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Bernard Madoff's Palm Beach Home Under Contract

JESSICA SICK NBC Miami 10/14/2010 18:56
Bernard Madoff's Palm Beach Home Under Contract - Bernard Madoff - USA - Business - Real Estate - Palm Beach


One man's busted Ponzi scheme is another man's fortune. A California couple is under contract to purchase Bernie and Ruth Madoff's Palm Beach residence, according to the Palm Beach Daily News.



The final price won't be disclosed until the sale closes, but the 8,753-square-foot home, which was originally listed for $8.5 million, was, as of a couple months ago, dropped to $6.5 million. The buyers' offer was reportedly more than $5 million.

"Obviously this is good news,'' Roland Ubaldo, supervisory deputy of the U.S. Marshals Service in the Southern District of New York told the Daily News. ``We are under contract for the Palm Beach property, but, as they say, `it's not sold till it's sold.' ''

Though, apparently it was love at first sight.

"They saw it only once,'' Sothebys' Mary Boykin, who worked with the buyers - a California couple paying cash - told the Daily News. "They fell in love with the place and didn't care about its provenance."


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