Bernie Madoff’s Former Hamptons Home Is Back On The Market For $22.5 Million
Late disgraced financier Bernie Madoff’s former Hamptons home is back on the market, this time for $22.5 million. Madoff, who orchestrated one of, if not the largest, Ponzi schemes in history, was arrested in 2008 and pled guilty to 11 felonies, including securities fraud, wire fraud, and money laundering. He was sentenced to 150 years in prison and died at the age of 82 in 2021 during his sentence.
However, before he was sent to federal prison, he owned an impressive real estate portfolio, which included this beachfront Montauk estate. He purchased the estate in 1980 for just $250,000, according to The New York Post. After he was arrested in December 2008, his properties were seized by U.S. Marshals, and in 2009, Vornado Realty Trust chairman, Steven Roth, purchased the property for $9.41 million. All of the 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 covetable areas. The property spans 1.5 acres and has 180 feet of direct beachfront along the Atlantic Ocean. After he purchased the home, Roth enlisted 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 considering it was designed in 2009. For a beach house, it’s one that is maintained quite extensively and is in move-in ready perfect condition.”
The home is approximately 3,000 square feet and one of its key features is the expansive living room with curved, light-wood ceilings and massive, double-height windows overlooking the ocean. It has a bright and airy vibe in every room, in part thanks to the large windows that allow in plenty of natural light. Despont’s chic, destination-centric style is best seen through the neutral tones in every room and sumptuous textural elements that make this beachside home so warm and dreamy.
“I think what you don’t feel from the pictures is the scale of the living room,” Davis says. “It comes off as being a lot smaller than what it actually is. The volume of that room, and the views of the ocean from that space is quite something.”
The home opens onto a large covered terrace and has both indoor and outdoor dining. There’s a large chef’s kitchen, perfect for family gatherings, especially in the summer months. There’s also a large pool off to the side. Views abound from every outdoor space as well.
“It’s arguably in the best location along the oceanfront in Montauk,” Davis says. “It is positioned down a private driveway and is not really visible to neighbors. The position of the house is also quite unique. It’s not on a bluff with stairs to the beach, as most Montauk homes are. It’s at a point where the beach is wide and long and gives you incredible access. It is pretty rare in Montauk.”