Monday, January 7, 2013

The Great Peter Madoff Real Estate Sell Off

SELLERS: Peter and Marion Madoff
LOCATION: New York City, NY
PRICE: $4,600,000
SIZE: 2-3 bedrooms, 3.5 bathrooms

YOUR MAMAS NOTES: Given that soon-to-be imprisoned Peter Madoff worked for and side-by-side with his Ponzi scheming older bother Bernie for 40-plus years it's utterly inconceivable to most people that he didn't—as he has repeatedly insisted—know a thing about his brother's towering house of cards that bilked thousands of people out of billions of dollars until the night big brother confessed his heinous financial transgressions. Somewhat oxymoronically, given his alleged ignorance of his brother's decades long charade, Peter Madoff did confess last fall to one count of conspiracy to commit securities fraud and one count of falsifying records for which he was sentenced to ten years in the pokey.

While the details about the very well-compensated Peter Madoff's knowledge of and involvement in his brother's super-sized Ponzi scheme will no doubt be investigated—and doubted—for many years to come there is no question he and his missus Marion lived a very luxe life with multi-million dollar residences in ritzy areas of New York City, Long Island and Palm Beach.

The Peter Madoff's sold their Palm Beach spread last year—more on that in a minute—and over the weekend the property gossips at the New York Post revealed the couple unloaded their posh Park Avenue apartment for $4.6 million. 

The spacious cooperative spread, located on the sixth floor of a handsome and finely detailed, full-service red brick and limestone edifice originally built in 1929, was purchased by Mister and Missus (Peter) Madoff in June 2004 for $4,100,000. According to listing details and photographs still available online, the two bedroom and 3.5 bathroom apartment was recently renovated to exacting standard in a warmly contemporary fashion with maintenance and common charges that total $4,748 per month.

The clean-lined, loft-like interior spaces include a roomy foyer, a partially paneled "formal" living room with wood-burning fireplace flanked by built in cabinetry and a nearly 30-foot long dining room/family room with more built-in cabinetry and shelving and a built-in wine-cooler. The seven-foot-three inch wide galley kitchen isn't big but it's expensively done in all stainless steel with top-grade appliances that include a washer and dryer. A small adjoining room with windowed bathroom and two wee closets is marked as the "maid's quarters" on the floor plan but it would be—in Your Mama's humble and meaningless opinion—to be downright cruel to make a live-in domestic live in such a cramped—and essentially windowless—room.

A brief corridor off the foyer connects to the guest bedroom—with two closets and windowed restroom—and the corner master suite that's complete with eight closets, four windows and a windowed bathroom with double sinks.

The transaction has not yet been recorded in any of the property record data bases Your Mama consulted—as of today the online listed shows the apartment is still in contract—but according to the Post, the new owner is an as yet unnamed attorney from Chicago.

The sale of the Peter Madoff's New York City apartment comes on the heels of the sale of their getaway down in Palm Beach (FL) where he and his pampered Missus Marion have catted around since at least the late 1990s when they owned a condo in a sexily sinuous 1960s-era building situated across the street from the yacht strewn Palm Beach Docks and a short Rolls ride from the swank shops and restaurants along tony Worth Avenue. They bought the condo, incidentally, from none other than Bernie and Ruth Madoff.

In May 2001 the Peter Madoffs traded up to a half acre mini-estate just a few short blocks north of the historically high-WASP Palm Beach Bath & Tennis Club and Donald Trump's characteristically ostentatious private club Mar-a-Lago.

Property records show the Peter Madoffs coughed up $3,752,000 for the 5,463 square foot South Florida meets French Regency-style residence that includes five bedrooms, 5.5 bathrooms, a discreet side-facing three car garage and a swimming pool ringed by expensively maintained and punctiliously pruned lawns and gardens.

Your Mama dissed and discussed the fully renovated and upgraded 1970s residence that's set behind a row of assiduously clipped (and somewhat comical) conical hedges in January 2011 when it popped up on the market with a $6.5 million price tag. It only took one price chop to $5,900,000 before the house was sold in May 2011 for $5,500,000. Property records reveal the house is now owned by home fragrance honcho Harry Slatkin and his wife Laura who—as an aside—also own an opulently decorated 1870s Beaux Arts townhouse in New York City.

With two down, the Peter Madoff's still have one more house to sell, a 4-plus acre estate in Old Westbury, NY (above) that's currently on the open market with an asking price of $4,995,000.

Old Westbury, not quite 30 miles east of Midtown Manhattan, is an exclusive Long Island enclave long associated with old guard New York society—think E.F. Hutton, the Guests, the Phipps family and a Vanderbilt or two. Pop culturally the semi-rural suburban community is best known as the home of (alleged) mob daughter Victoria Gotti who still owns one of the more garish mansions ever to be erected in that blue-blooded neck of Long Island.

Property records show Mister and Missus Peter Madoff picked up the first portion of their Long Island estate that backs up to the Glen Oaks Club back in March 1988 when they paid $2,000,000 for a genteel, L-shaped center hall Colonial originally built in 1935 on just over two acres. In late 1990 they shelled out another $2,500,000 for the 2.014 acre lot next door.

