When Bernie Madoff’s Ponzi scheme blew up in 2008, he had to forfeit everything he owned to the government including a 3,000 square foot beachfront mansion in Montauk on the easternmost tip of Long Island, New York.
The Roth family of Vornado Realty Trust bought the home in 2009, a “good” time to buy since the Hamptons housing market was near rock bottom. Now, after gutting and redoing the house with the help of architect and designer Thierry Despont, the Roths have listed the home for $21M.
This two-story home that “sits in the sand” was built on 1.5 acres of land that has 180’ of Atlantic Ocean frontage. The ground floor has a big, lofted living room, a large eat-in kitchen and two bedrooms that share a bathroom. Every room on the ground floor is accessible to a gunite pool and wooden deck that spans the length of the house.
The second floor, smaller in square footage than the ground floor, is dedicated exclusively to the master bedroom, his and hers half baths and two walk-in closets. This floor too has its own wooden deck accessible from the master bedroom.
Despite it again being an advantageous time to buy a luxury property with lower listing prices in Montauk and surrounding areas, home prices in the Hamptons have skyrocketed since the Roths first acquired this property. Whatever the sales price on this home, local real estate experts call this potential transaction a win-win for everyone.