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Homestead laws could protect Madoff mansion

by Michael C. Bender | March 17th, 2009

Federal prosecutors may be unable to seize Bernie & Ruth Madoff’s $9 million Palm Beach mansion because the state constitution protects homesteads from a forced sale by creditors, Post reporters Sonja Isgar and Charles Elmore write today.

image_8525023Ruth Madoff was turned down once for an exemption because her New York City penthouse was homesteaded in that state. After dropping the New York exemption, she applied again in September, three months before her husband’s arrest.

She was granted the Florida exemption on Jan. 12.

Investors burned by financier Bernard Madoff are incensed at the thought of her keeping the luxury home, Boca Raton attorney Guy Fronstin said.

“They’re furious about it,” said Fronstin, who said he represents 63 investors who lost a total of more than $200 million. “They are saying, ‘We are destitute and she’s still living a lavish lifestyle.””

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One Response to “Homestead laws could protect Madoff mansion”

  1. FL Law Protects Bernie Madoff’s Home « JaxPoliticsOnline.com Says:

    [...] Law Protects Bernie Madoff’s Home March 17, 2009 — gatorblue Expect Florida’s Homestead Law to be thoroughly examined over this. Federal prosecutors may be unable to seize Bernie & Ruth [...]

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