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Developer Gets His Revenge on Madoff By Buying His House

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It's the news we've been waiting for since last weekend: the identity of the buyer of Bernie Madoff's Montauk beach house! The Wall Street Journal reveals that Steven Roth, chairman of real estate investment trust Vornado, purchased the home. It's the ultimate revenge: Madoff screws up the New York City real estate market, so a real estate mogul nabs his house. Take that! We're sure Roth's decision to purchase the house for $9.41 million, nearly six percent over the $8.75 million asking price, was a purely altruistic move to help Madoff's defrauded investors.
· Vornado's Roth Buys Madoff's Montauk Estate [WSJ]
· All Bernie Madoff coverage [Curbed]