Federal authorities have seized jailed Ponzi scheme mastermind Bernard Madoff's $9 million Florida mansion in an effort to recoup funds for victims of the disgraced financiers gigantic fraud.
Also seized by U.S. Marshals in Florida were an antique yacht and a smaller boat.
All of the property will be auctioned off and the proceeds dispersed among Madoff’s thousands of victims.
A U.S. Marshals spokesman said the 8,753-square-foot, five-bedroom mansion was taken over by the government late Wednesday afternoon, a few hours after marshals seized the boats.
Marshals spent several hours filming and photographing items in the house that might be removed at some point.
The mansion was unoccupied when federal authorities arrived.
Palm Beach County property records show the mansion was purchased in 1994 under Madoff’s wife Ruth’s name for $3.8 million, the Associated Press reported. The 2008 property tax bill was $157,298.
The spokesman said the estate would be monitored and is no longer considered Madoff's property.
Madoff’s attorney Ira Sorkin told reporters he is not taking issue with the seizure of Madoff’s Florida properties.
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.
Meanwhile, the U.S. Justice Department has stated its objection to the release of e-mails sent by victims of Madoff to a federal judge who presided over the hearing at which Madoff pleaded guilty.
According to court documents, television networks ABC and NBC are seeking the release of the e-mails, which victims sent to District Judge Denny Chin ahead of the hearing.
Most of the e-mails urge Chin to throw the book at Madoff and to make certain as much of Madoff’s riches as possible are returned to his victims.
All of the e-mails have been released, but many of the names of the victims have been redacted because the writers don’t want their names made public.
The media outlets want the information to be released without the redactions, according to the court papers.
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