When poor decisions are made, individuals are rarely the only ones who experience a backlash. The Madoff family appears to be a prime example of that logic. The investigation into the frauds run by Bernard Madoff have expanded to include his family members, and specifically his son, Mark Madoff, as questions are being asked about what will happen to Mark’s home on resort island Nantucket, just off of the Massachusetts coast.
Mark’s waterfront home features five bathrooms and while it’s not currently on the market, some are saying that a sale is inevitable, due to the ripple effect from the investigations surrounding his father’s actions.
Mark purchased the home in 2008 for $6.5 million, just months before his father’s $65 billion Ponzi scheme was exposed to the public. It’s reported that Mark had been living in the home up until recently and it’s likely that his home will be able to fetch a pretty sum, even in the current market, just like his father’s Montauk home did.
In addition to the five bedrooms, Mark’s 6,000-square-foot waterfront home was built in 2003 and includes five bathrooms, a pool, private beach staircase, and guest quarters located over a garage. According to the property records, the home is located on approximately 3.3 acres in the area of the island that features some of the newer estates.
It’s not certain whether the Madoff name will hurt or help the home should it eventually be placed on the market. Forty-five year old Mark has not been indicted for a crime, although he was sued, along with other relatives, by a trustee appointed with recouping money that investors lost due to his father’s actions.
The Nantucket house in question, but which is not listed on the market yet, is not Mark’s first property on the island; he previously owned a smaller four-bedroom home on the island.
Via: The Real Deal