For a long time as Florida real estate values plummeted Palm Beach remained an enclave of protected wealth but it seems even that is starting to change. There is no bigger symbol of the change in Palm Beach than Bernie Madoff. Since Madoff’s arrest last year, Palm Beach’s fortunes have shifted a bit. Stores along Worth Avenue have closed and even the value of Madoff’s home has dropped by nearly two million dollars. Last year Palm Beach County officials assessed the taxable value of Madoff’s home at .3 million but a new appraisal that federal officials did in March says it would likely sell for .45 million.The home was seized on Wednesday along with two of Madoff’s yachts.
While prosecutors are trying to preserve as much of Madoff’s wealth as possible in order to redistribute it to his many victims, it might be smart to wait a little while before putting this home on the market.Palm Beach has seen some big sales in the past couple of years including .5 million for Sidney Kimmel’s mansion and 0 million for Donald Trump’s oceanfront flip. Currently the most expensive home on the market in Palm Beach is still Casa Nana which is listed at .5 million the same price it was last November when we covered it as an estate of the day.
Madoff’s Palm Beach Home Worth Less In Real Estate Slump originally appeared on Luxist on Fri, 03 Apr 2009 18:02:00 EST. Please see our terms for use of feeds.
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