Thursday, January 20, 2022

A Highway Ponzi House

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Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009; its asking price seems crazy given it could be washed away by erosion

Built to the designs of the architect Gene Futterman on what Forbes disparagingly termed a “wind-swept, isolated” plot “on the easternmost edge of New York State, [where] the next stop is Portugal, about 4,500 miles across the Atlantic,” a beach house originally owned by Bernie and Ruth Madoff is once again for sale.

 

Described once by a Hamptons broker as “a 1980s dump set in a fabulous location,” 216 Old Montauk Highway in Montauk at the tip of New York was sold in 2009 by U.S. Marshalls Services after the sentencing of the orchestrator of the largest ever Ponzi scheme in world history.

 

A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million).
A Highway Ponzi House – As it was in 2009 when the U.S. Marshalls Services seized the Ponzi schemer’s house: 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America.
A Highway Ponzi House – The house in its current form.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
A Highway Ponzi House – The house’s former owner Bernie Madoff and its current owner Steven Roth (pictured with all-round wrong ‘un Jared Kushner).
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
A Highway Ponzi House – Current owner Daryl Roth bears a remarkable resemblance to Ruth Madoff. You could easily mistake one for the other.

Whilst Bernie Madoff rots on a 150-year prison term and his wife exists in relative poverty, his 3,000 square foot former getaway was bought by Broadway producer Daryl Roth and her billionaire real estate investor husband Steven, a man described as a “close confidant of Donald Trump.”

 

The Roths hired “world renowned architect” Thierry Despont to rid all traces of the Madoffs in 2011 and the resulting creation is a 3,000 square foot home with a two-storey ‘great room,’ 3 bedrooms and 3 bathrooms. It has a free form gunite pool, cabana and 180-foot of direct frontage to the Atlantic ocean.

 

Offered for sale again in 2018 for the ludicrous figure of £16.5 million, realtors Out East now seek just £14.1 million, but reaction to the listing has been less than enthusiastic. Dealbreaker described the bedrooms as “still prison-sized” whilst Guest of a Guest added: “You can’t get more on the beach than this… But with beach erosion escalating all over Long Island, and Dune Road basically about to fall into the sea, you’d better be okay with the big possibility of losing all your money on this short-term investment.”

 

The Names & Numbers – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America

 

September 2020 – For sale at a reduced price of £14.1 million ($17.9 million, €15.3 million or درهم65.7 million) through Out East.

 

May 2019 – Reduced in price to £15.6 million ($19.9 million, €17 million or درهم73.1 million).

 

April 2018 – Listed for sale for £16.5 million ($21 million, €17.9 million or درهم77.1 million) through the Corcoran Group, a sum 140% higher than the 2009 sale price.

 

2011 – Renovated by “Manhattan’s most in-demand architect,” Thierry Despont. Of his work, Forbes remarked: “The Frenchman whose clients include Bill Gates, Oscar de la Renta, Calvin Klein and Ralph Lauren, ripped out everything – right down to the studs – to turn the floor plan of the 1982 house upside down. He moved the front entry from the second floor to the first by tearing out a catwalk from the driveway and replacing it with mahogany steps sloping down to the home’s first level. He moved the master bedroom to the second floor. The living room was more of a challenge. The house was built with a vaulted ceiling in the main room that in those big-shouldered, big-haired 1980s years would have been called the ‘great room.’ Despont turned the sharp angles of a cathedral ceiling into a giant curve by creating a barrel vault covered in oak planks that look a bit like a weathered boat hull. The exterior he left much as he found it – contemporary lines, but with a traditional cladding of cedar shingles.”

 

November 2009 – Sold for 7% above asking price at £7.4 million ($9.4 million, €8 million or درهم34.5 million) to Vorando Realty Trust founder and chairman Steve Roth and his award-winning theatre producer wife Daryl Roth.

 

September 2009 – Listed for sale for £6.87 million ($8.75 million, €7.47 million or درهم32.13 million), a punchy sum 192% higher than the appraisal figure.

 

September 2009 – U.S. Marshalls Services appraised the house at £2.4 million ($3 million, €2.6 million or درهم11 million) leading to a mocking New York Post article suggesting: “Those who see Bernard Madoff as an evil purveyor of excess might be disappointed by his beach house: It’s not that palatial. At 3,014 square feet, the home is cottage-size by superrich standards. Its faded furnishings look as old as Madoff’s epic fraud. There’s no garage. Not even a walk-in closet.”

 

1979 – 1.5-acre site purchased by Bernie and Ruth Madoff for circa $250,000 or the equivalent of £703,000 ($895,000, €764,000 or درهم3.3 million) today.

 

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A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Steven and Daryl Roth with their close chum President Donald Trump.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Mrs Madoff now lives in much reduced circumstances and was spotted hauling out her own trash in 2012. One of her sons committed suicide, the other died of cancer and her moronic daughter-in-law, Stephanie Madoff Mack, wrote a ridiculous book titled: ‘The End of Normal.’
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Also seized – The Madoffs New York penthouse was sold to the creator of Cabbage Patch Kids and Pokémon Alfred A. Khan in 2010 for £6.3 million, but the “curse of Madoff” struck when it subsequently went up in flames. It was placed for sale again in 2013 when Khan split from his wife.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Then and Now – Bernie and Ruth Madoff built a quite hideous fireplace in their pompously described ‘Great Room’ using stones gathered on the beaches of Montauk (according to Hamptons.com); it has been kept by the current owners in a somewhat reduced state and the ceiling has been dramatically altered also.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – The somewhat plain kitchen of the house also serves as a dining space.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – One of three bedrooms in the property. The views do make up for them not being especially large, but if you were paying £14.1 million, wouldn’t you want more closet space?
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – One of three deck spaces overlooking the Atlantic ocean.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Then and Now – The pool and cabana remain quite unaltered.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – The entrance to the house is not especially impressive.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – A view of 216 Montauk Old Highway from the beach.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – An aerial shot from the ocean illustrating how close to the sea the building truly is.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – A general shot of the beach.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – The somewhat modest entrance gates to the property give no clue to its current or previous occupant’s financial statuses.
A Highway Ponzi House – 216 Old Montauk Highway, Montauk, The Hamptons, New York State, NY 11954, United States of America – Montauk beach house built for Ponzi schemer Bernie Madoff resurfaces for sale for double what U.S. Marshalls got for it in 2009 – Offered for sale by Out East for £14.1 million ($17.9 million, €15.3 million or درهم65.7 million). Owned currently by Broadway producer Daryl Roff and real estate billionaire Steven Roth.
Now – An aerial shot illustrating the boundaries of the 1.5-acre plot; it’s certainly a lot more expansive than Bernie Madoff’s cell.
Matthew Steeples
A graduate of the London School of Economics, Matthew Steeples is a writer and marketing consultant. He conceived The Steeple Times as a media arena to fill the void between the Mail Online, The Huffington Post and such organs as the New York Social Diary in 2012.
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