Peter and Marion Madoff, Bernie Madoff's brother and sister-in-law, signed over the deed to their five-bedroom, six-bathroom home late Monday, the Palm Beach Post reported.
The Madoffs had originally listed the home for $6.5 million; the asking price dropped to $5.9 million last week.
The property, at 200 Algoma Rd., eventually sold for $5.5 million to an undisclosed buyer.
The Madoffs had purchased the half-acre property in 2001 for $3.7 million; the home was transferred to Marion's name in 2006.
Bernie Madoff needs no introduction. The former NASDAQ head has been scamming people since 1983 through his investment service Bernard Madoff Securities. Madoff would fabricate fake returns, record them, and pay people he was close to. If he needed more money, he would get more people to invest and would raise the amount of cash coming in. Early investors actually benefitted from Bernie's scheme, with some receiving billions of dollars in payouts. Others, however, would lose everything they had, and as it turns out, especially charitiable trusts.
After the incredibly foolish SEC finally caught him in 2009, he was sentenced to prison for life and was forced to give up everything he owned. Losses from his Ponzi scheme are estimated to be around $50 billion mark. Most of the money won't be recovered because it simply doesn't exist. His wife Ruth Madoff was forced to give up a lot of her possesions such as jewelry and houses the two owned together.
But even more appalling is the fact that he let his family run buckwild with the company American Express card:
Madoff's two sons and wife weren't shy about pulling out the company plastic. Son Mark Madoff charged nearly $81,000 in July of 2008, with $77,000 of the expenses coming from charter flights. left a measly 5.6 percent tip on a $1,066.41 meal at the renowned Per Se restaurant in Manhattan, according to one statement.Andrew Madoff. The size of the expenses varied, from an $8.11 Starbucks charge to wife Ruth's $2,000 purchase at the Giorgio Armani store in Paris.
The spending helped Madoff rack up a whopping 791,814 "Membership Rewards" points as of Dec. 31, 2007. Imagine how many free alarm clocks you could get! To date, more than $534 million has been paid out 1,368 victims affected by Madoff's epic trickery.
Buy Madoff's Rolexes, Boogie Boards, And Custom-Made Mets Jacket!
The Madoff saga is in its twilight, but still-outraged observers can now have their very-own King Ponz trophy: Bernie's stuff.
Seized by U.S. Marshals, the roughly 200 items are up online already (see lots 196-299 & 301-386 here) and you can even go to the Sheraton New York Hotel & Towers on Saturday to bid live.
There are Bernie's gold bull and bear cufflinks; Ruth's beaver furs; a custom blue satin Mets jacket with "Madoff" on the back; and even Boogie boards bearing the name synonymous with fraud in black magic marker.
"There's huge interest" in the Madoff items, U.S. Marshals spokesman Roland Ubaldo told the Wall Street Journal. "I've been getting calls from duck-decoy aficionados. People are interested in his fishing rods and his sports memorabilia."
But even with plenty of interest, the money raised at auction -- perhaps $500,000 -- will barely dent the billions of dollars investors are still out.
Lot #276: Mets jacket with "Madoff" stitching
Estimated Price Range: $500 - $720
[1] Blue satin with orange trim jacket labeled and stitched with: NY Mets, 'MADF', '25' and 'Madoff'
Who DOESN'T have a $75,000 watch?
Estimated Price Range: $75000 - $87500
ROLEX: Gents 18ky vintage Rolex O.P. "Monoblocco" chronograph wristwatch; aka "Prisoner Watch"; domed plastic crystal; black dial w/ rose tri-sticks & Arabic numerals; gold hands; polished bezel; 35mm round case; dk brown alligator strap (tang); Model 3525; 17 jewel Rolex mechanical winding mvmt; Serial 380223 (1945).
Maybe Hofstra didn't offer ethics courses
Estimated Price Range: $240 - $360
RING: Gents 10ky 1960 Hofstra College school ring; oval faceted synthetic blue spinel top stone (chipped); size 9.5; inside engraved BLM - BA; Balfour tdmk; 19.79 grams.
Bernie and Ruthie, forever
Estimated Price Range: $490 - $740
RING: Gents platinum Tiffany & Co. wedding band; rounded, polished; 2.10mm wide x 1.85mm thick; size 9.5; 4.48 grams. RING: Gents 14kt rose gold wedding band; rounded, polished; 1.46mm wide x 1.24mm thick; size 9.5; 1.37 grams.
