This must be the year that prime real estate once owned by disgraced businessmen hits the market. We’re talking about former Tyco International CEO Dennis Kozlowski and Ponzi-schemer Bernie Madoff, who are both serving jail time for their acts of fraud and deceit.
Luxist reports that Kozlowski’s homes in Nantucket and Boca Raton are both on the market as Kozlowski sits in an upstate NY prison serving 8 to 25 years for, essentially stealing from his own company.
1. Kozlowski’s Nantucket home:
37 Squam Rd, Nantucket, MA 02554
For sale: $16,450,000
Marketing teaser: “Spectacular waterfront estate”
Fun facts: Kozlowski purchased the property in 1997 for $5 million. After Kozlowski’s conviction, it went on the market in 2006 for $23 million. The asking price has since come down. The home has 16 bedrooms and 7,000 sq ft of living space and the nearly 4-acre lot borders a preserve.
2. Kozlowski’s Boca Raton home:
4101 Ibis Point Circle, Boca Raton, FL
For sale: $24,900,000
Marketing teaser: “Monumental 1.6+-acre Sanctuary point compound”
Fun facts: The home was put on the market last year as part of Kozlowski’s divorce agreement from his wife, Karen. Moroccan-style design includes 10,701 sq ft, four bedrooms and eight bathrooms, plus 600 feet of deep-water shoreline.
Then, there’s Bernie
Ponzi schemer Bernie Madoff was the latest rip-off artist who is serving his 150-year sentence at a federal prison in Butner, NC. All three of Madoff’s homes went on the market last month and the Montauk home is said to have a contract above the asking price.
Continued here:
Homes of Former Tyco CEO Dennis Kozlowski on Market
Related Posts
- Bernie Madoff’s Homes On the Market
One-by-one, the homes of convicted Ponzi-schemer Bernie Madoff are all on the market.Under the direction of U.S. Marshals, each of Madoff’s homes that were seized are now listed with the proceeds to be split among Madoff’s victims. Collectively, these homes are being listed for just over $27 million, while Madoff is said to taken his victims for $65 million.
Here’s a look at the Madoff homes:
1. Madoff’s Montauk home:
216 Old Montauk Hwy, Montauk, NY 11954
For sale: $8,750,000 (Corcoran Group)
Marketing teaser: “Montauk oceanfront home for the ages…”
Fun facts: Madoff’s 3,000 sq ft home is set very close to ocean’s edge (see Bird’s Eye View), and has 182 feet of beachfront. It has 20-foot-high vaulted ceilings, a living room with a pebble-stone fireplace, and a swimming pool.2. Madoff’s Palm Beach home:
410 N Lake Way, Palm Beach FL 33480
For sale: $8.5 million (Corcoran Group)
Marketing teaser: “Palm Beach Classic Island home”
Fun facts: According to Bloomberg News, this property has had its share of scandals. It was once owned by Herbert and Roxanne Pulitzer, whose 1982 divorce trial scandalized local residents with details of drug use and adultery at the estate. The property has a private dock on the shore of Lake Worth. It was built in 1973, is 6,475 sq ft, has five bedrooms and seven bathrooms and was bought in 1994 for $3.8 million under Ruth Madoff’s name. Local teenagers toilet-papered it shortly after Madoff’s arrest because they lost their trust funds through Madoff.3. Madoff’s Manhattan home:
133 E 64th St, New York, NY 10065
For sale: $9.9 million (Sotheby’s International)
Fun facts: It has a wraparound terrace with 360-degree views of Manhattan and is fully furnished with a $40,000 Steinway piano, a $35,000 Persian rug and $20,000 tea tables. And, according to Fox News, it’s where “… Bernard Madoff broke down and confessed to his massive fraud, frantically wrote checks for millions of dollars as the scheme unraveled and appeared in a bathrobe to greet the FBI agents who arrested him.”
See the rest here:
Bernie Madoff’s Homes On the Market - Bernie Madoff's Beach Home Sells For More Than List Price …
And bigger salaries and bonuses often translates into real estate purchases. If the money men (and women) of Wall Street believe that New York (or Hamptons) real estate is undervalued, and they have bonus cash in their pockets, …
Excerpt from:
Bernie Madoff's Beach Home Sells For More Than List Price … - Madoff Properties to Hit Market Soon
Three U.S. homes of convicted Ponzi-schemer Bernie Madoff and his wife, Ruth, will be put on the market soon, with the proceeds going to Bernie Madoff’s victims, according to
CNN.com.The real estate includes:
- a 3,000 sq ft Montauk beach house feds feel is worth $7 million
- a waterfront Palm Beach getaway that has a hoped-for $7.5 takeaway, and
- a Manhattan penthouse on the Upper East Side, pegged at $7-$8 million
Other assets the Madoffs own that have been seized by authorities include Bernie’s 55-foot yacht “the Bull” and a vacation home on the French Riviera (Côte d’Azur). The yacht is said to be worth $1.5 million and the Cote d’Azur vacation home was already sold for $1.48 million.Taken all together, experts feel the four pieces of real estate, plus the boat, will net around $25-$30 million — a far cry from the $50 billion in investor losses.
While Bernie is in North Carolina, beginning his 150-year term, his wife, Ruth, must report to a bankruptcy trustee whenever she spends more than $100 on herself.
Here’s a look at the Madoff homes:
Montauk home:
216 Old Montauk Hwy, Montauk, NY 11954Palm Beach home:
410 N Lake Way, Palm Beach FL 33480Manhattan home:
133 E 64th St, New York, NY 10065
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Madoff Properties to Hit Market Soon - Bernie Madoff's Beach Home Sells For More Than List Price …
And bigger salaries and bonuses often translates into real estate purchases. If the money men (and women) of Wall Street believe that New York (or Hamptons) real estate is undervalued, and they have bonus cash in their pockets, …
Read more here:
Bernie Madoff's Beach Home Sells For More Than List Price … - Nantucket Beauty in Absolute Auction on Tuesday
(Photo courtesy New York Times)
UPDATE: Find out selling price
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ORIGINAL POST:
After waiting a year for someone to buy his gray-shingled Nantucket home — a ubiquitous sight on Cape Cod — Paul Steinfurth (above) is taking a risky leap in this chaotic, unsettled real estate economy: On Tuesday, he is selling his 7,500 sq ft home via “absolute auction,” which means the highest bid wins, no matter how low that bid is. Steinfurth, who is a real estate businessman in Miami, bought the home in 2004 for $5.4 million. He’s not the only one with a high-end property that is sitting unsold in Nantucket. According to the NY Times article:
About 600 properties, or 6 percent of all those on the island, are for sale, but almost nothing is selling. “The damage is huge,” said Flint Ranney, a real estate broker on the island for 30 years and president of Denby Real Estate.
The estate sounds lovely and could result in a steal for the right person who is in the right place at the right time. It sits on 2 acres and has views of Nantucket and Nantucket Sound (from the widow’s walk), 5 beds, 6.5 baths and a one bedroom/one bath detached guest suite. It also has a heated pool and spa, detached 2-car heated garage, game room, home gym, and finished lower level.
Details of the Nantucket auction reveal that you need a $75,000 certified check to register to bid on the property and then a 10 percent down payment immediately after being declared the winning bid. It doesn’t say whether there is a starting bid.
Also, there’s no need to feel sorry for Mr. Steinfurth. He wasn’t a victim in the Madoff debacle — he already bought a bigger home on the island for $7.8 million and doesn’t want two big homes on Nantucket.
More here:
Nantucket Beauty in Absolute Auction on Tuesday
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