Madoff's Beach Home Sells for Over $8.75M

A view of the pool and the porch 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's assets.
AP Photo/Robert Mecea
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.

Video: Tour Inside Madoff's Montauk Home

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.

Photos: A Closer Look Inside Madoff's Montauk Home

"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.

Last week, CBS News correspondent Armen Keteyian reported that Madoff's three bedroom, four-and-a-half-bath penthouse in Manhattan's Upper East Side and an estate in Palm Beach, Fla. were seized by the government back in July along with the New York beach house in the Hamptons and two yachts.

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.

Click on the player below for a guided tour of the N.Y. beach house:

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  • Stephen Smith

    Stephen Smith is a senior editor for