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Bernard Madoff’s beachfront Montauk mansion, which was on the market for $8.75 million, is now in contract, according to a Corcoran Group official.
The 3,000-square-foot estate, located at 216 Old Montauk Highway, was snatched up less than three weeks after the listing hit the market. The all-cash deal was made for more than the asking price, according to the official, who confirmed the transaction but declined further comment, on the direction of the U.S. Marshals Service.
The four-bedroom, three-bath house was listed by Corcoran agents Joan and Raymond Hegner and officially went on the market on Tuesday, September 1. Corcoran was awarded the listing by the U.S. Marshals Service after the federal government seized the property in July.
The proceeds of the sale will benefit the victims of Mr. Madoff’s elaborate Ponzi scheme. Accused of defrauding victims of an estimated $65 billion, he pleaded guilty to 11 federal criminal counts in March and was sentenced to 150 years in prison in June.
Dawn Watson on Sep 17, 2009