Madoff worth more than $823M

March 14, 2009 12:23:20 PM PDT
Bernard Madoff's deluxe lifestyle included $22 million in properties stretching from New York to the French Riviera, a $7 million yacht and even a $39,000 piano, according to a document his lawyers filed Friday. The document, which said the disgraced financier and his wife had a combined net worth of more than $823 million at the end of last year, was contained in papers filed with the 2nd U.S. Circuit Court of Appeals in an effort to get Madoff freed on bail.

  • PDF: Read the court documents concerning Madoff's finances

    Among other luxuries, the couple had a $2.2. million boat named "Bull," a $12 million share in a plane and $65,000 in silverware, the document said.

    U.S. District Judge Denny Chin sent Madoff to jail Thursday after the 70-year-old financier pleaded guilty to 11 charges, including securities fraud and perjury, admitting he engineered one of the largest frauds in history to try to cover up his investment losses. He faces up to 150 years in prison at his sentencing, set for June 16.

    In arguing that Madoff should be freed on bail until his sentencing, his lawyers argued that he had not fled in the three months since his Dec. 11 arrest, even though he "was always cognizant of the fact that he would die in prison."

    "The reality of a life in prison term is not a recent revelation to Mr. Madoff, but an inevitability that he has been aware of since his arrest, if not earlier," the lawyers wrote.

    The lawyers argued that they would have a difficult time preparing for Madoff's sentencing without the ability to see him frequently to review his finances. They said they expect he will be kept in solitary confinement, with limited contact with his lawyers, at the Metropolitan Correctional Center in Manhattan.

    An appeals court will hear the case Thursday.

    The document was prepared for the Securities and Exchange Commission at the end of last year but had not been made public.

    According to the document, the bulk of Madoff's assets consists of an estimated $700 million value put on his investment business.

    Madoff said during his plea Thursday that the market making and proprietary trading side of his business were "legitimate, profitable and successful in all respects."

    The document listed the value of the Madoff's four properties as $7 million for his Manhattan penthouse, $3 million for a house in the eastern Long Island community of Montauk, $11 million for a Palm Beach, Fla., home and $1 million for what Madoff's lawyer described in court Thursday as a small property in Cap d'Antibes, France.

    The document said the Manhattan penthouse contained $4 million in furniture, fine art and household goods, while the Montauk property contained $1.5 million, Palm Beach, $2.4 million and $900,000 in France.

    The couple's monthly expenses included $100,000 for legal fees, $140,000 for personal security, $2,860 for a housekeeper and $885 for a gardener, the document said. It also detailed more mundane monthly expenditures, such as $700 each for electricity and phones, $370 for cable, $250 for doctor visits and $70 for entertainment at the Manhattan penthouse, where Madoff was required to remain while on bail.

    It said the couple had $17 million in cash, $25,000 in automobiles and $45 million in securities.

    Jewelry was valued at $2.6 million, while a 50 percent interest in a plane was valued at $12 million.

    A 2006 Leopard yacht, kept in France, was valued at $7 million, with its boat slip listed at $1.5 million.

    The fishing boat called "Bull," kept in Palm Beach, was valued at $2.2 million. Another boat, known as "Sitting Bull" and kept in Montauk, was valued at $320,000.

    The assets were calculated to be worth between $823 million and $826 million, with $265,000 in liabilities that includes real estate taxes of $151,000 and an auto lease of $10,000.