Bernie Madoff’s former oceanfront house in Montauk is back on the market, this time for $17 million.
The 1.5-acre property located west of downtown Montauk, previously put on the market in 2018 for $21 million, is listed with Chris Coleman at Compass.
The bungalow-style home, which was seized by the federal government after Madoff was arrested for a $65 billion investment scam, has since been updated and improved since the days Madoff and his family spent time there.
The developer Steve Roth and his wife, theater producer Daryl Roth, bought the property for $9.41 million— $660,000 more than the asking price. The money was used to pay back some of the 24,000 people who lost money in Madoff’s Ponzi scheme.
The Roths hired Thierry Despont, the renowned architect who has worked for the likes of Bill Gates and Oscar de la Renta, for the extensive renovation of the 3,000-square-foot house, which boasts 180 feet of beach frontage and panoramic views of the Atlantic Ocean. The house is also within 150 feet of the beach — no longer allowed under zoning laws.
Gone is the 1980s-feel of the home, including including the formica countertops (Madoff and his wife Ruth bought the home in 1982 for $250,000). Forbes once quoted a realtor as saying the house was “a 1980s dump set in a fabulous location.”
Among the highlights is a two-story great room that looks out onto the ocean through oversized glass doors that can be pulled back for the best in indoor-outdoor living. The room also features a barrel-vaulted ceiling, a stone fireplace, and curved sitting area, perfect for reading by the oceanside, Coleman says.
The gourmet eat-in kitchen is a fully equipped open space with room for a large table and also offers ocean views. A butler’s pantry is also located off of the kitchen. Sliders offer direct access to the covered patio, where another large table allows for al fresco meals to the sound of the ocean.
There are three bedrooms and three and a half bathrooms with two bedrooms on the first floor, both with ocean views. Two full baths and one half bath is also located on this level.
Up on the second floor is the master suite, which offers its own private oceanfront deck. The bathroom features luxurious amenities such as radiant heated Travertine floors, a spa-like shower, is decked out in onyx, and even a separate balcony with an outdoor shower just in case you feel like showering outside instead. There is also a set of walk-in closets.
Coleman says buyers will find new mechanical systems throughout the house, including a Crestron-controlled environment that incorporates the heating, ventilation, and air conditioning system, audio, lighting, automatic shades and the radiantly heated floors.
A new free-form gunite pool, cabana, and wrap-around decking are located to the east of the covered patio. The wide sandy beach is only steps away with private access on the southwest corner of the property.
The property is also now gated.
This story first appeared on BehindTheHedges.com.