The gated and privately situated estate sits at the tail end of a long cul-de-sac lined with similarly sized homes on smaller lots and current listing information shows the main house measures almost 8,000 square feet. Your Mama counted (above) a total of five bedrooms and five full and two half bathrooms on the floor plan included with current marketing materials (above).

Their Long Island home waves a much more traditional decorative flag than their other two homes as evidenced in the 30-foot long formal living room just off the foyer (above, top). Listing photographs shows windows dressed with the exact sort of swagged drapery that only old and rich people seem to like, a pair of fringe-skirted sofas pushed against the walls, a picture laden grand piano and a handful of gilt-trimeed oil paintings including one of a dog that's hung over the wood burning fireplace. Very narrow and heavily pedimented French doors flank the fireplace. One set opens into a garden view sunroom (above, middle right) and the other into a dark-paneled library with built-in bookcases, a second fireplace, a hidden wet bar and a deep bay window furnished (above, middle left).

To the other side of the foyer, through an adjoining stair hall, there's a formal dining room (above, bottom left) with another deep bay designed for more smaller and/or more casual lunches and brunches and—nestled into the inside elbow of the L-shaped house— an adjoining butler's pantry where the elevator is somewhat incongruously located. The butler's pantry connects—as it should—into a country-style center island eat in kitchen and breakfast area (above, bottom right) Beyond the kitchen there's a proper laundry room with exterior entrance, an attached two-car garage and back stairs that descend into basement ascend to the guest/family wing on the second floor.

There are three good-sized guest bedrooms on the second floor plus a fourth, rather puny one. One bedroom has a fireplace, two have private bathrooms and the two others share a hall bathroom. The extensive master suite (above) occupies and entire wing up the upper level and includes a roomy bedroom with fireplace and matching floral print curtains, canopy and bed clothes. They say the key to a happy long term marriage is—among other things—separate bathrooms and the Peter Madoffs not only have separate facilities for ablutions and bodily evacuations but separate closets and boudoirs, hers slathered in the same floral fabrics and carpeting as the bedroom and his an unsettling display of mis-matched stripes and brocades.

The basement, accessible by both front and back stairs as well as the elevator, includes a nearly 600 square foot entertainment space with fireplace, a bedroom-sized wet bar and a convenient powder pooper. Other ares of the massive basement include rooms for the mechanicals, severals storage rooms and a walk-in wine cellar.

The mostly landscaped grounds include large terraces for dining and entertaining, luxurious swathes of lawn, a tennis court and a swimming pool and spa surrounded by thick and lush foliage.

Presumably the proceeds of the sale of the Peter Madoff's house in Old Westbury, like the proceeds from the sale of the Park Avenue apartment, will be controlled by the Feds charged with disbursing any recovered funds to the victims of Bernie's breathtakingly unscrupulous scheme.

exterior photo (New York City): Property Shark
listing photos and floor plan (New York City): Douglas Elliman Real Estate
listing photos (Palm Beach): Sotheby's International Realty
listing photos: (Old Westbury): Daniel Gale / Sotheby's International Realty


Anonymous said...

Oh Mama, you're the greatest. I knew you would do it up just perfect. A celebration of justice and all good things in the world and the defeat of evil and sin. Real estate as morality tale.

Anonymous said...

Quite good taste; heinous morality. Correct me if I am in error, but I think I read he (and she) were shocked that the only thing they got to take to prison was the clothing they were wearing and stuff like a toothbrush, etc. Dante is called for, I think: "Lasciate ogne speranza, voi ch'intrate".

Anonymous said...

More detail. So one can savour the unsavory.

Anonymous said...

I think the Madoff's are sick and disgusting and I hate that we even have to hear about them anymore (though I love your posts, Mama!). I think they are all getting what they deserved and I hope they are dying each day with what they have lost, considering they obviously did not care what they were taking from others. I think all of them are guilty and had to wonder. Come on, everyone was so stupid they didn't wonder about the extreme of the money coming in? Even Ruth said later she looks back now and should've realized something. Not that it would make it ok by any means, but if they had done it for a reason such as an illness in the family they needed money for or something, you might feel sorry for them, but just for pure greed and to live that way, it is just sick.

Anonymous said...

If you read the piece in the NYTimes you will see that the judge was VERY skeptical of Bernie's claim that he didn't know what was going on. I think the wife knew too, only now she wants to pretend she didn't.

Anonymous said...

Beautiful, blue bloodesque properties.. stunning actually.

But when you steal you go to the pookey! #epicfail

Anonymous said...

It is a shame that Bernie does not have the balls to kill himself like his son did. He could at least show some sort of dignity and remorse for his actions at the end of his life.

Rosco Mare said...

The court should have sentenced him to 10 years in that cell of a maid's room!

Unknown said...

the NYC property looks like a steal, no pun.. I wonder if that stigma cost a price reduction?

Anonymous said...

Also near the property in Old Westbury - in the opposite direction of Victoria Gotti, natch! - is Peter Schonfeld's massive estate, complete with its own 9-hole golf course. This was originally the estate of W.C. Whitney, as in the father-in-law of Gertrude Vanderbilt Whitney, founder of - you guessed it - the Whitney Museum of American Art, plus the aunt of Gloria Vanderbilt and great-aunt of Anderson Cooper.

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