Deal Reported On Madoff's Former Palm Beach House
PALM BEACH, Fla. (AP) -- A waterfront house in Palm Beach once owned by convicted Ponzi schemer Bernard Madoff is under contract to be sold after more than a year on the market.
The Palm Beach Post reported Thursday that an unidentified California couple has agreed to buy the 8,800-square-foot house for an undisclosed amount. The house's most recent asking price was $6.5 million, but it likely will be sold for less.
Closing on the reported deal is set for Friday.
Federal officials had seized the home, along with Madoff's other properties and assets in New York and elsewhere. Proceeds from the sales of those assets are expected to benefit the victims of Madoff's financial scheme.
The 72-year-old Madoff is serving a 150-year federal prison sentence.
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