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Peter Madoff's New York mansion up for sale

May 27, 2013 at 8:11 PM   |   Comments

NEW YORK, May 27 (UPI) -- The Old Westbury, N.Y., home of Peter B. Madoff, who is jailed for his participation in a Ponzi scheme, is up for sale at an asking price of $4.495 million.

The house was seized by U.S. Marshals after a judge sentenced Madoff in December to 10 years in prison and ordered him to forfeit all of his and his family's assets to the government so they could be sold to pay back the victims of his brother's Ponzi scheme, The New York Times reported.

Madoff, who worked as the chief compliance officer at a firm owned by his older brother, Bernard L. Madoff, pleaded guilty to a number of crimes last year, including falsifying documents and lying to regulators.

"When dealing with a home this grandiose, the outside world can lose sight of where all these fine things come from," said Kevin Kamrowski, a deputy U.S. marshal. "Everything in this home was obtained on the backs of other people."

The house is being sold through a real estate broker, and, when it sells, all of the items still inside will be sold at auction.

Other properties owned by the brothers have already been sold, including Bernard Madoff's Manhattan apartment, which sold for $8 million, and Peter Madoff's Park Avenue apartment, which went for $4.6 million. Some of the brothers' personal effects have also brought in big money, such as Bernard Madoff's Mets jacket, which sold at auction in 2009 for $14,500.

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