The Family Jewels: The Madoff Empire Crumbles One Brick at a Time

MARCH 23, 2009

Federal prosecutors recently filed an Intent to Seek Forfeiture in New York court that they are seeking the assets of Ruth Madoff, Bernard Madoff's wife. The list of items being sought includes:

NEW YORK PROPERTY-

1) Apartments 11 and 12A located at 133 East 64th Street, New York, NY 11954 (estimated $7 million value)

2) A property located at 216 Old Montauk Highway, Montauk, New York, 11954

3) A property located at 410 North Lake Way, Palm Beach, Florida 33480

FRENCH PROPERTY-

1) Chateau des Pins Villa 2, 279 Chemin de la Garoupe, Cap d'Antibes, France, 06600

BOATS-

1) Leopard 23M Sport Yacht known as "Bull" which is registered to a Grand Cayman Islands company called Yacht Bull Corp.

2) 40 foot Shelter Island Runabout fishing boat known as "Sitting Bull"

3) 1969 Rybovich 56 foot fishing boat (call sign WY7449)

4) 25 foot Pathfinder boat known as "Little Bull"

CARS-

1) 2007 BMW 530i

2) 1999 Mercedes Benz CLK Class

3) 2004 Volkswagen Touareg

4) 2001 Mercedes Benz E Class

Miscellaneous:

1) Steinway Piano (estimate value $39,000)

2) Silverware set (estimated value $65,000)

As well as "all insured and readily salable personal property" which is expected to include $2.6 million in jewelry and 35 sets of watches and cufflinks owned by Bernard Madoff.

Ms. Madoff's lawyers have argued that the assets were not part of the Madoff fraud. Peter Chavkin, a lawyer for Ruth Madoff, from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. declined to comment. Ruth Madoff recently had a much talked about trip to the grocery store which she abandoned halfway after being recognized.

Similar asset claims may be on the horizon for Madoff's sons (Mark and Andrew)including $31.5 million in loans, as well as the assets of Bernard Madoff's brother Peter. Many expect further criminal indictments are also likely. Stay tuned...

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