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.