Madoff's Palm Beach mansion lists for $8.5m

PALM BEACH: A waterfront Palm Beach, Florida, mansion once owned by disgraced financier Bernard Madoff is on the market for $8.5 mn.

The Corcoran Group real estate firm announced the price Thursday. The house on a secluded lot along the Intracoastal Waterway has five bedrooms and seven bathrooms and covers more than 8,700 square feet (808 sq. meters).

The 71-year-old Madoff is serving a 150-year prison sentence for masterminding a multibillion-dollar Ponzi scheme that burned thousands of investors. The government seized his homes in New York and Florida and plans to sell them, along with boats and other property.

Madoff's former beach house in Montauk, New York, is listed for $8.75 million. A price hasn't been set yet on his Manhattan penthouse apartment. Proceeds will go to Madoff's victims.