The Times looked into the celebrity beach house real estate bubble last week, comparing Bernie Madoff's quick sale with the languishing listings of such luminaries as Tuesday Weld, Victoria Gotti and Vinny Testaverde. The conclusion: a globally notorious owner gets more offers than a plain old semi-famous one. Weld's pricechopped Montauk oceanfront is now finally seeing some bites after five years on and off the market, but the newfound interest is somewhat due to the nearby Madoff madness. Gotti's Long Island home made reality-TV famous is now in foreclosure, and Testaverde's Oyster Bay Cove manse has cut its price in half. The Brinkley v. Joel sell-off gets a nod as well, recognized as a case when celebrity will help to a point. The publicity is beneficial, but most buyers paying that many millions are looking for more in a house than good 'cocktail party chatter'.
· Boldface Bargains All the Buzz [NYT]
· Listing: Montauk Oceanfront Compound [T&C]