Peter Madoff's Long Island Mansion for Sale

John Mitty Monday, May 27, 2013

Peter Madoff is serving 10 years in prison for his famous white collar Ponzi scheme, and as part of his punishment, he was required to release his properties in New York.  Federal officials have already sold his house on Park Avenue, and are now putting his Old Westbury mansion on Long Island up for sale for $4.5 million.  The Park Avenue home sold for $4.6 million.  The proceeds of these sales are going to the government, and will then be dispensed to the victims to try and compensate them for the money which Madoff stole from them several years ago in the highly publicized fraud case.

The house in Long Island has five bedrooms and five bathrooms and is built in the English style.  Prominent features include a swimming pool and pool house, a tennis court, two powder rooms, and a stately entrance hall.  The house is being marketed by real estate broker Shawn Elliot Luxury Homes & Estates.  Elliot was selected for the sale because he has achieved excellent results with other luxury home sales in the area.  “My job as the real estate broker on this is to get the victims as much money as humanly possible,” Elliot said, speaking to the New York Times.

jmitty@longislandyellowpages.com

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