PONZI PROPERTY

Madoff's Beach Home for Sale

Montauk property may go for $8 million.

He's locked away in a jail cell, but for $8 million you can sleep on Bernie Madoff's pillow because U.S. Marshals have put Madoff's Montauk beach home on the market. It's a 3,000-square-foot property—described as "cottage-size by superrich standards,"—without a garage and walk-in closets. But there are considerable selling points: the house features sweeping views of the ocean and a columned porch. Madoff bought the house in 1979 and valued it at $3 million. But federal authorities said the seaside property could be valued at closer to $8 million. Bernie and Ruth hardly had time to pack: everything from furniture to personal belongings will be sold at auction. The pieces range from art to Ruth Madoff's shoes, towels, and accessories.