Madoff Home On Market: Long Island Palace Will Be Sold By US Marshals

A new Madoff home is on the market, listed for sale by the US Marshals Service for just a smidge below $4.5 million. A Long Island broker, Shawn Elliot, has been chosen to handle the sale of the beautiful white palace formerly owned by Peter Madoff, the brother of infamous Bernie Madoff. Both men landed in prison for crimes committed to further Bernie Madoff’s decades-long billion-dollar Ponzi scheme.

Just in case you have a few million to spend and need to know, the home is located at 34 Pheasant Run, Old Westbury, New York.

Peter Madoff, who served as a chief compliance officer for his brother, received a plea deal last year where he was sentenced to only ten years in prison for his part in the fraud. Bernie Madoff, who also took a plea deal, got 150 years.

Both men must forfeit the ill-gotten assets to repay what they can to the clients they bankrupted. In Bernie’s case, over $17 billion have been forfeited.

Now the US Marshals Service has the responsibility to sell off Peter’s assets as well. They already liquidated his Park Avenue apartment in New York for $4.6 million.

Why the high prices? There are long-standing myths that you can pick up property below value at federal government auctions.

But, in reality, the feds aren’t allowed to dispose of property too cheaply. US Marshals Service items are supposed to be sold at fair market value. In that way, the victims can be fairly compensated, law enforcement programs can be better funded, and cheap properties don’t drag down prices for other sellers.

Here’s a sneak preview photo by Shawn Elliot, but the official broker’s website has a beautiful slideshow of the gorgeous property that you can drool over.

So, anybody out there got some spare change to purchase the latest Madoff home on the market?

[Peter Madoff real estate photo by Shawn Elliot]

[house for sale top photo by karamysh via Shutterstock]