Late disgraced financier Bernie Madoff’s former Hamptons house is again in the marketplace, this time for $22.5 million. Madoff, who orchestrated certainly one of, if not the most important, Ponzi schemes in historical past, was arrested in 2008 and pled responsible to 11 felonies, together with securities fraud, wire fraud, and cash laundering. He was sentenced to 150 years in jail and died on the age of 82 in 2021 throughout his sentence.
Nonetheless, earlier than he was despatched to federal jail, he owned a powerful actual property portfolio, which included this beachfront Montauk property. He bought the property in 1980 for simply $250,000, according to The New York Put up. After he was arrested in December 2008, his properties had been seized by U.S. Marshals, and in 2009, Vornado Realty Belief chairman, Steven Roth, bought the property for $9.41 million. The entire proceeds had been donated to the victims of Madoff’s Ponzi scheme. Roth is the present vendor.
The three-bedroom, three-bathroom residence at 216 Old Montauk Highway is positioned in certainly one of Hampton’s most covetable areas. The property spans 1.5 acres and has 180 toes of direct beachfront alongside the Atlantic Ocean. After he bought the house, Roth enlisted famend architect and inside designer Thierry Despont to revamp the area.
“It was a intestine renovation, and so they modified the structure of the home,” says itemizing agent Tim Davis of Corcoran. “[Steven’s wife] Daryl Roth managed the method and labored with Thierry Despont. It’s of the very best high quality and timeless, particularly contemplating it was designed in 2009. For a seaside home, it’s one that’s maintained fairly extensively and is in move-in prepared good situation.”
The house is roughly 3,000 sq. toes and certainly one of its key options is the expansive front room with curved, light-wood ceilings and big, double-height home windows overlooking the ocean. It has a shiny and ethereal vibe in each room, partly because of the big home windows that permit in loads of pure gentle. Despont’s stylish, destination-centric model is finest seen via the impartial tones in each room and opulent textural parts that make this beachside residence so heat and dreamy.
“I feel what you don’t really feel from the images is the dimensions of the lounge,” Davis says. “It comes off as being loads smaller than what it truly is. The amount of that room, and the views of the ocean from that area is kind of one thing.”
The house opens onto a big coated terrace and has each indoor and out of doors eating. There’s a big chef’s kitchen, good for household gatherings, particularly in the summertime months. There’s additionally a big pool off to the aspect. Views abound from each out of doors area as nicely.
“It’s arguably in one of the best location alongside the oceanfront in Montauk,” Davis says. “It’s positioned down a personal driveway and isn’t actually seen to neighbors. The place of the home can be fairly distinctive. It’s not on a bluff with stairs to the seaside, as most Montauk properties are. It’s at some extent the place the seaside is broad and lengthy and offers you unbelievable entry. It’s fairly uncommon in Montauk.”