Bernie and Ruth Madoff’s former Palm Beach Home, located at 410 N. Lake Way in Palm Beach, was purchased on Friday, October 15, 2010 for $5,650,000, as recorded in the MLS and, as reported by Joseph Guccione, U.S. Marshal for the South District of New York. Per Supervisory Deputy U.S. Marshal, “This Sale marks the final disposition of all the properties related to the Bernard L. Madoff case.”
The Intracoastal front location of the property is beautiful and some of the interior features of the Home are great, but I think the new Owners will probably make some changes to the interior or they might even demolish the Home and build a new one even though the Home is perfectly livable as it is. After all, the property’s purchase price was Land value only. Such properties are known as “Teardowns” and, with the very rare availability of vacant Waterfront Lots, it’s not unusual for Buyers to purchase properties such as this one so that they can build a new Home.
The property description reads as follows:
“Classic Island living in Palm Beach. Think back to the 50’s and 60’s when Palm Beach was a less manicured tropical paradise. . . From the moment you enter this amazing light-filled Caribbean home you are looking past your dock across the Intracoastal waterway. Purchased and renovated by developer Michael Burrows in the early 90’s this home features many of his signature classic features – a 22′ soaring Cypress beamed ceiling constructed with stainless steel hardware in the great room and dining room, Honduran Mahogany front door, large voluminous rooms with high ceilings and tremendous closet space. Details include Terracotta tile floors, nickel hardware plumbing fixtures, Waterworks tiled bathrooms with Thasos marble countertops. Throughout the main floor lushly landscaped atriums bring light to each of the 4 first-floor en-suite bedrooms and the hallways transversing the house. Each suite is isolated from the others offering ultimate privacy. The upstairs master suite features 17′ ceilings, more than ample separate dressing rooms, generous closets and fabulous baths, with a balcony running the width of the house overlooking the great Banyan tree. Off the living room and dining room is the grand outdoor loggia which faces the pool, dock and Intracoastal. The biggest challenge living in this unique home will be deciding where to entertain your guests. This is real Palm Beach living ~ tropical, & casual, yet elegantly graceful.”
Property Specs:
- Built in 1973
- 85′ of Intracoastal Waterfront
- 6 Bedrooms and 7 Baths
- 2-Car Garage
- Pool
- Frame Construction
- 6,475 Square Feet of Living Area
This property is in great company with many others nearby, both Intracoastal and Oceanfront, and it’s also just down the Street from Donald Trump’s former Oceanfront Estate, Maison de L’Amitie, which was purchased for $90,000,000 in 2008.
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