RING: Gents 18kt yellow gold wedding band; rounded, polished; 1.50mm wide x 1.19mm thick; size 9.5; 1.63 grams. BRACELET: Ladies st.silver heart charm bracelet; incl. 4 hinged vintage heart shaped lockets; fancy link chain, 8" long; 31.20 grams.
BRACELET: Ladies st.silver Tiffany & Co oval tube "Doughnut" bangle bracelet; polished, Peretti tdmk; Italy; 23.06mmW x 15.93mmT; 84.97 grams. BRACELET: Ladies black lacquer Tiffany & Co oval tube "Doughnut" bangle bracelet; Peretti tdmk; Japan; 23.3mmW x 15.69mmT; 44.14 grams.
He SEEMED to make it rain
Estimated Price Range: $42 - $48
UMBRELLA: Nylon golf umbrella; w/ MADF insignia & Bernard Madoff Investment Securities, New York and London; black & white color. DUFFLE BAGS: Three (3) monogrammed beige canvas duffle bags; w/ "Bernard L Madoff Investment Securities Montauk 1993" & sun emblem.
MISC.: Six (6) vinyl letters in wood cigar box; black on yellow 3" initials B, L, & M (2 each); Macanudo cigar box w/ hinged lid.
Because everyone needs multiple vintage Rolexes
Estimated Price Range: $60000 - $63500
ROLEX: Gents st.steel & 18kr & 18ky vintage Rolex Oyster chronograph wristwatch; rose gold bezel, yellow gold crown; white dial w/ black sticks & Arabics; 34.6mm round case; Brown stitched Alligator strap (tang); 17 jewel Rolex Genève mechanical winding mvmt; Case 3668; Serial 146583 (1940). Note: Professionally restored
We'll assume these were Ruth's
Estimated Price Range: $14300 - $21400
EARRINGS: Ladys silver & 14kw pre-Victorian era diamond dangle earrings; 1 pear mine cut dia, 12.91mm x 8.86mm x 3.67mm = est 2.56cts, Typical(1780)/F/VS2/few chips; 1 pear mine cut dia, 12.22mm x 8.81mm x 3.66mm = est 2.44cts, Typical(1830)/F/SI1/few chips; 1 pear mine cut dia, 8.07mm x 6.52mm x 3.08mm = 1.01ct, Typical(1830)/N/I1; 1 pear mine cut dia, 7.16mm x 6.62mm x 3.05mm = 0.90ct, Typical(1830)/L/SI2; 1 oval mine cut dia, 8.52mm x 6.26mm x 4.25mm = 1.58ct, Typical(1830)/L/SI2; 1 oval mine cut dia, 8.44mm x 5.96mm x 3.58mm = 1.26ct, Typical(1830)/K/SI2; 1.33" tall x 10.1mm wide; 8.34 grams. Note: Original silver setting fronts backed with modern white gold wire structure & posts for pierced ears.
A gold cigar cutter? How cliche
Estimated Price Range: $1400 - $2100
ACCESSORY: Gents 14ky cigar cutter; Kut-rite tdmk; 5.51 grams. ACCESSORY: Gents 18ky vintage collapsible mechanical pencil; 22.49 grams. ACCESSORY: Gents 18ky vintage pocket watch chain w/ toggle; curb link, 4.40mmW x 2.38mmT x 15"L; 37.88 grams.
For signing fake statements?
Estimate Price Range: $150 - $230
PEN: Pelikan black & green resin fountain pen; 14kt nib; 800 series. PEN: Tiffany & Co "NYSE" ruthenium & ygp ballpoint pen; yellow plate T clip and trim; 7.5mm round case; "NYSE" logo engraved on barrel side. PEN: Tiffany & Co sterling silver ballpoint pen; T clip; 7.5mm round case.
Another watch, why not?
Estimated Price Range: $8000 - $10000
WATCH: Gents 950 platinum Cartier special edition Privee Tank a Vis collection wristwatch; guilloche silver/white dial (central rose motif), black Roman numerals; blue steel hands; hand-sewn full grain brown alligator strap, 18kw deployant buckle; manual wind mechanical mvmt, calibre 437MC, 18 rubies; Case 2485 D; Model W1539951; Serial No 0126MG.
Estimated Price Range: $1500 - $2200
WATCH BAND: Severely stretched and dented 18ky Rolex President link band for gents Rolex watch; 56.88 grams. WATCH BAND: Like new st.steel Rolex Jubilee link band for gents Rolex watch; 4 removable screw links; model 62510 H.
WATCH BEZEL: St.steel bezel for gents Rolex cosmograph wristwatch; black insert; Rolex part 313-6265-0 X-7.
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