Bernie Madoff's Mansion and Yacht Seized
On April 1, 2009, April Fool's Day, Federal agents seized Madoff's custom-built yacht, which he called the "Bull" as well as his five-bedroom Palm Beach, Florida mansion. The "Bull" has a value of approximately $800,000, while the Florida home was worth $11 million in 1994. The Palm Beach mansion was purchased under the name of Ruth Madoff, wife of Bernie Madoff. Last year, the real estate bill alone for this property was $157,298. According to Barry Golden of the U.S. Marshals Service, the yacht "was extremely well kept, extremely clean. Engine compartment was spotless. It looked like somebody took a bottle of 409 and scrubbed it every day."
Madoff also had seats in either the first or second row at the New York Mets new stadium. The tickets are paid for and are located in a section called "The Delta Club Platinum." The season ticket package is worth $40,095 per seat! It will be interesting to see what happens to these seats. I would suggest they donate them for each game to under-privileged children living in the New York area.
Ruth Madoff is next in line to be investigated. The Madoff New York penthouse is worth about $7 million, while their home in France is estimated at $1 million. They also enjoyed a home on Long Island worth $3 million. Furnishings for these homes worth $10 million may also be seized by the U.S. Marshals Office. What will poor Ruth live in? She may have to resort to either senior citizen housing or share a jail cell with her husband. Bernie Madoff is currently incarcerated in the Metropolitan Correctional Center. At his June 16th hearing, he could face 150 years at his lovely new home. Move over, Bernie. Make room for Ruth.
Sources:
Sports Illustrated
www.comcast.net Finance
Published by Carolyn M. Kenney
I started writing weekly articles for my church bulletin, which led to my devotional book "Meditations of the Heart." This inspiring book is available through the publisher, Authorhouse as well as Amazon.... View profile
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