Feds Grab Madoff Mansion

$11M Palm Beach pad will be sold to pay pack Ponzi scheme victims
By Rob Quinn,  Newser Staff
Posted Apr 2, 2009 1:35 AM CDT
US Marshals and the Palm Beach police are seen as they enter and secure the home of Bernard Madoff yesterday in Palm Beach, Fla.    (AP Photo/Jon Way)
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(Newser) – Federal authorities seized Bernard Madoff's Florida mansion yesterday shortly after confiscating his two yachts, the New York Daily News reports. US marshals and Palm Beach police took over the five-bedroom $11 million mansion—which is in Ruth Madoff's name—as part of an effort to seize as many Madoff assets as possible to repay defrauded investors. The Madoffs also own a $7 million Manhattan penthouse, a $3 million Long Island home and a $1 million chateau in France.

Agents videotaped the Florida mansion and its contents, all of which are expected to be sold to compensate the swindler's victims. "I've never seen so much bull in my life," said one marshal after entering the house. "Pictures of bulls, bull statues, even bulls in clothing. There's a lot of bull in the house."