Peter Madoff’s Former Long Island Home Lists for almost $4.5M

May 28, 2013 11:00AMold-westbury-peter-madoff

34 Pheasant Run in Old Westbury and Peter Madoff (Property photo via Zillow)

The former Long Island mansion of Peter Madoff, the younger brother of Ponzi schemer Bernard Madoff, has hit the market again — for $4.495 million, the New York Times reported. U.S. Marshals took possession of the mansion at 34 Pheasant Run in Old Westbury in January, and listed it late last month. Peter Madoff was sentenced to 10 years in prison for his role in his brother’s multibillion-dollar fraud. A year prior to the sentencing, he initially listed the property for $6.5 million. The property sits on a four-acre plot and features a two-bedroom pool house, a tennis court, gardens and a marble ground floor, the newspaper said. The Marshals changed the locks, installed a surveillance system and hired contractors to do maintenance. The living room is 600 square feet and has an assortment of appraised and tagged items, from the gold-color lamps to a wooden coffee table. Woodbury, N.Y.-based broker Shawn Elliott Luxury Homes and Estates was tapped to sell the property, the Times said. Peter Madoff’s 975 Park Avenue two-bedroom co-op sold for $4.6 million, while his father’s Manhattan apartment went for $8 million. Proceeds on the sale of the Old Westbury home will go toward a compensation fund for Madoff victims. The U.S. Department of Justice has recovered more than $2.3 billion so far. [NYT] –Mark Maurer

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Peter Madoff’s Former Long Island Home Lists for almost $4.5M

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