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216 Old Montauk Highway, Montauk. COURTESY THE CORCORAN GROUP
216 Old Montauk Highway, Montauk. COURTESY THE CORCORAN GROUP
216 Old Montauk Highway, Montauk. COURTESY THE CORCORAN GROUP
216 Old Montauk Highway, Montauk. COURTESY THE CORCORAN GROUP
A modern oceanfront home in Montauk that once belonged to convicted Ponzi scheme fraudster Bernie Madoff is in new hands after selling on March 20 for $14 million.
Madoff, who died in 2021 in a prison hospital, had been forced to sell the home in 2009 at the start of his 150-year prison sentence to help pay restitution to his victims, according to The New York Post, which reported that Steven Roth, the CEO of Vornado Realty Trust, which had originally developed the property, paid $9.41 million for it.
On a nearly 1.5-acre parcel at 216 Old Montauk Highway, the 3,000-square-foot home offers three bedrooms and three bathrooms. Renowned architect and designer Thierry Despont updated the home in 2011.
It’s been listed a number of times since 2018, when it was offered for $21 million, according to Zillow. It was relisted in May 2020 for $17.9 million and listed again in May 2022 for $22.5 million before the asking price was reduced to $16.5 million.
Associate broker Tim Davis of Corcoran had the co-listing with Bespoke when it sold.
“An extraordinary house in the most magical oceanside setting in Montauk,” Davis remarked.
The new owner is identified only as Froggy Dunes LLC, according to Suffolk Vision Inc.
Staff Writer on May 24, 2023