With Ponzi-schemer Bernie Madoff's 150-year prison sentencing earlier in the week came the news that all of his assets would be seized, including an oceanfront Montauk home. While initial reports placed the house's value somewhere between $3 and $4 million, local brokers believe that a sale in the $7-$10 million range is more likely. The Madoffs purchased the 1.2 acre property, which features a 3,000 square foot home and 'another 1,300 square feet in covered porches', back in 1980 for just $250,000. Though the house, built in 1974, isn't without its flaws - it sits dangerously close to the shore, being 'grandfathered in before new zoning laws took effect'. What it lacks in proper flood protection it now makes up for in ocean views and infamy, both things that tend to drive prices up on otherwise modest properties. Though it's unclear whether the home will be sold by a broker or through an auction, the district court involved is now saying that the Old Montauk Highway home should be worth at least $7 million. The U.S. Marshalls should have a fun time unloading this one.
· Madoff's Hamptons House Preps for Sale [TRD]