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Bernie Madoff's Brother Selling His House to Pay for Lawsuit

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For Sale:
Elegant English Manor House In Serene Setting Backing A Private Golf Club. Professionally Landscaped Throughout The 4+ Acres. Completely Refurbished From Head To Toe W/Unique Historical Significance.Cottage/Poolhouse, Free Form Pool, Tennis Court,Elevator & Generator. Too Much To Mention!
Right, like the fact that the Long Island dwelling belongs to the former chief compliance officer at Bernard L. Madoff Investment Securities LLC.

After selling his wife’s Palm Beach estate a couple of weeks ago, Peter Madoff, brother of Bernie, seems to be unloading real estate left and right (or rather, north and south) these days. With his assets frozen, Peter is raising funds to help offset the cost of a lawsuit filed against him by the trustee reclaiming funds for investors in the infamous Ponzi scheme.

His wife Marion’s five-bedroom, 7,000-square-foot French Norman revival fetched $5.5 million, nearly $2 million above its appraised market value. The home had been deeded exclusively to Marion in 2006 after the you-know-what hit the fan. At that time, the brothers hadn’t anticipated that Marion would also be named in a lawsuit. Last November, a complaint was filed claiming that she had banked over $14 million from the company and received a salary for more than a decade for a position that didn’t exist.

Now Peter has listed his 1935 gated, five-bedroom stucco mansion at 34 Pheasant Run Old Westbury, New York. He’s asking $6.5 million. Really, he’s begging. Come on, help a brother out.

Click on the photo for a direct link to the ad:

Also see: Inside Five of the Most Pervasive Investment Scams
POSITION:  No positions in stocks mentioned.