Bernard Madoff’s Sprawling Property is Being Revamped for Sale

The American economy is on a downswing. Many regions in the US are riddled with foreclosed homes. Some of these homes are in a state of disrepair. Their values have plunged. The Marshals Service is revamping some of these homes and helping generate interest about these properties. A case in point is the home of fraudster Bernard Madoff in Palm Beach, Florida. The Service is trying to revamp the sprawling property. Sally Schowalter, an employee of the service, says that her job involves refurbishing the Madoff home and getting the best deal for the property. It may be pointed out that Madoff had come up with a fraud scheme whereby he had duped many investors. Now his home has been appraised for $7.67 million by Palm Beach County.

People like Schowalter face certain job hazards like the wrath of the disgruntled passersby. In June, a ruling was given by Federal judge that Marshals Service can sell off the property. There is also another home in Montauk in New York and a penthouse in Manhattan that Marshals Service wants to sell. The price tag on the Montauk house was $8.75 million.
The sales proceeds will be given to the victims of the Ponzi scheme laid down Madoff. Seventy one year old Madoff pleaded guilty early this year. He has been sentenced to life imprisonment for paying older clients with money drawn from new ones. He was involved in a fraud amounting to $65 billion.

Schowalter has ensured that the sprawling home with five bedrooms and as many bathrooms are squeaky clean. A very good real estate developer has also been hired for the property. She is very happy that the property is looking good and assured that the mildew growing on the floors will be taken care of soon. Schowalter joined the service seven years ago after a brief stint in the mortgage industry. The job stability attracted her to join the service.

The lady is a team leader and operates out of Crystal City. They revamp and sell properties that have been seized by Drug Enforcement Administration and Federal Bureau of Investigation. The Service agent also picks up real estate developers to boost the sales price of these homes. Schowalter also says that the service is very much interested in getting the best deal for the property. The Marshal Service has even tried to popularize the house by telecasting the interiors.

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