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Feds seize Madoff's mansion, yacht

(Agencies)
Updated: 2009-04-02 10:25

PALM BEACH – Federal authorities seized disgraced financier Bernard Madoff's Palm Beach mansion, his vintage yacht and a smaller boat Wednesday, part of an effort to recoup assets to pay back investors he swindled.

A US Marshal puts up a sign at a home belonging to Wall Street financier Bernard Madoff after it was seized in Palm Beach, Florida April 1, 2009. [Agencies]

Barry Golden, a spokesman for the US Marshals Service, said about five marshals arrived at the 8,753-square-foot, five-bedroom mansion late Wednesday afternoon, hours after the boats were seized.

Authorities spent about three hours securing the mansion, changing the locks and conducting an inventory of the property, which Palm Beach County records show had a taxable value of US$9.3 million last year.

Golden said marshals filmed and photographed items in the house that might be removed at some point.

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"It's not an April Fools' joke," he said.

The mansion was unoccupied when federal authorities arrived, and the inspection took longer than expected because so many locks needed to be changed. They left around 9 p.m. after setting the alarm and posting a "no trespassing" sign on a window.

Palm Beach County property records show the Madoff mansion was purchased in 1994 under his wife Ruth's name for US$3.8 million. The 2008 property tax bill was US$157,298.

Golden said the estate would be "monitored and maintained" and is no longer considered Madoff's property.

"Once the judge signed the order, it stopped being Bernie Madoff's home," Golden said.

Earlier in the day, Golden said Madoff's 55-foot yacht named "Bull" and a 24-foot motor boat were taken from marinas on Florida's east coast. The yacht, a 1969 Rybovich, is worth US$2.2 million.

"A lot of money was put into maintaining this boat," Golden said. "This boat was extremely well kept, extremely clean. Engine compartment was spotless. It looked like somebody took a bottle of 409 and scrubbed it every day."

Madoff, 70, is in jail in New York awaiting sentencing after he pleaded guilty to swindling billions from investors in what could be the biggest scam in Wall Street history. He faces up to 150 years behind bars.

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