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Ponzi Schemer Peter Madoff's Mansion Sells, Meaning $3.5M More for His Victims

After more than four years on the market, Ponzi schemer Peter Madoff's former Old Westbury home has sold for $3.5M. Peter Madoff, brother and former accomplice to the notorious Bernie, pleaded guilty to falsifying documents and lying to regulators in 2012, and consequently forfeited his property to the feds. Originally listed at $6.495M, the home is one of many assets the U.S. has been attempting to sell to help recoup funds for Madoff's victims.

The rather hideous five-bedroom "English Manor Colonial" had been in the Madoff family for more than 20 years. Realtor Maria Babey told the NY Daily News she was able to put a "positive spin" on the sale with the fact that "every dollar of the purchase will go to the victims." Which is a pretty sunny spin on a mildly stigmatized property.

Peter's former home at 975 Park Ave sold for $4.6M in 2013.


·Ponzi schemer Peter Madoff's Long Island home sells for $3.5M [NY Daily News]