The Madoff family has made another bad investment.
By turning a three-bedroom Park Avenue apartment into a two-bedroom, Peter Madoff appears to have reduced the value substantially. Peter Madoff, the younger brother of jailed Ponzi-schemer Bernard, paid $4.1 million for the apartment in 2004, according to the Wall Street Journal, and it is now on the market for $4 million. Given the steep climb of high-end Manhattan real estate over the past 8 years -- not to mention the $1 million renovation -- that's a significant discount.
Peter Madoff is heading to prison for 10 years for fraud, and as part of a forfeiture agreement, the proceeds of the sale will go to the U.S. Marshals Service. Peter Madoff and his wife, Marion, sold a Palm Beach house for $5.5 million, and they are also giving up their Long Island, NY, home, which is on the market as well. Peter Madoff admitted falsifying documents but claimed he was unaware that his brother had stolen from anyone.
According to the real estate listing with Prudential Douglas Elliman, the 6th-floor apartment has a wood-burning fireplace, a maid's room and three-and-a-half bathrooms. Buyers would be required to make a 50% downpayment, and the monthly maintenance is $4,748.