Madoffs Montauk Pad Sells For Above List Price
A: The Hegner's are happy with this one! The property at 216 Old Montauk Highway was asking $8.75M and sold for all cash reportedly over the asking price.
I still think the UES PH is overpriced but clearly the insane exposure and millions made in this equity/credit rally is expanding the pool of buyers able to bid cash for this property. I can't help but have a side to me that thinks some rich banker/hedgie will want the Madoff property as some sort of trophy of the biggest ponzi scam ever to hit wall street. The mass exposure is certainly negating any negative stigma of the ponzi master's digs! Not sure how the list price in Hamptons was compared to the market out there, but it seems these sales will be outliers considering the unique circumstances around the properties and less to do with general market conditions and fundamentals.
Posted by Aynomous
Fri Sep 18th, 2009 01:17 PM
Oviously you are not familiar with the ocean front prices of homes in Montauk.
Posted by Noah
Fri Sep 18th, 2009 02:10 PM
umm hence the sentence - "Not sure how the list price in Hamptons was compared to the market out there"
i never said I knew anything about the market there in this piece. I have my business in Manhattan.
Posted by wall street
Fri Sep 18th, 2009 03:13 PM
It would've been better if the guy wrote: "obviously you are the type that frequents the Jersey Shore and not the Hamptons"
Posted by Noah
Fri Sep 18th, 2009 05:08 PM
jersey shore rocks
Posted by prickabove
Sat Sep 19th, 2009 11:45 AM
what an ass