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Madoff's Palm Beach home lists for $8.5 million

Madoff Real Estate
A large banyan tree sits in the front yard of Bernard Madoff's Palm Beach, Fla. home.J Pat Carter / AP
/ Source: The Associated Press

A waterfront Palm Beach, Fla., mansion once owned by disgraced financier Bernard Madoff is on the market for $8.5 million.

The Corcoran Group real estate firm announced the price Thursday. The house on a secluded lot along the Intracoastal Waterway has five bedrooms and seven bathrooms and covers more than 8,700 square feet.

The 71-year-old Madoff is serving a 150-year prison sentence for masterminding a multibillion-dollar Ponzi scheme that burned thousands of investors. The government seized his homes in New York and Florida and plans to sell them, along with boats and other property.

Madoff's former beach house in Montauk, N.Y., is listed for $8.75 million. A price hasn't been set yet on his Manhattan penthouse apartment. Proceeds will go to Madoff's victims.

Even as the government was seizing Madoff's assets, Palm Beach County officials issued a $13,800 refund check for property taxes the couple overpaid on the mansion. Madoff and his wife, Ruth, had successfully challenged the value of the home, resulting in a 2008 overpayment, said Palm Beach County Tax Collector Anne M. Gannon.