Peter Madoff’s Park Ave pad for sale

Peter Madoff spent close to a million dollars renovating and customizing his Park Avenue apartment, converting a three-bedroom co-op to a grander, contemporary two-bedroom unit.

Now with Mr. Madoff due to go to prison for 10 years on fraud charges later this year, his wife, Marion, has put their 2,300-square-foot unit on the market for $4 million, about $100,000 less than they paid for it in 2004, not counting the renovation bill, brokers said.

Proceeds from the sale are due to be turned over to the U.S. Marshals Service, as part of an agreement with the government signed by Mr. Madoff and members of his family when he pled guilty to fraud charges in June.

Mr. Madoff is the younger brother of Bernard L. Madoff, who was sentenced to 150 years in federal prison as the mastermind of one of history’s biggest investment fraud. The younger Mr. Madoff admitted to faking documents and other crimes, but said he was unaware that the investment business run by his brother was a sham.

The agreement with the government allowed Ms. Madoff to retain control of the Park Avenue home and a second home in Old Westbury on Long Island during the marketing of the properties. Mr. Madoff is free on bail until sentencing scheduled for Oct. 4.

To read more, go to The Wall Street Journal.

Share Selection