Madoffs were worth more than USD 823M, documents show

NEW YORK: Bernard Madoff's deluxe lifestyle included USD 22 million in properties stretching from New York to the French Riviera, a USD 7 million yacht and even a USD 39,000 piano, according to a document his lawyers filed.

The document, which said the disgraced financier and his wife had a combined net worth of more than USD 823 million at the end of last year, was contained in papers filed with the 2nd US Circuit Court of Appeals in an effort to get Madoff freed on bail.

Among other luxuries, the couple had a USD 2.2. million boat named "Bull," a USD 12 million share in a plane and USD 65,000 in silverware, the document said.

US District Judge Denny Chin sent Madoff to jail Thursday after the 70-year-old financier pleaded guilty to 11 charges, including securities fraud and perjury, admitting he engineered one of the largest frauds in history to try to cover up his investment losses. He faces up to 150 years in prison at his sentencing, set for June 16.

In arguing that Madoff should be freed on bail until his sentencing, his lawyers argued that he had not fled in the three months since his December 11 arrest, even though he "was always cognizant of the fact that he would die in prison."

"The reality of a life in prison term is not a recent revelation to Mr Madoff, but an inevitability that he has been aware of since his arrest, if not earlier," the lawyers wrote.