With 150 years in prison also comes the sale of your Montauk estate. Preceding Bernie Madoff's sentencing this morning, a judge ruled on Friday that Ruth Madoff would not be able to lay claim to any of the real estate she owned with her now imprisoned Ponzi-scheming husband. The deal requires the Madoffs to sell their $7-8 million Manhattan apartment, an $11 million estate in Palm Beach, a $3-4 million home in Montauk and a $2.2 million boat docked nearby. No listings on the market as of yet for the Montauk contemporary, but the oceanfront property suffered serious beach erosion over the winter months, ironically the only house on its part of Old Montauk Highway to have such a problem. The bad karma begins!
· Ruth Madoff forfeits asset claims, left with $2.5 million [Reuters]
· Bernie Madoff a Ripoff 'Victim' [NYP]