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Hamptons Life

Apr 12, 2018 11:57 AMPublication: The East Hampton Press & The Southampton Press

Montauk Pad That Once Belonged To Fraudster Bernie Madoff Is On The Market

Bernie Madoff formerly owned 216 Old Montauk Highway, Montauk. CHRIS FOSTER
Apr 14, 2018 6:12 PM

If B.B. King were still alive, he’d sing “The thrill is gone” about owning Bernie Madoff’s manse in Montauk. With Corcoran representing the owners, Daryl and Steven Roth, the property at 216 Old Montauk Highway has just hit the market with an ask of $21 million. The property was purchased by the Madoffs in 1980 and construction of the home was completed in 1982. It was seized by the government in 2009 after the huge Wall Street scandal broke and Bernie was on his way to being behind bars. It was put on the market, and the Roths purchased it just a few years ago.

The property and the sellers are both quite interesting. First, the former Madoff manse, a rather modest 3,000 square feet. Poised on nearly 1.5 acres, along 180 feet of the Atlantic Ocean, it’s a quintessential Montauk hideaway. The two-story great room centers around its dramatic 30-foot-high stone fireplace. We’re told, “Sundrenched by day as floor to ceiling windows frame the vast liquid backdrop, this beautifully appointed room will at night be the focal point of all your entertaining. A separate, curved sitting area creates the perfect spot for quiet reflection or for reading a favorite book.” Or in the case of the former owner, contemplating how to cheat clients out of their money.

The state-of-the-art kitchen offers everything necessary for meals both large and small. Upstairs, the master suite, accessed by its own staircase, features a 25-foot-wide sleeping chamber that looks out to the ocean to a private deck as well as through a large window that scans west along the beach. The luxurious master bath, with heated Travertine floors and Onyx surfaces, runs the length of the upstairs and offers a spa-like shower, dual water closets, and a balcony with separate outdoor shower. Two first-floor guest bedrooms and a bath have their own entry to the grounds. Every room leads to both covered and uncovered porches with ample room for dining and relaxation amidst indigenous gardens, and a new free-form Gunite pool with nearby cabana was set within the deck to enjoy the “staggering views of sea and sky.” A short stone path leads to the white sandy beach that stretches endlessly in each direction.

Steve Roth is the founder and chairman of Vornado Realty Trust. It became a public company in 1993. Two years later, it purchased a controlling interest in Alexander’s, a failed department store that had substantial real estate holdings, for $54.8 million from Citicorp. The stake owned by Citicorp was previously owned by Donald Trump, who was forced to turn his shares over to the bank. Among its other subsequent activities, in 2001 Vornado invested $80 million for a 49.5 percent stake in 666 Fifth Avenue, controlled by Charles Kushner, the father of Mr. Trump’s son-in-law. As noted, Mr. Roth has had real estate business dealings with Mr. Trump and his family for decades, and he was a supporter of Mr. Trump’s successful presidential bid in 2016.

Daryl Roth is an award-winning theater producer, the proud recipient of 10 Tony Awards and London’s Olivier Award. She holds the singular distinction of producing seven Pulitzer Prize-winning plays, including “August: Osage County,” “Proof” and “Three Tall Women,” the play by Edward Albee that has just been revived. Other recent productions include “Hello Dolly” with Bette Midler, “Present Laughter” with Kevin Kline, and “Sunset Boulevard” starring Glenn Close. Not a bad resume at all!

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Excellent article. Thanks for telling us the price the Roth's paid and why they are selling.
By nycleo (5), Westhampton Beach on Apr 19, 18 11:46 AM
sale,area rugs,carpeting, flooring