Madoff's $8.75M Beach House Not All That

Those who see Bernard Madoff as an evil purveyor of excess might be disappointed by his beach house: It's not that palatial. At 3,014 square feet, the home is cottage-size by super-rich standards. There's no garage. Not even a walk-in closet. But the 1.2-acre lot sits closer to the surf than larger neighboring homes in Montauk, NY, and the house features a columned porch with stunning views.

The second-floor entrance of the four-bedroom, three-bath house leads to a small master bedroom with a private terrace. A tired set of leather couches, kitchen appliances, and bathroom fixtures appear to date to the 1980s. The Madoffs' interior decorating taste leaned toward nautical-meets-folk art: A sculpture of howling wolves stands outside the front door; just inside is a large wooden goat. The US Marshals Service will put the property on the market this week as part of an ongoing effort to pay back burned investors. (More Bernard Madoff stories.)