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Ear to the Ground

Mrs. Madoff Heading to Palm Beach

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Posted on Mar 17, 2009
Madoff estate
gawker.com

The Madoffs’ Palm Beach estate, the white-roofed buildings near the top of the photo, is looking like it’ll become Mrs. Madoff’s HQ.

While her husband is entering a decidedly less lavish living arrangement, it appears that Ruth Madoff is getting ready to live the Palm Beach life in her $9.4 million spread in Florida—a state known for property laws that protect owners from losing their homes even when other assets are seized.

Meanwhile, ABC reports that sons Andrew and Mark, the family’s junior set, are also under official scrutiny and may have to pay back $30 million they borrowed from Papa Madoff over the past four years.

Bloomberg via Gawker:

Ruth Madoff applied for and received a homestead exemption for property taxes, said Dorothy Jacks, assistant property appraiser for Palm Beach County. The Florida constitution protects homeowners who have obtained the exemption and seizing the property may be difficult, said Danaya Wright, a law professor at the University of Florida in Gainesville.

The U.S. government said this week it plans to seize assets including the Madoffs’ $7 million Manhattan apartment and the Palm Beach home. Bernard Madoff, 70, was jailed March 12 after admitting to masterminding the biggest Ponzi scheme in history. The exemption Ruth Madoff received may be an effort to protect the property from creditors, said Jack McCabe, founder of McCabe Research & Consulting LLC in Deerfield Beach, Florida.

“The two big drawing cards to Florida were sunshine and affordability,” McCabe said. “Now it’s for sunshine and the protection of your primary mansion.”

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By Richard, May 11, 2010 at 6:54 am Link to this comment
(Unregistered commenter)

When Ruth Madoff was a young lady in 1960, she should marry a deaf man who is very humble and nice.
She will be fine wife. Ruth looks much better and peace in her mind if her husband is deaf mute.

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By scared, March 18, 2009 at 1:02 pm Link to this comment

This crook put out of business several charities and even a foundation or two which funded many very worthy causes.  It doesn’t get much lower than that.  I hope he at least has trouble sleeping at night.

ALL of the assets he garnered through this scheme should be seized.  I don’t care if it’s from family members or not.  He should have thought about his family’s well being before he swindled money from people trying to do some good in this world.

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By grumpynyker, March 18, 2009 at 10:58 am Link to this comment
(Unregistered commenter)

Strip this &%^$ of all assets save the fecal encrusted underwear she’s wearing.  Her sons and immediate relatives also.  I’m pissed off because they stole money from the Innocence Project, an organization I gave money to.

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By marriea, March 18, 2009 at 10:12 am Link to this comment

If the feds have no problem going after a little guy for owning $5000 in taxes and penalizing them with back taxes, then the feds should have not problem in playing La Mesera with Mrs Madoff.

Even though she fled to Florida, her husband pleaded guilty in FEDERAL court, NOT Florida state court.  He was guilty of breaking Federal Laws, not Florida state laws. She has not divorced her husband so any property that she owns is still marital property even if only her name is on it.  Further if she claims that only her monies were used, she has to prove what job she was working under and provide some sort of proof. However if she got her monies from any thing her husband touched or co-mingled with , it should be considered marital property.
That’s the way it is handled with the little guy, why not the rich.

We have got to stop the practice of protecting the rich guy.

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By freeyourmind, March 18, 2009 at 8:06 am Link to this comment
(Unregistered commenter)

All bullshit, speeple do you really think that billionaires go to jail,these people are laughing all the way to the bank.The USA is a corporation not a country and those that own it just do what they want and then they have their controlled media feed you full of shit and you eat it all up and then go pray to god for help. So sad sheeple, time for you to go back in the closet its getting scary out here. Peace

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By The Old Hooligan, March 18, 2009 at 6:10 am Link to this comment

If there’s any justice, one of these days Ruth Madoff will be taking another trip. Only this one will be strictly one-way, to a location much hotter than Florida.

Couldn’t happen to a nicer gal.

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Outraged's avatar

By Outraged, March 18, 2009 at 12:37 am Link to this comment

Quote: “The exemption will entitle Ruth Madoff to a 2009 tax reduction since it cuts the county’s appraisal of the property by $50,000, said Jacks. Ruth Madoff paid $157,298 in property taxes on the Palm Beach home in 2008, according to county records.”

But… how is she going to pay those property taxes this year, I mean now that she’s “penniless”.

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By P. T., March 17, 2009 at 8:56 pm Link to this comment

Rich people running from those they owe money head to Florida, which protects the rich.

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