AP     First Posted: 10/17/09 06:12 AM ET   Updated: 05/25/11 02:55 PM ET

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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Filed by Ryan McCarthy  |