Madoff's $7 Million Beach Home to Be Put Up for Sale

Bernard Madoff's $7 million oceanfront estate in Montauk, New York, will be put up for sale this week in a market flooded with unsold luxury homes. A broker will be selected and the four-bedroom, 3,000 square-foot house may be ready for showings by Labor Day. The house is the first of three once owned by Madoff that the government is selling to pay restitution to victims of Madoff’s Ponzi scheme. Bloomberg's Gigi Stone reports. (Source: Bloomberg)

Bloomberg | September 1, 2009

Tags:. .ponzi. .oceanfront. .montauk. .unsold. .restitution