Business

Price of Madoff's Palm Beach Home Cut Again

Reuters
NEW YORK -- The asking price for imprisoned Ponzi schemer Bernard Madoff's former home in Palm Beach, Florida, has been reduced again. The 8,750 square-foot (813 square-meter) home is being offered by Corcoran Group for $7.25 million, according to the broker's website. The new price is 8 percent below the previous asking price of $7.9 million, and 15 percent below the original $8.49 million asking price. Corcoran has listed the home for close to five months. Federal marshals are overseeing the sale of Madoff's assets, with proceeds going toward reimbursing victims of his estimated $65 billion Ponzi scheme.
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Posted by Editor at February 5, 2010 04:09 AM