Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Madoff reveals life of luxury

NEW YORK, Mar 14 – Court documents released on Friday show that Bernard Madoff and his wife Ruth lived a life of high luxury, with exclusive homes, yachts and other assets worth $823 million.

The revelations came in documents filed with the US Court of Appeals due March 19 to hear Madoff\’s appeal to be granted bail. He was jailed on Thursday after pleading guilty to a multi-billion-dollar investment fraud.

The documents, filed by Madoff\’s lawyer, show the Wall Street con man and his wife had 22 million dollars worth of real estate at the end of 2008.

This included the seven million dollar Manhattan apartment where Madoff lived between his arrest in December and Thursday\’s court hearing, when he pleaded guilty to 11 counts, including fraud, perjury, money laundering and theft.

Lawyers for Madoff, 70, argue he should be allowed back there on bail while he waits for a June 16 sentencing hearing. He is expected to receive to a lengthy prison sentence, with a maximum term of 150 years.

In addition to the apartment, the Madoffs had a one million dollar house in exclusive Cap d\’Antibe in the south of France, another in New York state, and an 11 million dollar house in Palm Beach, Florida.

Aside from the real estate, the disclosure lists nearly $10 million worth of furniture and art, and a seven million dollar yacht named "Bull" in France, complete with its own $1.5 million slip.

Long known for lavish tastes, the Madoffs are revealed to have owned $2.6 million in jewellery, a $39,000 Steinway piano and $65,000  worth of silverware in their New York apartment alone.

Madoff\’s documents show a $700 million value on his now disgraced investment business. Madoff claimed in court on Thursday that although his personal investment advisory business was crooked, the trading branch of his firm was legitimate.

Most of the real estate and many other assets are said to be owned exclusively by Ruth Madoff.

Advertisement. Scroll to continue reading.

Lawyers have sought to separate her from Madoff\’s interests as his thousands of victims and prosecutors ramp up efforts to recuperate the money he stole over at least two decades.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...