Behind The Hedges 18.07.2018 08:49 Madoff's Former Montauk Home Back on the Market

Madoff's Former Montauk Home Back on the Market

April 11, 2018 By Laura Euler
madoff

Don't you hate when you run the largest Ponzi scheme in history and it all comes crashing down during a financial crisis and then the United States government seizes your beloved Montauk vacation home? Who doesn't? But especially Bernie Madoff.

All photos by Chris Foster, courtesy Corcoran

This house, oceanfront on Old Montauk Highway, was built between 1980-82 by the Madoffs. It was seized by the government in 2009 and put on the market, selling rather quickly for $9.41 to billionaire real estate mogul Steven Roth. Roth is chairman of commercial real estate giant Vornado Realty Trust. Frankly, we expected the house to be demolished, but instead, Roth and wife, theater producer Daryl Roth, hired architect and designer Thierry Despont to remodel the dated structure. Later, the redesigned house was featured in Architectural Digest, looking absolutely spectacular.

The house is once again listed by Corcoran, repped by Gary DePersia and Joan Hegner. Asking price is $21 million. Is it worth it? Hard to say. Oceanfront acres run about $8 million in Montauk these days and this property is 1.5 acres. However, the house looks great (no building work needed), and because the house was built so long ago, it's way closer to the water than is allowed today. It sits on the beach on a protected bluff with a path to the private beachfront. There's 180 feet of direct ocean frontage. The house itself is 3,000 square feet, with three bedrooms, an oceanside pool and cabana. We can easily see some deep-pocketed type falling in love and having to have it.

For more, click here. 216 Old Montauk Highway, Montauk

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