This week many a member of the general public was pleased to see notorious swindler Bernard Madoff sentenced to 150 years in prison for his Ponzi scheme. Although the sentence resulted in applause from those in the Manhattan courtroom, Madoff's confinement unfortunately isn't going to fix the real estate woes of those affected by his fraudulent behaviour.
Many of those left in Madoff's wake have taken a hit on their properties, despite the prospect that the scandal may send the value of his real estate shooting up. There are reports of several Madoff victims putting their homes on the market, and US real estate publications have been reporting sales due to Madoff losses as heating up in certain buildings on particular.
Despite this, what may make people feel a little better (other than his time behind bars) is that the terms of his sentence require the Madoffs to sell the $US7 million Manhattan penthouse apartment where his wife Ruth Madoff still lives. This is proving somewhat of a problem for Ruth considering the New York Post has reported that she's having trouble finding a landlord that will take her on as a tenant. I wonder why?
Also up for grabs is their $US11 million estate in Palm Beach, Florida,a $US4 million home in Montauk and a $US2.2 million boat will be put on the market as well. The proceeds of the Upper East Side apartment sale will go toward paying back the victims of his crimes, but sadly the initial valuation of $7 million in December may have dropped as the New York housing market continues its downward plunge and Madoff's victims may find themselves losing out. But you have to be thankful for small mercies, and at least the man himself won't be living in better conditions than those he swindled any more.