Homestead laws could protect Madoff mansion
by Michael C. Bender | March 17th, 2009Federal 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.
Ruth 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.””
Tags: Bernie Madoff, Homesteads
Where's the money? Use The Post's interactive database of who wants and who's getting federal dollars.
Use these interactive graphics to find and contact Palm Beach County and Treasure Coast legislators.
March 17th, 2009 at 12:51 pm
[...] 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 [...]