Legal Commentary

Feds Seize Madoff's Palm Beach Mansion and Boats

By Jeralyn

U.S. Marshals today seized Bernie Madoff's Palm Beach mansion and two boats.

The 2008 property tax bill was $157,298. Golden said the estate would be "monitored and maintained" and is no longer considered Madoff's property.

Other properties the U.S. is going after that will cost a pretty penny to maintain: [More...]

....a $7 million Manhattan penthouse bought in 1984, ... a $1 million home in Cap d' Antibes, France and a $3 million luxury home on New York's Long Island.

That means the taxes and maintenance will be paid by the Government, i.e., taxpayers.

Eventually the properties will be sold and proceeds distributed to victims. In the meantime, it looks like the Government is going to have to foot the bill, which it will then subtract from the amount available to victims. Maybe it would have been better for the victims to let the Madoff's keep the properties (and continue footing maintenance bills) until final orders of forfeiture were entered.

That's probably why Madoff's lawyer said today he has no objection to the seizures. It's a cost savings for his client.

Full post as published by TalkLeft on April 01, 2009 (boomark / email).