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The penniless Madoffs: Investor’s Brother and his Wife leave $4.6 Million Home with NOTHING as They Lose all Possessions and he Prepares for 10 year Prison Sentence

Bernie Madoff’s brother sold his Manhattan  apartment as he prepares to turn himself in for his 10 year prison sentence –  and was forced to leave behind most of his high-priced belongings.

Peter Madoff, Bernie’s younger brother,  previously pleaded guilty to playing a role in the massive Ponzi scheme and  agreed to forfeit a symbolic $143.1billion and spend a decade behind bars.

As part of that repayment process, he sold  his two-bedroom apartment in the upscale Upper East Side neighborhood for  $4.6million.

on: Peter Madoff, brother of Bernie Madoff, will serve 10 years in prison for his role in his older brother’s multibillion-dollar Ponzi scheme

But Madoff and his wife Marion were  stunned  to learn that with the sale of the apartment, they were also  forced to leave  most of their expensive possessions inside.

A source told the New York  Post:  ‘They wanted to take  furniture, silverware and glasses – but the federal marshals packed up  everything. They were surprised and shocked.’

The paper reported that the couple could only  take clothes, a mattress and a box spring.

The contract in the sale has been formally  signed and the purchaser, only identified as a lawyer from Chicago, is  apparently getting a bargain.

Madoff bought the sixth-floor pad for  $4.1million in 2004 and went on to spend an additional $1million for various  renovations.

The apartment boasts two bedrooms, two large  living rooms, four bathrooms and a maid’s room.

A Viking oven range, Sub-Zero  refrigerator,  Bosch dish washer, and separate wine cooler all help  qualify the listing as  being in mint condition, according to the listing agents at Prudential  Douglas Elliman.

Because of its placement in the building on  975 Park Avenue, in between 82nd and 83rd streets, the apartment is said to have  incredible light as there are both north and west-facing windows.

The co-op building was erected in 1929, and  in truly lavish fashion has an elevator operator and a concierge in addition to  the full time doorman.

The buyer also has access to the common  ‘modern’ gym and private storage and a bicycle room.

As for Madoff, 67, The New York Post reports that he has downsized to a  $3,200 one-bedroom apartment on the opposite end of the island, in Battery Park  City.

He will be headed for an even smaller bedroom  in February 6- just after his granddaughter’s bat mitzvah- when he will report  to Otisville Prison Camp in the suburbs of New York City.

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Posted by on January 6, 2013. Filed under NY News,Slider. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.