Madoff's Montauk Mansion Slammed By Beach Erosion, neighbours Spared

Not much on this story yet but thought we’d pass along this tidbit from the Madoff just-desserts buffet.

NYPost: He also owns a $3 million oceanfront estate in Montauk, LI, which has been pummelled by severe beach erosion. The surrounding estates have been largely spared.

We do know this about his Montauk life, though.

Newsday: The East Hampton Star reports that accused swindler Bernard Madoff, who has owned a home in Montauk since 1980, was well known for throwing lavish parties for his company employees at the nearby Beachcomber Resort Hotel every summer.

A hotel employee told the Star that Madoff “would rent the entire hotel” for his workers for the weekend after every July 4th. “The weekend typically included a dinner at the Montauk Yacht Club, followed by a catered bash on the beach across from the Beachcomber the following day,” the paper says.

Public records show that Madoff and wife, Ruth, purchased their 1.2-acre oceanfront property on Old Montauk Highway in 1980. It currently has a market value of just over $3 million. Records show that among Madoff’s famous neighbours is actor Robert De Niro, who owns a 1.2-acre spread just six parcels away.

 


FOR FULL MADOFF COVERAGE, CLICK BERNIE’S FACE >


See Also: A SLIDESHOW OF MADOFF’S VICTIMS HERE >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.