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Peter Madoff's co-op on market for $4M

July 20, 2012 at 4:44 PM   |   Comments

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NEW YORK, July 20 (UPI) -- A New York City co-op owned by convicted swindler Bernard Madoff's younger brother Peter is on the market for $4 million, the New York Daily News reported..

Proceeds from the sale of the Park Avenue home will go to the U.S. Marshals Service as part of a forfeiture agreement Peter Madoff and his family agreed to when he pleaded guilty last month to fraud charges.

The asking price is about $100,000 less than what the Madoffs paid for the co-op in 2004 and nearly $1 million was spent on renovating it and converting it from a three-bedroom to two-bedroom unit, The Wall Street Journal reported.

A listing for the co-op says it's in "mint condition" and has maid's quarters, state-of-the-art appliances, beamed ceilings, hardwood floors and a wood-burning fireplace.

The New York Times has reported Peter Madoff reached a plea deal with prosecutors on charges of falsifying documents, filing false tax returns and lying to regulators in exchange for a 10-year prison term. He agreed to surrender all his assets, the News said.

His sentencing is scheduled for Oct. 4.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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