Peter. B Madoff, the infamous lawyer brother of Bernie Madoff - who grabbed headlines with his alleged involvement in investment frauds and Ponzi schemes in 2009- has been sentenced to 10 years in prison for helping his brother in his activities .
Now that he is serving his time in jail, the U.S. Feds have listed his Long Island mansion on the open market with a price tag of $4.5 million.
This is not Madoff's first property to be listed or sold after he was found guilty of his alleged involvement in the scheme. Right before his prison sentence began, his Upper East Side, NY residence sold for $4.6 million. Sale of another Palm Beach property closed a year earlier as well, reports Zillow.
Apparently, the home was first listed in 2011 with a $6.9 million asking price to pay off Madoff's creditors. Failing to sell then, the Feds have given the home a $2 million price-chopper and anticipate the home to find a buyer soon.
The New York Times reports that the Feds took a lot of effort to stage the house.
"This was staged with, believe it or not, my recommendations and the hard work of the U.S. Marshals office. Every single book in here was actually taken off the shelf, tagged and numbered, and then put back," Shawn Elliott of Shawn Elliott Luxury Homes and Estates, the broker brought in to sell the property, said to the NY Times.
According to the listing records, the Long Island home is a 7992 square feet single family residence, sitting on a prime four acre lot. The residence comprises of five bedrooms and five full and two half bathrooms all done up in classic architecture.
Interiors of the home feature French doors and windows with hardwood, tiled and carpeted flooring. Living spaces include a formal living room, a dining area, a sitting room and a family room. The Place also has a library and a state-of-the-art kitchen.
Outside, the home has an in-ground swimming pool, a tennis court, a guest cottage and sprawling greens.
Check out the photos of the home, here.
Madoff was sentenced to jail Dec. 28, 2012. He head off to the Otisville Prison in February and his wife, Marion lives in a small place in Battery Park City.
