Disgraced Wall Street Financier Bernard Madoff has been forced to sell his $7m Hamptons pad. The Money will be used to compensate the victims of his huge Ponzi scheme, who are estimated to have lost $50bn in all.
The property in New York has 4 bedrooms, a pool and 1.2 acres of land-Madoff’s house is considered as relatively modest compared with some of the houses that belong to the billionaires near by who escape to the Hamptons in the summer.
Other properties belonging to Madoff including his Palm Beach villa and his Manhattan apartment will all be auctioned off at a later date to the highest bidder.
Madoff might have made off with billions of dollars from his victims, but it seems he won’t be let off by being allowed to keep his assets.
