While Bernie Madoff languishes in jail, so does his Montauk oceanfront estate, which remains the source of some of the most fierce broker wars in years. In speaking with a broker so fearful of losing the listing 'he' refuses to let his name be printed (shocker), Dan's Papers discovers that the East End real estate community is clamoring for a shot at the 'instant' cash a Madoff sale would bring. As it stands, court-appointed trustee Irving Picard will do the choosing, and is reportedly still deciding whether 'one broker, a host of brokers, or even an auction' would be the right course of action for the house. The money will be used to pay back the victims of the Ponzi scam (and Picard, we assume), so the highest price is his goal.
Broker X reveals that though appraisers have been spotted at the estate, the home was not available to rent for the summer months. He also debunks the most marvelous squatting rumors this side of Williamsburg. Stories that 'a group of untidy pot smoking surfers are using the pad to hang out, party and chill' are sadly false.
The house is reportedly in perfect condition, and possibly the site of 'buried or hidden Madoff treasure'. Dan's believes that metal-detector clad Marshals will soon comb the property for 'money in the walls or metal boxes of cash in the garage, attic, basement or buried under the shrubs'. Unless, of course, his jilted investors get there first.
· Who Will Make Off With Madoff's Exclusive? [Dan's Papers]
· All Madoff's Montauk Coverage [CH]