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Ponzi schemer Bernard Madoff's former Hamptons home sold for victim recovery assets. Madoff is now serving a 150-year prison term for running a multi-billion-dollar scam that victimized charities, celebrities, financial funds, labor unions and ordinary investors worldwide over two decades.

10/16/09 - NEW YORK — The ocean view from Ponzi scheme architect Bernard Madoff's former Montauk, N.Y. home? Priceless.

The amount the home sold for to help repay thousands of investors burned by the disgraced financier? It went for $9.41 million, well above the $8.75 million asking price.

The four-bedroom house is set on a 1.2-acre lot amid the dunes in Montauk, a windswept beach community east of the Hamptons. The house is modest by Hamptons standards, but it boasts stunning views of the Atlantic Ocean and sits closer to the surf than zoning laws now allow.

The U.S. Marshals Service, which is overseeing the sale of Madoff's homes and some of his other assets, announced the Sept. 18 conclusion of the deal Friday, describing it as an "important step forward" for the federal government in the recovery process.

The Corcoran Group real estate agency, chosen to broker the deal, helped maximize profits from the sale by donating its commission "for the benefit of Madoff's victims," said Joseph Guccione, the U.S. Marshal for the Southern District of New York.

Madoff is now serving a 150-year prison term for running a multi-billion-dollar scam that victimized charities, celebrities, financial funds, labor unions and ordinary investors worldwide over two decades.

Federal authorities and a court appointed receiver seeking Madoff's assets have said it's unlikely the hunt will recover enough to repay the many investors who were financially ruined by the scam.

But the Marshals Service says two other Madoff residences still await potential buyers.

The Manhattan penthouse where the former NASDAQ chairman surrendered to the FBI is for sale at an asking price of $9.9 million. And the Palm Beach waterfront home near where Madoff kept one of several yachts is offered at $8.49 million, the Marshals Service said.

http://www.usatoday.com/money/economy/h ... ouse_N.htm