The Long Island estate of Peter B. Madoff, the younger brother of Bernard L. Madoff, has been sold for several million dollars less than its original asking price, after years of efforts to find a buyer.
The New York Times reports that the four-acre property, at 34 Pheasant Run in Old Westbury, N.Y., sold for $3.5m on Wednesday, according to the United States Marshals Service, which took possession of the home in 2013 after Peter Madoff pleaded guilty to crimes related to his brother’s enormous Ponzi scheme.
The younger Madoff, who first listed the property for $6.5m in 2011,was sentenced to 10 years in prison in 2012.
Proceeds from the sale will go to victims of the scheme.
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