><div class="origin-logo origin-image none"><span>none</span></div><span class="caption-text">This is a view of the house of Bernard Madoff in Montauk, New York, seen Friday, August 28, 2009. Madoff, 71, is serving 150 years in prison for defrauding investors in a multibillion-dollar pyramid scheme. A court-appointed trustee is liquidating Madoff&#39;s assets. &#40;AP Photo&#47;Robert Mecea&#41;</span></div>
September 17, 2009 12:42:40 PM PDT
It boasts ocean views, an infamous former owner -- and now a buyer willing to pay more than $8.75 million. An unidentified buyer or buyers snapped up Bernard Madoff's Long Island beach house within days after the U.S. Marshals Service put the seized property up for sale, a spokeswoman for the broker the Corcoran Group said Thursday.

Spokeswoman Anne Lacombe said the fallen money manager's Montauk retreat was under contract for more than its $8.75 million asking price. She didn't have the exact figure, any information on the intended buyer or the closing date.

The U.S. Marshals Service put the 3,000-square-foot house on the market Sept. 1 to help repay victims of Madoff's massive investment fraud. The agency didn't immediately return a phone call Thursday.

The listing attracted an onslaught of responses and numerous bids, Lacombe said. She said the highest bid was taken.

Madoff's notoriety "made it come to a lot of people's attention, but it's really all about the location of the views and the home," she said.

The four-bedroom house is set on a 1.2-acre lot amid the dunes in Montauk, a windswept beach community east of the Hamptons. The house is modest by Hamptons standards, but it boasts stunning views of the Atlantic Ocean and sits closer to the surf than zoning laws now allow.

"These kind of properties are very rare," Lacombe said.

Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a Ponzi scheme that encompassed thousands of investors and billions of dollars.

His punishment included a forfeiture order that stripped him and his wife, Ruth, of nearly all their wealth. The order gave the marshals authority to seize and sell the Madoffs' homes.

Their Manhattan penthouse has been listed at $9.9 million. Their waterfront mansion in Palm Beach, Fla., is on the market for $8.5 million.

Meanwhile, security has been tightened at the Montauk home after the theft of a $300 sculpture off the front porch late last week, Newsday reported.

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