Madoff's Homes Get HUGE Price Cuts (PHOTOS)

We all know it's a bad time for real estate. But even the luxury homes formerly owned by jailed financier Bernard Madoff are having a tough time selling in this economy. Reuters reports that Madoff's homes in New York City and Florida have seen some significant price cuts. In fact, the price of his New York City apartment has fallen by $1 million:

Madoff's 4,000-square-foot duplex Manhattan penthouse, "perched atop a distinguished white-glove prewar cooperative" according to the broker Sotheby's International Realty, is now being offered for $8.9 million, ten percent below its initial $9.9 million asking price.

The price of the 8,750-square-foot home in Palm Beach was cut 7 percent to $7.9 million from $8.49 million, according to the broker Corcoran Group. Corcoran calls that home "a return to classic Florida island living" of the 1950s and 1960s "when Palm Beach was a less manicured tropical paradise."

The properties aren't the only Madoff items that have been on sale as of late. Earlier this week, hundreds of Madoff belongings were auctioned off, including a satin New York Mets jacket with the name "Madoff" stitched on the back and the family's boogie boards.

Federal authorities had better luck selling Madoff's Montauk beach home, which had an asking price of $8.75 million and sold for $9.4 million earlier this year.

When the homes originally hit the market, we compiled these photos (they also include Madoff's now-sold Montauk beach home).

• • • • • • • • • • • • • • Madoff's New York City penthouse.

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Comments

[ImaLibDem]

This comment is pending approval and won't be displayed until it is approved.

I am so glad that none of us are trusted to think and speak without approval. For all of the obscenities, tripe and editorial philandering promulgated, it is good to know that we first be validated so as to protect ourselves from one another.

[NoMoreBail2]

No more bailouts for too big to fail. NO more stupid tax cuts and other gimmicks. Need more jobs, affordable education & heath care.

good articles; http://financeopinionss.blogspot.com

[hellboundtrain]

Any seller can ask for any amount that they want, it has nothing to do
with the actual value of that which is being offered for sale.

[white mende man]

I just hope the interior and furnishes of his other homes are not as tasteless.

[factotem]

Very interesting that H P moved the Business section to the 7th category when it used to be the 4th. Now it's comes after entertainment, sports, and comedy. That really says it all about the prioritles over there. The coliapse of the economy is less important than gossip, dogs that can salsa, making touchdowns, etc. ...Slckening.

[littlepuffycloud]

Noticed that too..hp seems to be jumping the shark.

[nomorebailoutz]

say no to the dodd plan

good articles: http://financeopinionss.blogspot.com h

[brady61995]

is there anyone that reads hp that can say if they have seen a penny back from all this? is all the money being absorbed in legal fees basically being stolen twice?

[onenvrnos]

Very good question. What happened to the money with the sale of the Mantauk beach house?

[sloreader]

They could probably get a lot more if Bernie was allowed to "stage" the properties.

[centreman]

Toxic assets are usually marked down a bit.