Peter Madoff Protecting Mansion From Feds, Creditors

It looks like Bernie Madoff‘s brother, Peter, was making provisions starting in 2006 to protect what belonged to him. Perhaps Peter and his wife were just being responsible homeowners?

New York Social Diary: Bernard Madoff’s partner and brother, Peter Madoff, and his wife, Marion, purchased their 7,000-sq.-ft. Palm Beach house in May 2001 for $3.752 million. Located at 200 Algoma Rd. in the town’s South End, the Madoffs quit-claimed the house in November 2006 to Mrs. Madoff with deeds giving her address as the Bernard Madoff office in New York, according to court records. The following year, she filed the house as her principal residence and claimed homestead exemption. Along with a one-way mirror glassed front entrance door, the Madoff’s house features a pool, cabana and topiary ficus.

In the State of Florida, the one thing no one can take away or leave to someone else is the spouse’s house. This transferring ownership is a common real estate manoeuvre and why a lot of people take Florida residency.

It’s common knowlege that it’s very difficult for others to take your house if you have it Homesteaded in Florida. Homesteading can provide protection from getting your house seized by creditors. That’s why a lot of sketchy—and non sketchy—people apply for that exemption, building tremendous houses down there and pouring a good portion of their wealth into them.

 

FOR FULL MADOFF COVERAGE, CLICK BERNIE’S FACE >


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

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