Bernie Madoff’s Beach House Now $11 Million Less Hideous

No more Formica discount in Montauk.
(Getty Images)

(Getty Images)

Ponzi schemer extraordinaire Bernie Madoff’s former beach house was perhaps a little nicer than his current digs, but not by much. The man may have known how to make some made-up documents appear appropriately vintage, but he did not know how to decorate a house: Formica countertops, plain wood beams, a gigantic stone fireplace with a not-terribly-hidden TV. Still, someone bought it from the U.S. Marshals for a hair under $10 million bucks in 2009, and got about to fixing it. Out went the monstrous fireplace, replaced by a substantially more tasteful hearth sans boob tube. So too went those unadorned ceiling beams in the great room, which now features a more appealing curved ceiling.

However, after nearly a decade contemplating the largest financial fraud in history in the outdoor alcove, billionaire real-estate mogul Steve Roth and his wife are ready to move on back to their now two houses down the road in East Hampton. The bedrooms may still be prison-cell sized, but you apparently can put a price on good taste and unobstructed ocean views.

A Montauk, N.Y., beach house formerly owned by disgraced financier Bernard Madoff is coming on the market for $21 million….

The couple tapped designer Thierry Despont to oversee a massive renovation of the 3,000-square-foot home, which was dated and in disrepair. They built an elegant staircase and moved the master suite to the second floor. The home sits on 1½ acres with a gunite pool overlooking the ocean. There are three bedrooms, three bathrooms and an outdoor alcove for outdoor dining or lounging….

The Madoffs purchased the land for about $250,000 in the early 1980s.

Bernie Madoff’s Former Beach House to List for $21 Million [WSJ]