Madoff's Palm Beach home lists for $8.5 million

Proceeds from secluded mansion to go to swindler's victims

J Pat Carter / AP

A large banyan tree sits in the front yard of Bernard Madoff's Palm Beach, Fla. home.

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updated 11:37 a.m. ET Sept. 10, 2009

PALM BEACH, Fla. - A waterfront Palm Beach, Fla., mansion once owned by disgraced financier Bernard Madoff is on the market for $8.5 million.

The Corcoran Group real estate firm announced the price Thursday. The house on a secluded lot along the Intracoastal Waterway has five bedrooms and seven bathrooms and covers more than 8,700 square feet.

The 71-year-old Madoff is serving a 150-year prison sentence for masterminding a multibillion-dollar Ponzi scheme that burned thousands of investors. The government seized his homes in New York and Florida and plans to sell them, along with boats and other property.

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Madoff's former beach house in Montauk, N.Y., is listed for $8.75 million. A price hasn't been set yet on his Manhattan penthouse apartment. Proceeds will go to Madoff's victims.

Even as the government was seizing Madoff's assets, Palm Beach County officials issued a $13,800 refund check for property taxes the couple overpaid on the mansion. Madoff and his wife, Ruth, had successfully challenged the value of the home, resulting in a 2008 overpayment, said Palm Beach County Tax Collector Anne M. Gannon.

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