Tuesday, September 8, 2009

The Market for Madoff's Montauk Home

NEW YORK (Fortune) -- The personal detritus of Bernie Madoff's vacation life sits with hand-written, neatly numbered FBI tags-the surf-casting rod he used in his backyard beach to catch striped bass and blue fish, the Life Cycle exercise machine sitting idle in his upstairs bedroom, the wooden duck decoys on the foyer table, the couches and chairs and lamps and clothes now sitting in boxes unremarkably labeled "men's clothing" and "women's clothing."

But none of these eerie reminders of the 71-year-old man who stole $65 billion from his clients is real-estate agent Joan Hegner's problem: U.S. Marshals will soon cart off all the Madoff family items to be auctioned to the highest bidders.

Hegner's charge is to get top dollar for the two-story contemporary beach house with pool nestled on a beach in Montauk, N.Y. "I feel tremendous responsibility to realize the best we can," says the blond Corcoran Group broker, a 32-year veteran of the Montauk real-estate market. (Disclosure: Hegner also acted as my agent in renting a vacation house.)

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By: Eric Gursky

1 comment:

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