The former Hamptons home of late disgraced financier Bernie Madoff is back on the market, this time for $22.5 million. Madoff, who orchestrated one of, if not the biggest, Ponzi schemes in history, was arrested in 2008 and pleaded guilty to 11 crimes, including securities fraud, wire fraud and money laundering. ‘money. He was sentenced to 150 years in prison and died aged 82 in 2021 during his sentence.
However, before he was sent to federal prison, he had an impressive real estate portfolio, which included this Montauk beachfront estate. He bought the estate in 1980 for just $250,000, according to The New York Post. After his arrest in December 2008, his properties were seized by U.S. Marshals, and in 2009 Vornado Realty Trust President Steven Roth bought the property for $9.41 million. All proceeds were donated to the victims of Madoff’s Ponzi scheme. Roth is the current seller.
The three-bedroom, three-bathroom home at 216 Old Montauk Highway is located in one of Hampton’s most desirable neighborhoods. The property spans 1.5 acres and features 180 feet of direct beachfront along the Atlantic Ocean. After buying the house, Roth brought in renowned architect and interior designer Thierry Despont to redesign the space.
“It was a gut renovation and they changed the layout of the house,” says listing agent Tim Davis of Corcoran. “[Steven’s wife] Daryl Roth managed the process and worked with Thierry Despont. It is of the highest quality and timeless, especially since it was designed in 2009. For a beach house, this is one that is fairly well maintained and is in pristine condition, ready to move into.
The house measures approximately 3,000 square feet and one of its main features is the expansive living room with curved light wood ceilings and massive double height windows overlooking the ocean. It has a light and airy vibe to every room, thanks in part to the large windows that let in lots of natural light. Despont’s chic, destination-centric style is best seen through the neutral tones of each room and the plush textural elements that make this beachfront home so warm and dreamy.
“I think what you don’t feel in the photos is the scale of the living room,” Davis says. “He presents himself as being much smaller than he really is. The volume of this room and the ocean view from this space is quite something.
The house opens onto a large covered terrace and has indoor and outdoor dining areas. There is a large chef’s kitchen, perfect for family gatherings, especially in the summer months. There is also a large swimming pool on the side. Views also abound from every outdoor space.
“It’s arguably in the best location along the waterfront in Montauk,” Davis says. “It’s located down a private driveway and not really visible to neighbors. The position of the house is also quite unique. It’s not on a cliff with stairs down to the beach, as most are Montauk homes.It’s at a point where the beach is wide and long and gives you incredible access.That’s pretty rare in Montauk.