Madoff mansion faces decline in estimated value, from $9.4M to $7.45M
By MEGAN V. WINSLOW, Daily News
Sunday, April 05, 2009
Just like most everywhere else, 410 N. Lake Way is worth less this year than it was last year.
A property appraisal obtained by the U.S. Marshals Service last month revealed that Bernard Madoff's waterfront Palm Beach mansion is now valued at $7.45 million compared to $9.4 million last year, according to prosecutors' application for the warrant used to seize the home last week.
The decline in estimated value failed to surprise Roger Plevin, an agent with local Leibowitz Realty Group.
"That's not unusual for this market," Plevin said.
The Madoffs purchased 410 N. Lake Way, a five-bedroom, seven-bathroom home, for $3.8 million in March 1994 from owner Michael Burrows, who renovated it.
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