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Business News

For sale: Madoff's $7m luxury beach house

US Marshalls have put Bernard Madoff's beach house in the Hamptons up for sale for $7m (£4.3m).

The New York property, above, with four bedrooms, a pool and 1.2 acres of land, is relatively modest by the standards of the billionaires and socialites who traditionally spend their summers at the exclusive Long Island beach towns. The house's contents – including duck decoys – will be auctioned later.

Madoff's other properties, in Florida's Palm Beach and his 3,000 sq ft apartment in Manhattan, New York, will also be auctioned later.

The proceeds will go to Madoff's victims, who lost $50bn in his massive Ponzi fraud.