The late Bernie Madoff’s longtime Hamptons home has returned for sale, listing for $22.5 million.
That comes at a bit of a price hike, considering the owner, Vornado Realty Trust honcho Steven Roth, has been trying to sell the three-bedroom, three-bathroom estate in Montauk over the past four years.
The home first hit the market in April 2018 for $21 million, but with no offers, the price was reduced to $19.9 million. By 2020, it re-listed for $17.9 million. The home remained at that price point for years — gliding on and off the market. But, it appears, Roth is intent on scoring a profit on the home.
However, it doesn’t seem like anyone is willing to bite.
Roth — the chairman of the largest commercial landlord in New York City — and his wife, Daryl, a Broadway producer, purchased the 3,000-square-foot estate from US Marshals in 2009 for $9.41 million, records show.
At the time, the home garnered four bids with Roth, 81, willing to purchase the estate for more than its $8.75 million asking price.
The government had seized Madoff’s home as part of the effort to repay the victims of his Ponzi scheme — considered the largest in history, which defrauded his clients of almost $65 billion.
Madoff, and his wife Ruth Madoff, purchased the land for $250,000 in the early 1980s, records show. They later built the home, adding about 0.1 acre of waterfront for $20,000.
Tim Davis of the Corcoran Group has the listing.
“Their heart and soul went into this project of purchasing and developing the property,” Davis told Mansion Global. “There is an emotional attachment there.”
The oceanfront property, sequestered on nearly 1.5 acres, features 180 feet of Atlantic views, according to the listing.
“A stunning Montauk hideaway awaits its new chapter at the end of a long-gated drive,” the listing says.
Architect and designer Thierry Despont lent his touch to the interior features.
Features include barrel-vaulted ceilings and high windows in the living room, which is set around a natural stone fireplace.
This article was originally sourced by www.nypost.com.