Madoff's Montauk Beach House Put Up For Sale (PHOTOS)

Today, the AP is reporting that the beach house of Ponzi schemer Bernie Madoff has been put up for sale by U.S. Marshals. Here's the AP:

"At 3,014 square feet, the home is cottage-size by superrich standards. Its faded furnishings look as old as Madoff's epic fraud. There's no garage. Not even a walk-in closet.

But the 1.2-acre lot sits closer to the surf than larger neighboring homes on the southeastern tip of Long Island. And the house features a grand, columned porch with stunning views -- undeniable selling points on display during a recent tour offered to The Associated Press...

In estimates federal regulators filed last year, Madoff himself valued his Manhattan apartment at $7 million and the Florida property at $11 million. He said the Montauk beach house, which he bought in 1979, was worth $3 million.

Federal authorities believe the seaside property could bring closer to $8 million. Whether Madoff's notoriety hurts or helps remains to be seen."

The house also comes with an odd assortment of personal items, which may add some kitsch value for prospective buyers. These items include, "golf clubs, an old exercise bike, outdoor wicker chairs and virtually everything else in the house have tags with identification numbers - evidence of a painstaking inventory and appraisal for auction...17 beach towels,' 'Women's shoes and accessories,' and 'Men's casual shoes and raincoats.'"

But is the really place worth $8 million? We've compiled some PHOTOS of Madoff's beach side getaway below that may be used to promote the house to buyers. Check out our pictures and see for yourself.

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Comments

[markytex]

05:29 PM on 09/17/2009

looks very grey and sullen.

[ResearchtheFacts]

06:40 PM on 09/03/2009

I am so tired of hearing about this story. These people are not victims. They were trying to turn a fast buck using any means avai

[Palemoon]

12:01 AM on 09/02/2009

So when is Kenneth Lay's homes worth more than $20 million going to be put up for sale? I think those fleeced employees and investors at Enron deserve as much, if not more, justice than the Madoff victims.

Lay rips off Democrats and is allowed to get away with it. Madoff rips off Republicans and they are now holding the next 5 generations of his family responsible.

Only in AMERIKA.

[jcko]

07:55 PM on 09/01/2009

Maddog needs a place to live after he finishes his sentence.

[Antonio Arch]

06:08 PM on 09/01/2009

It should be kept as is and christened The Museum of Greed!

[atp2007]

04:29 PM on 09/01/2009

Can I rent it first so I can check the attic, walls and floorboards and basement for hidden treasure?

[AnthonyVolpe]

03:39 PM on 09/01/2009

At least no one has to worry about the Montauk Monster showing up. He's in jail!

[JayMaeBee]

02:32 PM on 09/01/2009

Looks cold

[Godweiser]

02:24 PM on 09/01/2009

Rut roh, looks like Ruth looted the place for the paintings and other valuables before Bernie turned himself in.

Bad news is, the Swiss are no longer protecting your loot, honey.

[Foodbuff]

03:18 PM on 09/01/2009

Why isn`t she in jail.? I always believe the wife knows something.

[cutesky]

02:06 PM on 09/02/2009

I do believe Ruthie knew more than just something ...she knows a lot....

[johnnygoodwud]

02:13 PM on 09/01/2009

tear down, mark my words

[MIKEinNYC]

02:02 PM on 09/01/2009

Hey Bernie!

Got a computer in the Big House so you can see this you piece of crap you!

[learntofly]

01:52 PM on 09/01/2009

The greed..

I hope somebody can bring life to that house when it's sold.

[Chlowina]

12:18 PM on 09/01/2009

Would like to know that the money they get for the sale of this joint goes back to the investors.

[OracleOfBandiagara]

12:14 PM on 09/01/2009

Don't ever pay that much money for a house that is that close to the water line.

When and if there is ever a huge tidal wave or tsunami, (heaven forbid) it's over.

The other homeowners had the good sense to build their home not as close to the shore.

This is: "buyer beware."

[DSOTM]

12:08 PM on 09/01/2009

I heard Madoffs jail cell is smaller than his king size bed in his NY penthouse.