The listing, with John Burger of Brown Harris Stevens, may include some attempts to conceal the co-op unit’s history.
For example, it has been changed from Penthouse A to Penthouse S, and the home has been redecorated from somber tones preferred by Madoff to white rugs and furniture. But this residence isn’t the only property struggling to sell — with increased interest rates, it has become neither a buyer nor a seller’s market.. It first listed in 2018 for $21 million. It last hit the market for $22.5 million. The home received a massive price cut, and is now on sale for $16.5 million.The disgraced late financier was serving a 150-year sentence for orchestrating the largest Ponzi scheme in history, defrauding his clients of a staggering, nearly $65 billion, sum.
Just goes to show the value of a luxury property is not just what you can physically see—it’s the glamorous story you tell. The fact it belonged to Madoff makes the story factor neutral or negative so it needs to sell at a discount, not a premium.
Any sales, should benefit the victims! Eminent domain is what's needed here. Let the gov take it, sell it & pay back the victims of this greedy scam artist! 💔
womp womp
Turn it into a rage room for the victims.
It's ugly.