Steven Roth, the 67-year-old chairman of Vornado Realty Trust, is the purchaser of Ponzi scheme operator Bernard Madoff's beach house. He paid $9.41 million, about 6 percent more than its asking price.
The 3,000-square-foot property with 182 feet of ocean front attracted four bids. The Madoffs purchased the home in the early 1980s for $250,000. The home was seized by federal authorities and the money will be used to repay victims of Madoff's fraud.
The property was listed by Joan Hegner and Raymond Hegner of Corcoran Group. Ed Petrie of Sotheby's International Realty's East Hampton office represented Roth.
Source: The Wall Street Journal, Sara Linn (10/23/2009)