Bernie Madoff Has Died—A Look Back at the Properties He Amassed During His Years of Ponzi Scheming

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Elizabeth Stamp, Rachel Wallace
·3 min read
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When Bernie Madoff was convicted, one of the largest financial frauds in U.S. history came to a close. But of course, he became absolutely infamous, a legacy that will no doubt live on even now that he has died at the age of 82. He passed away from natural causes on April 14 in Butner, North Carolina, where he was serving his 150-year prison sentence.

When Madoff was found guilty of securities fraud, wire fraud, mail fraud, perjury, and money laundering, his assets were liquidated to compensate his victims. Among the possessions were his three properties: a co-op apartment on the Upper East Side, a home in Montauk, and a house in Palm Beach. Curious to see what had become of these ill-gotten dwellings, and most of all, find out how the previous owners affected the properties’ market value, AD did some research on the three homes. Turns out several of the buyers have resold them at a substantial profit—making them some of the only people to actually make money off Bernie Madoff.

The Madoffs’ Upper East Side co-op apartment, where Bernie Madoff remained under house arrest during his trial.

USA - Crime - Bernie Madoff Penthouse in Manhattan

The Madoffs’ Upper East Side co-op apartment, where Bernie Madoff remained under house arrest during his trial.
Viviane Moos Holbrooke

Bernie and Ruth Madoff’s Upper East Side Co-op Apartment

Price: Valued at $7.5 million; sold for $8 million.

Details: The government initially put the 3-bedroom, 4.5-bath penthouse on the market for $9.9 million.

Where it is now: The new owners gave it a facelift and put it back up for an ambitious $17.25 million in 2013, eventually settling for $14.5 million the following year.

The living room of Bernie Madoff’s former Montauk beach house once it was completely renovated by Daryl and Steve Roth.

Daryl Roth's Long Island retreat

The living room of Bernie Madoff’s former Montauk beach house once it was completely renovated by Daryl and Steve Roth.

The Montauk Beach House

Price: Valued at $7 million; sold for $9.4 million.

Details: Located on the Gold Coast of Long Island, the contemporary shingled beach house was designed by Gene Futterman and included 4 bedrooms, 3 baths, a pool, and beach rights. It was initially listed for $8.75 million.

Where it is now: The new owners, Tony Award–winning producer Daryl Roth and real estate mogul Steve Roth, brought in architect Thierry Despont to give the property a complete overhaul.

The former Madoff home in Palm Beach before its renovation.

Elite Palm Beach Community Has Many Ties To Wall Street Fraud Madoff

The former Madoff home in Palm Beach before its renovation.
Getty Images

The Palm Beach Escape

Price: Valued at $7.45 million; sold for $5.65 million.

Details: The Madoffs’ 5-bedroom, 7.5-bath home, which is set on the Intracoastal Waterway and has 8,753 square feet of living space, was originally listed at almost $8.5 million in 2009.

Where it is now: The 2009 buyer, who purchased it at a steep discount, renovated the home with a reworked floor plan, a new kitchen, and French doors throughout the house. The buyer sold it in 2013 for over $9 million.

Originally Appeared on Architectural Digest