Feds: Madoff mansion's value is down by nearly $2M

April 2, 2009 1:30:29 PM PDT
Even Bernie Madoff isn't exempt from the real estate slump. The Florida mansion that prosecutors seized from Madoff on Wednesday appears to have lost a big chunk of its value since Palm Beach County officials assessed it last year at $9.3 million.

A new appraisal that federal officials did in March pegged the property's likely price at $7.45 million.

Prosecutors disclosed in a court filing Thursday that Madoff and his wife recently agreed to let the government sell off the property while the courts decide how much of the family's assets should be distributed to victims.

The seizure was accelerated because of the hefty cost of maintaining the home and legal complications created by a competing claim to Madoff assets posed by a lawsuit.

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